Growth Thesis

A “growth thesis” is the analytical product Kyle’s notes treat as the craft at the center of Growth Equity investing — a structured, defensible argument for why a scaling company will become durably large. The canonical example in the wiki is Adyen: a payments-platform pitch framed in an “investment-review style” is cited (in career feedback from Mark Goldberg) as the model of “what good growth thesis forming looks like” — i.e., strong growth-thesis formation, not just a deal pick.

The concept pairs with Growth Equity: the latter is the capital strategy (backing scaling companies), while growth-thesis formation is the underwriting discipline — building the case for a company’s end-state value — that the strategy depends on.

Where this appears

• Adyen — held up (via Mark Goldberg’s feedback) as the exemplar of strong growth-thesis formation, in an investment-review-style pitch.