General Information
Decathlon Capital Management II, LLC is a Delaware limited liability company with its principal place
of business in Utah. Decathlon was organized in 2013.
Decathlon Clients Investment Advisory Services
Decathlon and Decathlon Capital Partners, LLC (the “Relying Adviser”), a related entity that is under
the common control of Decathlon, each provide – or may provide in the future, in the case of the
Relying Adviser – investment advisory services to private investment vehicles. Decathlon and the
Relying Adviser collectively conduct a single advisory business, are subject to the same code of ethics
and set of written policies and procedures and are together filing a single Form ADV using umbrella
registration. Accordingly, all references to “Decathlon” in this Brochure include the Relying Adviser.
Decathlon provides investment advisory services to the following five private investment vehicles:
(i) Decathlon Alpha II, L.P. (“Fund II”); (ii) Decathlon Alpha III, L.P. (“Fund III”); (iii) Decathlon Alpha
IV, L.P. (“Fund IV”); (iv) Decathlon Alpha V, L.P. (“Fund V”); and (v) Decathlon Alpha Social Equality
Fund, L.P. (“SEF”, each a “Fund” and collectively, the “Funds”).
Decathlon also provides investment advisory services to Decathlon Specialty Finance, LLC (“DSF”),
including its wholly-owned subsidiary Decathlon Growth Credit, LLC (“DGC”, together with DSF and
the Funds, each a “Client”, and collectively, the “Clients”). The owners of DSF are all employees of
Decathlon and the interests of DSF are not currently being offered to others. DSF and its subsidiary
DGC provide credit financing with loans being originated with DSF and simultaneously sold to DGC.
Each Client is not required or exempt from registration under the Investment Company Act of 1940,
as amended (the “1940 Act”), and each Client’s securities are not registered under the Securities Act
of 1933, as amended (the “Securities Act”).
As the investment adviser of each Client, Decathlon, along with each Client’s general partner (each, a
“General Partner”) or Managing Members, identifies investment opportunities for, and participates
in the acquisition, management, monitoring and disposition of investments of, the Clients.
Decathlon seeks to provide equity-replacement funding to established, expansion-stage businesses
exhibiting positive revenue growth rates, recurring revenue streams and modest current debt
obligations, among other characteristics. The Clients’ investments are typically structured as high-
yield secured debt obligations, at times subordinated to the rights of a senior creditor, to enhance
returns and to provide downside protection. Although the primary focus of each of the Clients is on
revenue-based financing structures, Decathlon may from time to time recommend other types of
investments consistent with the respective Client’s investment strategy and objectives, as set forth
in its offering documents.
In carrying out and implementing the investment objectives and strategies of the Clients, Decathlon
is authorized and empowered (i) to engage consultants, independent attorneys, independent
accountants or such other persons as it may deem necessary or advisable; (ii) to receive, buy, sell,
exchange, trade and otherwise deal in and with securities and other property of each Client; (iii) to
open, maintain and close bank accounts; (v) to enter into, make and perform such contracts,
agreements and other undertakings, and to do such other acts, as it may deem necessary or advisable,
or as may be incidental to or necessary for the conduct of the business of each Client; (vii) to
commence or defend litigation that pertains to each Client; (viii) to file on behalf of each Client all
required local, state and federal tax returns and other documents relating to the Client; and (ix) to
oversee and carry out the investment, divestment and management of each Client’s portfolio
investments.
Decathlon provides investment advisory services to each of the Clients pursuant to the terms of a
separate investment advisory / management / servicing agreement or, in the case of each Fund, the
Fund’s limited partnership agreement (each, “Fund Agreement”). Investment advice is provided by
Decathlon directly to the Clients, subject to the direction and control of the affiliated General Partner
or Managing Members of such Client and not individually to the investors in the Clients. Any
restrictions on investments in certain types
of securities are established by the General Partner or
Managing Members of the applicable Client and are set forth in the documentation received by each
investor prior to investment in such Client. Once invested in a Client, investors cannot impose
restrictions on the types of securities in which such Client may invest. Currently there are no
restrictions on the types of securities in which a Client may invest.
Type and Value of Assets Currently Managed
All of Decathlon’s investment advisory services are provided on a discretionary basis. As of
December 31, 2023, Decathlon managed $427,554,177 in regulatory Client assets under
management.
Principal Owners
Decathlon’s principal owners are John Borchers, Wayne Cantwell and Spencer Thunell (the
“Principals”).
John Borchers. John co-founded Decathlon and is one of two Managing Directors. Prior to Decathlon,
John spent 15 years with Crescendo Ventures (“Crescendo”), where he was involved in the
development of over 30 emerging growth businesses as an investor, director or advisor. At
Crescendo, John focused on investments in the software and technology-enabled service markets and
also played a leading role in developing Crescendo’s international presence that included three years
of work in Crescendo’s London office. Prior to joining Crescendo, John worked in the data
warehousing and predictive analytics fields. He held various operational roles including a two-year
posting to Sydney, Australia, where he opened the first Asia-Pacific office for a U.S.-based data-
warehousing firm. John was also the founding venture member of the Masterminds Forum, an
invitation-only group of Chief Investment Officer and Vice President-Level Information Technology
thought-leaders from Fortune 200 companies. John received his MBA from Harvard Business School
and a bachelor’s degree from the University of Richmond.
Wayne Cantwell. Wayne co-founded Decathlon and is one of two Managing Directors. Prior to
Decathlon, Wayne spent nine years with Crescendo, where he focused on investments in the
semiconductor, enterprise infrastructure and consumer-device markets. Before Crescendo, Wayne
spent 18 years in various operating roles in software and semiconductor companies. He served as
President and Chief Executive Officer of Soisic SA, a French startup in the semiconductor intellectual
property licensing business that was sold to ARM Holdings. Prior to Soisic SA, Wayne served as
President and Chief Executive Officer of inSilicon Corporation, where he led the company through a
very successful initial public offering and several acquisitions. Before assuming the role of Chief
Executive Officer at inSilicon Corporation, Wayne was responsible for overseeing Phoenix
Technologies’ worldwide sales and field operations where he was responsible for sales and
development teams in North America, Europe, and throughout Asia. Wayne has extensive
international experience, having run operations in Japan, Taiwan, Korea, France and England. Prior
to his role with Phoenix Technologies, Wayne held various sales and engineering positions with Intel
Corporation and NEC Corporation. Wayne has been involved in over 20 early-stage companies in
Board of Directors and Advisory Board roles during his 36-year career.
Spencer Thunell. Spencer is a Partner, and Decathlon’s Chief Financial Officer and Chief Compliance
Officer. Spencer has participated in the completion of ~$800 million in financing and capital
commitments over his career. Prior to joining Decathlon, Spencer spent four years as the Chief
Financial Officer and Corporate Secretary of Crystal Peak Minerals Inc., a public company traded on
Canada’s TSX Venture Exchange (TSXV: CPM). At CPM, Spencer’s responsibilities included oversight
of FP&A, financial reporting, tax and regulatory compliance, internal controls, investor relations and
capital markets. Prior to CPM, Spencer was the Chief Financial Officer of Land Equity Partners, LP and
Land Equity Partners Fund II, LP – real estate private equity funds focused on land development in
the Intermountain West region. Spencer began his career in public accounting with Ernst & Young in
Palo Alto, California where he worked with both public and private company audit clients. Spencer
holds bachelor’s and master’s degrees in accounting from the David Eccles School of Business at the
University of Utah and is a licensed CPA in the State of California.