E531 | Bhavik Vashi, Carta: Southeast Asia, the Myth of the Region, and Why Carta Is Betting on Complexity

In this episode, Jon from the European VC pod is joined by co-host Ambika from Circle Capital for a special look at the Southeast Asian VC landscape. Their guest, Bhavik Vashi—Managing Director at Carta for APAC and MENA—brings both operator and investor lenses to the table. From the myth of “Southeast Asia as a region” to emerging manager struggles, this conversation pulls no punches. If you’re thinking global, this is your field guide.Here’s what’s covered:01:20 Bhavik’s Journey from Anaplan to Carta03:45 Why “Southeast Asia” Is a Convenience, Not a Region08:00 The Operator’s Reality: Fragmentation, Regulation, and Talent Arbitrage11:45 Power Law Doesn’t Work Here: Rethinking Portfolio Construction16:10 Fund IRRs Are Down, and It’s Worse in Southeast Asia19:00 The First Wave of Emerging GPs: What Went Wrong22:30 The Bright Side: Carta’s $1B Bet and Market-by-Market Nuance27:15 Australia, MENA, Singapore, and What Global LPs Should Understand32:00 The Case for Emerging Managers (And Why LPs Need to Get Over Their Fears)36:10 Belief Shift: The East Isn’t Copying the West Anymore41:00 Hub-and-Spoke Is Dead: Local Ops for Global Scale44:00 Middle East ≠ Europe: Why Singapore and Dubai Are Mirror Plays