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Dr Keith Arundale is a Senior Visiting Fellow at the ICMA Centre and specialises in private equity and venture capital.
Keith is the convenor for the undergraduate and postgraduate modules on Private Equity & Venture Capital, IC309 and ICM312 respectively. Keith was with PwC for many years where latterly he led the venture capital programme and marketing & business development for PwC’s Global Technology Industry Group in Europe. Since leaving PwC Keith has been pursuing a portfolio career of teaching, training and consulting in private equity and venture capital.
Keith holds a BSc, ARCS degree in Physics and an MSc, DIC degree in Applied Optics from Imperial College London. His PhD in Management is from the Adam Smith Business School, University of Glasgow. His thesis explores the reasons for the historical difference in performance between European VC funds and US VC funds, focusing on the differences in the structural, operational (investment practices) and wider environmental characteristics of European and US VC firms. Keith was awarded an Adam Smith Business School Prize for his doctoral work. He is currently researching the investment practices of Chinese venture capital firms with Chinese colleagues from the University of Chester Business School where he was a Visiting Professor.
Keith is a Fellow of the Institute of Chartered Accountants in England and Wales, Fellow of the Chartered Institute of Marketing, Fellow of the Institute of Directors, Fellow of the Institute of Physics and Fellow of the Royal Society of Arts. He is the author of ‘Raising Venture Capital Finance in Europe’ published by Kogan Page and ‘Venture Capital Performance: A Comparative Study of Investment Practices in Europe and the USA’ published by Routledge (Taylor & Francis Group). He also initiated and authored the BVCA’s ‘Guide to Private Equity’. He was a non-executive director of Henley Business Angels from 2016 to 2023 and a past President of the English Technology Tour. Keith is a member of the BVCA’s Research Advisory Group and sits on the examination panel for the ICAEW/CISI Diploma in Corporate Finance.
Keith was formerly a Non-Executive Director, Deputy Chairman and Chair of the Audit Committee at Berkshire Healthcare NHS Foundation Trust and is a former member of the Board of Trustees of the Chartered Institute of Marketing. He is a Past Master of the Worshipful Company of Marketors City of London Livery Company. He is also a Liveryman of the Worshipful Company of Chartered Accountants and is a Freeman of the City of London.
Private Equity and Venture Capital
The principal aim of the module is to familiarise students with the private equity (PE) and venture capital (VC) fund raising and investment process and with M&A deals. The purpose...
Private Equity and Venture Capital
The objective of the Private Equity and Venture Capital module is to develop students’ appreciation of the practical aspects of investing by private equity and venture capital firms, understanding the...
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Keith is currently carrying out doctoral research at the Adam Smith Business School, University of Glasgow into the performance of venture capital funds in Europe and the United States, specifically investigating the investment practices of venture capital firms.
His publications include:
Arundale K and Mason C (2022) How angel investors approach due diligence: a case study of Henley Business Angels. ISBE Conference, York
Arundale K and Zhao Y (2021) An investigation into the investment practices of venture capital firms in China: a comparison with Europe and USA. ISBE Conference, Cardiff
Arundale K (2020) Syndication and cross-border collaboration by venture capital firms in Europe and the USA: a comparative study. Venture Capital 22.4: 355-376
Arundale K (2019) Investing across frontiers: A study of venture capital investment approval practices in Europe and US. ISBE Conference, Newcastle (nominated for the Best Research & Knowledge Exchange paper)
Arundale K (2019) The transatlantic venture capital divide. CISI Review, Chartered Institute for Securities & Investment: October
Arundale K (2018) Collaboration by venture capital firms: Issues with cross-border syndication in Europe and US. ISBE Conference, Birmingham (nominated for the Best Paper award in the Entrepreneurial Finance track)
Arundale K (2018) Learning from the competition. Corporate Financier, ICAEW: November
Arundale K (2017) Mind the gap. BVCA Journal, Summer: 26-29. British Private Equity & Venture Capital Association
Arundale K (2017) Investigating the characteristics of top performing venture capital funds in Europe and USA. ISBE Conference, Belfast
Arundale K (2016) Non-practitioner views on the reasons for the difference in performance between European and US venture capital funds. ISBE Conference, Paris”
Differences in Investment Practices between European and US Venture Capital Funds: a frequency analysis , ISBE Conference, 2015
Nothing ventured, nothing gained, ICAEW Finance & Management Faculty special report on “Growing your business”, September 2014
Separating fact from fiction, guest column in BVCA Journal, Autumn 2013
Raising Venture Capital Finance in Europe, Kogan Page 2007
A Guide to Private Equity, British Venture Capital Association (latest edition February 2010)
Talking Point: Venture Capital ? Signs of Life, ICAEW Corporate Financier, September 2007
Venture capital sector is alive and well in Europe, Financial News, 16 April 2007
Developing Winning Business Plans, contributed chapter in How to build and invest in successful university spinouts, Euromoney Books 2004
What Private Equity Investments are being made in Europe, Who is Investing and How are they Doing?, Journal of Asset Management Vol.13 No.1 (July 2002), pp17-28
European Venture Capital: At An All Time High, The Journal of Private Equity Vol.4 No.3 (Summer 2001), pp43-51
Private equity puts on a good show, Pensions Week No.220 (4 June 2001)
European Venture Capital: It's a record at Euro 25 billion, European Fund Manager, Issue 16 (Q4 2000), pp74-77
An investigation into the variation of human contrast sensitivity with age and ocular pathology, British Journal of Ophthalmology (April 1978), Vol 62. No
Arundale K and Mason C (2020) Private Equity & Venture Capital – riding the COVID-19 crisis. In: Billio M and Varotto S (eds) Lessons for Business, the Finance Industry and Policy Makers: 193-204. Venezia Edizioni Ca’Foscari-Digital Publishing.
Arundale K (2020) Venture Capital. In: Bitoni A, Harris P, Fleisher CS and Binderkrantz, AK (eds) The Palgrave Encyclopedia of Interest Groups, Lobbying and Public Affairs. Palgrave Macmillan
Arundale K (2019) Venture Capital Performance – A comparative study of investment practices in Europe and the USA. Routledge
Arundale K (2018) Exploring the difference in performance between UK/European venture capital funds and US venture capital funds. Doctoral dissertation, University of Glasgow (glathesis:2018-30827)
Arundale K (2010) A Guide to Private Equity. British Venture Capital Association
Arundale K (2007) Raising Venture Capital Finance in Europe. Kogan Page
Arundale K (2004) Developing Winning Business Plans. In: Tang K, Vohora A and Freeman R (eds) How to build and invest in successful university spinouts”. Euromoney Books
Specialisms
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