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An investment thesis encodes what you back: mandate, target sectors/stages/geographies, check size, must-have signals, deal-breakers, and weighted scoring criteria. Once a thesis is active, every deal that enters your pipeline is scored against it automatically, including companies that arrive by programme code or directory with an already-analysed deck.

How theses work (1:55 video)

Watch: How theses work (1:55 video) shows how to create a thesis, the three screening lists, weighted criteria and Suggest from mandate, how saving scores every company on your boards in the background, the evidence behind each score on the Thesis Fit tab, and ranking a list by one thesis with Score by.

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Building a thesis

1

Describe the mandate

Name, one-line mandate, target stages/sectors/geographies, and check size.
2

Add screening rules

Looking for (signals that lift the score), Deal-breakers (auto-pass triggers), and Worth a closer look (watchlist chips that don’t affect the score).
3

Set weighted criteria

The dimensions deals are actually scored on. Use Suggest from mandate to get criteria tuned to your thesis instead of a generic template.

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Reading thesis fit

Each scored deal gets a Thesis Fit (0–100) with rationale, red flags, and open questions, visible as a list column, on the company page, and in dashboard widgets. Evidence is drawn from the deck itself, with citations. On a company’s Passport, the Thesis Fit tile shows the company’s highest fit, out of 100, and the arrow under it lists your other theses with their scores. The Thesis Fit tab shows the Alignment breakdown (sector, what you’re looking for, and your deal-breakers), then the red flags and open questions. Click another thesis at the top of the tab to compare. In your lists, the fit column shows each company’s highest fit; to rank by one thesis, pick it under Score by. Watch: Navigating the Passport: CRI and Thesis Fit (1:51 video) covers reading Thesis Fit on a company’s Passport from 1:01, after the CRI. Organisations own theses centrally; offices see results read-only in their lens.
Thesis access can be set per team by Caplia (editable / read-only / off), relevant for programmes where operators view but don’t edit the central thesis.