Thesis Partners II seeks long-term capital growth through control buyouts of established U.S. lower middle market companies, with a regional focus on the Southwest and Southeast. Its Executive-in-Residence model recruits an experienced operator before sourcing a deal; that operator then leads the transition and a multi-year plan to professionalize the business and grow it, including through add-on acquisitions. Target sectors are software and technology services, healthcare services, specialized industrials and business services. The fund expects to build a portfolio of 8 to 12 platform companies and to exit through strategic sales, sales to larger sponsors, recapitalizations or continuation vehicles.