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Inspire Blog Vol 3 .pdf


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ASEAN Venture Capital Blog
Volume 3: Improving Venture Capital and Private Equity Scorecard for Southeast Asia
August 14, 2014

The Inspire Ventures and private equity markets in Southeast Asia are undergoing a
rapid evolution and expansion as 2014 provides markedly improved and attractive
fundamentals for investors.
The broader Asia Pacific region is the second most attractive region for private fund
investment (F1). Component to this, Southeast Asia's attractiveness is being driven by
(1) Regional heavyweights China and India experience decelerating growth and (2)
China is struggling with reduced liquidity for its previously robust IPO market resulting
from the restrictions to its share class local currency market 2013. Illustrating this is the
leading indicator of foreign direct capital flows. In 2013, total FDI in the combined
markets of Singapore, Malaysia, Thailand, Indonesia and Philippines surpassed China
for the second time since 1997 (F2).

Figure 1. Regional PE Attractiveness

Figure 2. FDI: China vs ASEAN-5

Return expectations are also elevated with Asia outpacing the markets that are developed by yield
anticipations in the coming 3 -5 year horizon (F3). The coincides distinctively with a fairly substantial
capital base of uninvested capital from institutional funds, strategies that are allocated that are
corporate, and family offices (F4).

Inspire Ventures 2014

Figure 3. PE Earning expectations: Developed
PE funds)
vs Emerging market

Inspire Ventures 2014

Figure 4. Unspent fund capital (Asian

About Inspire Ventures
Inspire Ventures is a newly recognized US$25 million venture capital and private equity fund
focused on the ASEAN area with a special emphasis on Malaysia, Thailand, Vietnam,
Indonesia, and Myanmar. Ventures' teams in HCM City and Bangkok focus on opportunities
beginning through late stage private equity rounds and onward with Series A rounds. Inspire
invests in businesses that carry out proven business models with a strong emphasis on
management and localization teams who are operators that are astute.
Figures
(F1) Private Equity Trend Report 2014. 2014. Price Waterhouse Coopers.
http://www.pwc.lu/en/private-equity/docs/pwc-private-equity-trend-report-2014-anindustry-rediscovering-optimism.pdf
(F2) Global Research estimates, CEIC. 2014. Bank of America Merrill Lynch.
(F3) Emerging Markets Private Equity Survey 2013. 2013. EMPEA/Coller Capital.
(F4) Asia-Pacific Private Equity Report. 2014. Bain. http://www.bain.com/publications/articles/asiapacific-private-equity-report-2014.aspx
(F5) 2001-2013 GDP Growth. 2014. Asia Matters for America.
http://www.asiamattersforamerica.org/sites/default/files//field/image/ASEAN/NewASEANGr
aphics/GDP%20growth.jpg
References
(1) Asia-Pacific Private Equity Report. 2014. Bain.
http://www.bain.com/publications/articles/asia-pacific-private-equity-report-2014.aspx
(2) Global Private Equity Report 2014. 2014. Bain.
http://resultsbrief.bain.com/pdfs/Bain_and_Company_Global_Private_Equity_Report_2014.p
df
(3) Optimism High For Asia Pacific Private Equity Exits. 2013. Forbes.
http://www.forbes.com/sites/mergermarket/2013/04/24/optimism-high-for-asia-pacificprivate-equity-exits/
(4) Asia-Pacific private equity outlook 2014. 2014. Ernst Young.
http://www.ey.com/GL/en/Industries/Private-Equity/Asia-Pacific-private-equity-outlook-2014
(5) Preqin and SVCA Special Report: Singapore and ASEAN Private Equity. 2014. Preqin.
https://www.preqin.com/docs/reports/Preqin_SVCA_Special_Report_Singapore_ASEAN_Priv
ate_Equity_April_2014.pdf
(6) Private Equity-Backed Exits in Q1 2013. 2013. Preqin.
https://www.preqin.com/blog/101/6491/pe-exits-q1-2013
(7). Overview of GMS Stock Exchanges. 2014.
http://www.set.or.th/en/gms_exchanges/overview.html

Inspire Ventures 2014

(8) Private equity market in Southeast Asia. NRI: Takeshi Shimamura. 2013.
http://www.nri.com/~/media/PDF/global/opinion/lakyara/2013/lkr2013183.pdf

Inspire Ventures 2014


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