Crossword Genius

Party leader pursues old edu­cational institution's growth (5)

Ross

I believe the answer is:

polyp

I'm a little stuck... Click here to teach me more about this clue!

'growth' is the definition.
(polyp is a kind of growth)

'party leader pursues old educational institution's' is the wordplay.
'party leader' becomes 'p' (I've seen this in other clues).
'pursues' is a charade indicator (letters next to each other).
'old educational institution' becomes 'poly' (I am not sure about this - if you are sure you should believe this answer much more).
'p' put after 'poly' is 'POLYP'.

Can you help me to learn more?

(Other definitions for polyp that I've seen before include "Small growth on a mucous membrane" , "Small unwanted growth in the body" , "Small growth, usually benign" , "Sea creature; small growth" , "Sea anemone, perhaps" .)

I've seen this clue in The Guardian.
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