According to a recent UBS Global Research investment report, the ASEAN countries (Indonesia, Malaysia, the Philippines, Singapore and Thailand) are on the cusp of rapid acceleration in mobile commerce. UBS claims that despite minimal credit card penetration, ineffective supply chains, inhibitory regulations (both customs and taxes) and small internet coverage, the ASEAN nations are currently reaching an inflection point for internet penetration and ecommerce due to the rollout of 3G and more affordable apparatus leading to cellular devices representing over 50% of net traffic Southeast Asia Venture Capital.

1. Inspire Ventures 2014
ASEAN Venture Capital Blog
Volume 3: Improving Venture Capital and Private Equity Scorecard for Southeast Asia
August 14, 2014
The ASEAN Venture Capital 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 anticipations are also elevated with Asia outpacing the markets that are developed
by yield expectations -5 year horizon (F3). The coincides distinctively with a rather large
capital base from institutional funds, corporate allocated strategies, and family offices (F4).
Figure 3. PE Earning expectations: Developed Figure 4. Unspent fund capital (Asian
PE funds)
vs Emerging market

2. Inspire Ventures 2014
About Inspire Ventures
Inspire Enterprises is a newly recognized US$25 million venture capital and private equity fund
focused on the ASEAN area with a particular emphasis on Malaysia, Thailand, Vietnam,
Indonesia, and Myanmar. Ventures' teams in Bangkok and HCM City focus on opportunities
beginning and onward. Inspire invests in businesses that carry through proven business
models with a strong emphasis on management and localization teams who are astute
operators.
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-an-
industry-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/asia-
pacific-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-pacific-
private-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

3. 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