"Today, there's much stronger appetite for India and Southeast Asia," Joel Thickins, co-managing partner at TPG Capital Asia, told Reuters. The enthusiasm persists despite due diligence for startups that requires many months while valuations are under pressure, investors said. But although funds were diversifying, investors said the region's vastly different markets meant a uniform investing strategy was not ideal. One area that I constantly notice that everybody is very interested in is Southeast Asia. "There are still individual U.S. cities where startups are raising more money than all of the startups in Southeast Asia," said Julie Ruvolo, managing director of venture capital at Global Private Capital Association, which says its 300 members manage assets of more than $2 trillion.

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