Investment Thesis Development in Venture Capital and Private Equity: A Qualitative and Conceptual Analysis

Thesis (BA/MA)

Advisor(s): Maximilian Harl (maximilian.harl@tum.de)

CONTEXT

The development of investment theses is a central activity in venture capital (VC) and private equity (PE) firms. Despite its strategic importance, the process is often informal, experience-driven, and varies widely across funds. Recent industry trends, such as the rise of thematic investing, data-driven sourcing, and specialized sector expertise, have increased the need to better understand how funds identify opportunities, validate hypotheses, and translate insights into actionable theses.
Systematic studies on how funds actually build and refine investment theses over time are limited. This thesis aims to analyze and compare approaches across VC and PE funds, investigate the role of data and expert knowledge, and identify patterns, frameworks, and best practices for effective thesis development.

 

TASK(S)

• Conduct a structured literature review on investment thesis development in VC/PE
• Perform qualitative research with investment professionals
• Analyze how funds identify themes, validate assumptions, and operationalize investment theses
• Develop a conceptual framework describing common processes, tools, and success factors in thesis development

• Propose a data-supported method or workflow for improving thesis generation

   

REQUIREMENTS

• High degree of autonomy and individual responsibility
• Strong communication skills for interacting with practitioners
• Interest in current IS topics, venture capital, private equity, and strategic decision-making
• Experience in & willingness to conduct scientific studies, analyze qualitative and quantitative data, and learn about scientific writing

• Structured, reliable, and self-motivated work style

   

FURTHER INFORMATION

The topic can be adapted according to your interests. The thesis can be written in English or German. If you have any further questions, do not hesitate to contact me directly. Please send your application, including our application form, current transcript of records from TUMonline, and CV to maximilian.harl(at)tum.de. Please note that we can only consider applications with complete documents.