Using Castells' four principal functions of universities, this article examines several key dilemmas relating to governance of higher education in SE Asia, (specifically Indonesia, Malaysia, Philippines, Thailand and Vietnam). While all five nations value universities highly, and aspire to widen access to higher education, none can provide public higher education to all who seek places. Hence, private higher education is growing apace, sharpening problems in sectoral governance systems that are, in several cases, already stretched to capacity. Trans-national developments are further complicating domestic regulatory demands. Issues of finance, devolution and transparency are particularly assessed as key challenges for SE Asian higher education. (Contains 8 tables.)