Courage capital management

Aligning interests & maximizing value for our partners

Firm Overview

Founded in 1998, Courage is a Nashville-based alternative asset firm managing private funds on behalf of institutional investors and family offices. Courage remains committed to its founding principle of aligning interests and maximizing value for our partners. Courage specializes in three core investment strategies: Healthcare, Music Rights, and Special Situations

We encourage a culture of
thinking independently and uncovering unique opportunities.

Executive Team

Professional Experience:

Richard C. Patton is the Founder, Chairman, and Chief Investment Officer of Courage Capital Management. Mr. Patton co-founded Courage in July 1998. From 1996 to 1998 Mr. Patton was at Ingram Industries where they formed and operated Woodmont Capital, LLC, which focused on special situations investing in private and public market securities. From 1994 to 1996, Mr. Patton was a private investor. From 1992 to 1994, Mr. Patton was a Portfolio Manager and Analyst with Fidelity Investments. Prior to this, Mr. Patton was the founder and CEO of a restaurant group, which he ultimately sold. Mr. Patton has served on the board of directors of Williamson-Dickie Manufacturing Company, which manufactures and sells work wear; and Krystal Restaurant Group, Blessings Corp. (Packaging), Ingram Barge Company, Permanent General Insurance and Reddy Ice Corporation. Mr. Patton has served on the boards of the Nashville Humane Association, the Nashville Zoo, the Nashville Region Red Cross, and the American Red Cross.

Education:

Mr. Patton earned a B.S. in Economics from Vanderbilt University and an M.B.A. from the Harvard Business School.

Professional Experience:

Thomas Milne, President and Chief Operating Officer, joined Courage Capital in 2007. Prior to joining Courage, Mr. Milne served as the Chief Investment Officer of the Tennessee Consolidated Retirement System, overseeing the $33 billion public pension plan for over 10 years where he directed a team of more than 20 investment professionals managing large multi-asset class portfolios. From 1988 to 1996 Mr. Milne served in various roles managing fixed income portfolios and ultimately as the Director of Investments at the Retirement System of Alabama. Mr. Milne currently serves on the board of directors for New Water Street Corporation and previously on the board of Fairway Outdoor Advertising.

Education:

Mr. Milne earned a B.B.A. in Finance from Southern Methodist University and an M.B.A. from Auburn University at Montgomery. Mr. Milne holds the Chartered Financial Analyst designation and the Chartered Alternative Investment Analyst designation.

Professional Experience:

Richard Schnuerer, Chief Financial Officer and Chief Compliance Officer, joined Courage Capital in 2022. Mr. Schnuerer began his career in the professional services industry, including roles at Deloitte and KPMG in their audit and advisory businesses focusing on investment management and banking clients in New York and London. After seven years in professional services, Mr. Schnuerer then joined the Chief Investment Office at Merrill Lynch, where he spent five years conducting operational due diligence on alternative investment managers and their private funds across all asset classes and strategies. Mr. Schnuerer moved into the GP side as the Head of Finance and Operations and Chief Compliance Officer at PowerPlant Partners, a consumer food and beverage impact oriented growth equity firm where he was responsible for institutionalizing its infrastructure as the first back-office hire in the firm’s history. Most recently, Mr. Schnuerer served as Chief Financial Officer and Chief Compliance Officer at Savant Growth, a lower middle market growth equity firm investing in B2B SaaS companies.

Education:

Mr. Schnuerer graduated from The Ohio State University where he double majored in Accounting and Finance and minored in Economics. He is a Certified Public Accountant (Ohio and New York).

Professional Experience:

Richard C. Patton is the Founder, Chairman, and Chief Investment Officer of Courage Capital Management. Mr. Patton co-founded Courage in July 1998. From 1996 to 1998 Mr. Patton was at Ingram Industries where they formed and operated Woodmont Capital, LLC, which focused on special situations investing in private and public market securities. From 1994 to 1996, Mr. Patton was a private investor. From 1992 to 1994, Mr. Patton was a Portfolio Manager and Analyst with Fidelity Investments. Prior to this, Mr. Patton was the founder and CEO of a restaurant group, which he ultimately sold. Mr. Patton has served on the board of directors of Williamson-Dickie Manufacturing Company, which manufactures and sells work wear; and Krystal Restaurant Group, Blessings Corp. (Packaging), Ingram Barge Company, Permanent General Insurance and Reddy Ice Corporation. Mr. Patton has served on the boards of the Nashville Humane Association, the Nashville Zoo, the Nashville Region Red Cross, and the American Red Cross.

Education:

Mr. Patton earned a B.S. in Economics from Vanderbilt University and an M.B.A. from the Harvard Business School.

Professional Experience:

Thomas Milne, President and Chief Operating Officer, joined Courage Capital in 2007. Prior to joining Courage, Mr. Milne served as the Chief Investment Officer of the Tennessee Consolidated Retirement System, overseeing the $33 billion public pension plan for over 10 years where he directed a team of more than 20 investment professionals managing large multi-asset class portfolios. From 1988 to 1996 Mr. Milne served in various roles managing fixed income portfolios and ultimately as the Director of Investments at the Retirement System of Alabama. Mr. Milne currently serves on the board of directors for New Water Street Corporation and previously on the board of Fairway Outdoor Advertising.

Education:

Mr. Milne earned a B.B.A. in Finance from Southern Methodist University and an M.B.A. from Auburn University at Montgomery. Mr. Milne holds the Chartered Financial Analyst designation and the Chartered Alternative Investment Analyst designation.

Professional Experience:

Richard Schnuerer, Chief Financial Officer and Chief Compliance Officer, joined Courage Capital in 2022. Mr. Schnuerer began his career in the professional services industry, including roles at Deloitte and KPMG in their audit and advisory businesses focusing on investment management and banking clients in New York and London. After seven years in professional services, Mr. Schnuerer then joined the Chief Investment Office at Merrill Lynch, where he spent five years conducting operational due diligence on alternative investment managers and their private funds across all asset classes and strategies. Mr. Schnuerer moved into the GP side as the Head of Finance and Operations and Chief Compliance Officer at PowerPlant Partners, a consumer food and beverage impact oriented growth equity firm where he was responsible for institutionalizing its infrastructure as the first back-office hire in the firm’s history. Most recently, Mr. Schnuerer served as Chief Financial Officer and Chief Compliance Officer at Savant Growth, a lower middle market growth equity firm investing in B2B SaaS companies.

Education:

Mr. Schnuerer graduated from The Ohio State University where he double majored in Accounting and Finance and minored in Economics. He is a Certified Public Accountant (Ohio and New York).

Professional Experience:

Richard C. Patton is the Founder, Chairman, and Chief Investment Officer of Courage Capital Management. Mr. Patton co-founded Courage in July 1998. From 1996 to 1998 Mr. Patton was at Ingram Industries where they formed and operated Woodmont Capital, LLC, which focused on special situations investing in private and public market securities. From 1994 to 1996, Mr. Patton was a private investor. From 1992 to 1994, Mr. Patton was a Portfolio Manager and Analyst with Fidelity Investments. Prior to this, Mr. Patton was the founder and CEO of a restaurant group, which he ultimately sold. Mr. Patton has served on the board of directors of Williamson-Dickie Manufacturing Company, which manufactures and sells work wear; and Krystal Restaurant Group, Blessings Corp. (Packaging), Ingram Barge Company, Permanent General Insurance and Reddy Ice Corporation. Mr. Patton has served on the boards of the Nashville Humane Association, the Nashville Zoo, the Nashville Region Red Cross, and the American Red Cross.

Education:

Mr. Patton earned a B.S. in Economics from Vanderbilt University and an M.B.A. from the Harvard Business School.

Professional Experience:

Thomas Milne, President and Chief Operating Officer, joined Courage Capital in 2007. Prior to joining Courage, Mr. Milne served as the Chief Investment Officer of the Tennessee Consolidated Retirement System, overseeing the $33 billion public pension plan for over 10 years where he directed a team of more than 20 investment professionals managing large multi-asset class portfolios. From 1988 to 1996 Mr. Milne served in various roles managing fixed income portfolios and ultimately as the Director of Investments at the Retirement System of Alabama. Mr. Milne currently serves on the board of directors for New Water Street Corporation and previously on the board of Fairway Outdoor Advertising.

Education:

Mr. Milne earned a B.B.A. in Finance from Southern Methodist University and an M.B.A. from Auburn University at Montgomery. Mr. Milne holds the Chartered Financial Analyst designation and the Chartered Alternative Investment Analyst designation.

Professional Experience:

Richard Schnuerer, Chief Financial Officer and Chief Compliance Officer, joined Courage Capital in 2022. Mr. Schnuerer began his career in the professional services industry, including roles at Deloitte and KPMG in their audit and advisory businesses focusing on investment management and banking clients in New York and London. After seven years in professional services, Mr. Schnuerer then joined the Chief Investment Office at Merrill Lynch, where he spent five years conducting operational due diligence on alternative investment managers and their private funds across all asset classes and strategies. Mr. Schnuerer moved into the GP side as the Head of Finance and Operations and Chief Compliance Officer at PowerPlant Partners, a consumer food and beverage impact oriented growth equity firm where he was responsible for institutionalizing its infrastructure as the first back-office hire in the firm’s history. Most recently, Mr. Schnuerer served as Chief Financial Officer and Chief Compliance Officer at Savant Growth, a lower middle market growth equity firm investing in B2B SaaS companies.

Education:

Mr. Schnuerer graduated from The Ohio State University where he double majored in Accounting and Finance and minored in Economics. He is a Certified Public Accountant (Ohio and New York).

Courage Music Team

Professional Experience:

Jason Somerville joined Courage in 2017 and is a Senior Managing Director of Courage Capital Management, LLC and the Founder and Portfolio Manager of the Courage Music investment strategy (“Courage Music”). He previously was an investment banker with over 22 years of experience and considered one of the leading investment bankers to companies, individuals, and investors operating in music rights. From 2010 to 2017, Mr. Somerville was the founder and managing partner of EIG, where he advised on numerous music rights transactions. Prior to forming EIG, Mr. Somerville was a Team Leader in J.P.Morgan’s Entertainment Industries Group. At J.P.Morgan, Mr. Somerville managed a portfolio of nearly $2 billion of senior debt investments in entertainment companies. Most notably, he founded the firm’s music practice and built a multi-billion-dollar capital market in music rights. He is believed to have syndicated the first-ever investment in an independent music rights company in 2005 (Concord Music Group) as well as the largest-ever investments in independent music rights companies in 2009 (BMG Rights Management and Bug Music). During his career, he has advised and/or raised capital for over 50 music rights transactions totaling over $2 billion in value.

Education:

Mr. Somerville earned a B.A. in Arts from The Johns Hopkins University and a Bologna Center Certificate from The Johns Hopkins University School of Advanced International Studies (SAIS).

Professional Experience:

Kin Cheng joined Courage Music as a Managing Director in 2020. He is a corporate and investment banking executive with 25 years of experience. Prior to Courage, Mr. Cheng was an Executive Director and Senior Relationship Manager in J.P. Morgan’s Commercial Banking Division. Previously at J.P. Morgan, he was a Senior Underwriter in J.P. Morgan’s Entertainment Industries Group where he managed the underwriting, performance monitoring, and compliance reporting for senior debt investments in entertainment companies, including many of Mr. Somerville’s music clients. In 1993, he began his banking career at the Federal Reserve Bank of New York as a foreign exchange analyst. At Courage Music, Mr. Cheng manages business affairs and investment due diligence.

Education:

Mr. Cheng has a B.A. in Economics from the University of California.

Professional Experience:

Jason Kleve joined Courage Music as a Consultant in 2018 and a Managing Director in 2019. He is a statistician with 26 years of music industry experience. Prior to Courage, Mr. Kleve provided research and business analytics services to other leading music companies. Previously, he was Vice President of Universal Music Group (“UMG”), the world’s largest music company. At UMG, he founded the Business Analysis department in 2002 and managed a team of 14 business analysts. During his 21 years at UMG, Mr. Kleve was responsible for preparing the company’s forecasts and developing proprietary models for the overall music industry. He also implemented and actively managed performance optimization efforts leading to $300 million in incremental EBITDA for the company. At Courage Music, Mr. Kleve manages investment qualification and underwriting.

Education:

Mr. Kleve has a B.A. in Applied Social Statistics from the University of Minnesota.

Professional Experience:

Sam Chappell joined Courage Music as a Senior Advisor for Christian Music in 2018 and is expected to transition to a full-time employee as Managing Director in 2024. He is a music executive with over 40 years of music industry experience and five years of music rights investment experience. Prior to Courage he was President of two record labels, including Integrity Music, which at the time was the world’s largest independent Christian music company, and 40 Records, an imprint of Gotee Records. Previously, Sam has served in other senior music roles including management of artists such as Lecrae, Andy Mineo and Grits. At Courage Music, Mr. Chappell manages our business development team as well as manage seller partner and strategic partner relations.

* Sam is currently a member of the team as an independent contractor. Once the term of his Senior Advisor agreement is finished, he is expected to transition into the full-time employee role of Managing Director.

Education:

Mr. Chappell has a B.A. from Anderson University in Indiana. He also has J.D. from Oklahoma City University Law School in Oklahoma City.

Professional Experience:

Rylan Soref joined Courage Music as an Assistant Managing Director in 2019. He is a creative strategist, producer and music supervisor. He founded Obay Media in 2016, a creative strategy agency for companies operating in entertainment and technology. He also co-founded Songs For Film & TV in 2009, a music services agency that has secured thousands of placements for music rights in film, television, advertising and new media. Throughout his career, Mr. Soref has worked on projects for Facebook, Google, Samsung, Showtime, and Comcast, among many others. Mr. Soref manages seller-partner relations and performance optimization initiatives.

Education:

Mr. Soref has a B.A. in Political Science with a minor in Integrated Liberal Studies from the University of Wisconsin - Madison.

Professional Experience:

Blake Rowlinson joined Courage Music as an Associate in 2019. Previously, he was an analyst in Wells Fargo’s Financial Sponsors Group. During his time at Wells Fargo, he developed strong financial analysis skills while working on M&A transactions for numerous financial sponsors, including Blackstone. At Courage Music, Mr. Rowlinson is responsible for financial analysis and due diligence and assists with all aspects of the Team’s activities.

Education:

Mr. Rowlinson earned a B.A. in Economics from Yale University.

Professional Experience:

Tyler Cox joined Courage Music as an Associate in 2022. Previously, he was an Investment Banking Analyst at Houlihan Lokey where he conducted financial analysis for restructuring, capital markets, and M&A transactions. Prior to Houlihan Lokey, he was an Investment Analyst at Legacy Trust Company where he supported the management of over $3 billion in client accounts. At Courage Music, Mr. Cox is responsible for financial analysis and due diligence and assists with all aspects of the Team’s activities.

Education:

Mr. Cox earned a B.A. in Mathematical Economic Analysis with a minor in Business from Rice University.

Professional Experience:

Harrison McDonough joined Courage Music as an Associate in 2023. Previously, he was an Analyst within the Corporate Valuation and M&A Advisory group at Houlihan Lokey, a leading middle market investment bank, where he conducted complex valuations and financial analysis for restructuring, capital markets, and M&A transactions. Prior to Houlihan Lokey, he was a Mergers and Acquisitions Associate at KPMG where he provided financial and tax advisory services for domestic and international private equity transactions. At Courage Music, Mr. McDonough is responsible for financial analysis and due diligence and assists with all aspects of the Team’s activities.

Education:

Mr. McDonough has a B.A. in Accounting and a Masters in Accounting and Data Analytics from the University of Mississippi.

Professional Experience:

Erin Anderson joined Courage Music as a Consultant in 2020 and as a Director of Data Analytics in 2022. Prior to working with Courage Music, Ms. Anderson practiced law for six years at Day Pitney, Sheehan Phinney Bass + Green, and McKool Smith. During her tenure at these firms, she represented clients in complex civil litigation, with a specific focus on the state and federal False Claims Acts. Over the course of her legal career, she developed a strong interest in the role of data, data analytics, and business intelligence, and ultimately changed careers to focus on these fields. At Courage Music, Ms. Anderson manages data analytics as well as the team’s proprietary business analytics platform.

Education:

Ms. Anderson has a B.A. from Dartmouth College and a J.D. from Boston College Law School.

Professional Experience:

Rachel Glidden joined Courage Music as Director of Business Development in August 2022. Previously, Ms. Glidden was the Head of Campaign Strategy at WMA (2019-2022) where she oversaw artist marketing plans and release schedules, working with various labels, management, and distribution companies to ensure successful project launches and strategies for domestic and international clients. Prior to her time at WMA, she worked in streaming strategy, project management and business development at Digmark, and then Fame House (2017-2019) under the Commercial Services division of Universal Music Group. At Courage Music, Ms. Glidden is responsible for enhancing performance optimization initiatives.

Education:

B.B.A. in Music Business from Belmont University

Professional Experience:

Tyler Perrillo joined Courage Music as a Director of Music Royalty Analytics in 2022. Previously, Mr. Perrillo was Manager of Global Copyright at Universal Music Publishing Group from 2017 to 2022 where he liaised with PROs, DSPs, and third-party collection societies on work registration-related projects. He also provided training and support to UMPG’s 51 offices located across 41 countries. Prior to UMPG, Tyler worked in copyright for BMG and Bluewater Music Services Corp. and spent five years working in performance rights distribution at ASCAP. At Courage Music, Mr. Perrillo is responsible for investment monitoring.

Education:

Mr. Perrillo earned a B.A. in Music Industry from SUNY Oneonta.

Professional Experience:

Chandler Cozine joined Courage Music in December 2023 as Director of Business Development. Previously, she served as the West Coast Promotions Manager for Arista Records (Sony) where she was responsible for elevating radio airplay across the label’s roster in addition to creative marketing strategies. Prior to this role, she worked at In2une Music (Kobalt), Atlantic Records and WWE where she took on roles focusing on marketing, artist development and community relations.

Education:

B.A. Communications with a concentration in Public Relations and Broadcast Journalism from Marist College, Poughkeepsie, NY

Professional Experience:

Deborah Mickelson joined Courage Music in 2023 as Director of Operations and Team Facilitator. Previously, Ms. Mickelson served as Director of Operations at Valkyrie Investments, a leading digital asset management firm in Brentwood, Tennessee. Prior to her tenure at Valkyrie, she managed the launch and daily operations of Tri Star Sports & Entertainment's offices in West Hollywood, California. Over her 20 year career, she has held other business operations and HR support positions across fintech, legal, business management, and non-profit.

At Courage Music, Ms. Mickelson oversees the day-to-day business operations and facilitates team workflow and productivity.

Education:

Ms. Mickelson holds a Bachelor of Science in Business Administration with a concentration in finance from California State University, East Bay.

Professional Experience:

Jason Somerville joined Courage in 2017 and is a Senior Managing Director of Courage Capital Management, LLC and the Founder and Portfolio Manager of the Courage Music investment strategy (“Courage Music”). He previously was an investment banker with over 22 years of experience and considered one of the leading investment bankers to companies, individuals, and investors operating in music rights. From 2010 to 2017, Mr. Somerville was the founder and managing partner of EIG, where he advised on numerous music rights transactions. Prior to forming EIG, Mr. Somerville was a Team Leader in J.P.Morgan’s Entertainment Industries Group. At J.P.Morgan, Mr. Somerville managed a portfolio of nearly $2 billion of senior debt investments in entertainment companies. Most notably, he founded the firm’s music practice and built a multi-billion-dollar capital market in music rights. He is believed to have syndicated the first-ever investment in an independent music rights company in 2005 (Concord Music Group) as well as the largest-ever investments in independent music rights companies in 2009 (BMG Rights Management and Bug Music). During his career, he has advised and/or raised capital for over 50 music rights transactions totaling over $2 billion in value.

Education:

Mr. Somerville earned a B.A. in Arts from The Johns Hopkins University and a Bologna Center Certificate from The Johns Hopkins University School of Advanced International Studies (SAIS).

Professional Experience:

Kin Cheng joined Courage Music as a Managing Director in 2020. He is a corporate and investment banking executive with 25 years of experience. Prior to Courage, Mr. Cheng was an Executive Director and Senior Relationship Manager in J.P. Morgan’s Commercial Banking Division. Previously at J.P. Morgan, he was a Senior Underwriter in J.P. Morgan’s Entertainment Industries Group where he managed the underwriting, performance monitoring, and compliance reporting for senior debt investments in entertainment companies, including many of Mr. Somerville’s music clients. In 1993, he began his banking career at the Federal Reserve Bank of New York as a foreign exchange analyst. At Courage Music, Mr. Cheng manages business affairs and investment due diligence.

Education:

Mr. Cheng has a B.A. in Economics from the University of California.

Professional Experience:

Jason Kleve joined Courage Music as a Consultant in 2018 and a Managing Director in 2019. He is a statistician with 26 years of music industry experience. Prior to Courage, Mr. Kleve provided research and business analytics services to other leading music companies. Previously, he was Vice President of Universal Music Group (“UMG”), the world’s largest music company. At UMG, he founded the Business Analysis department in 2002 and managed a team of 14 business analysts. During his 21 years at UMG, Mr. Kleve was responsible for preparing the company’s forecasts and developing proprietary models for the overall music industry. He also implemented and actively managed performance optimization efforts leading to $300 million in incremental EBITDA for the company. At Courage Music, Mr. Kleve manages investment qualification and underwriting.

Education:

Mr. Kleve has a B.A. in Applied Social Statistics from the University of Minnesota.

Professional Experience:

Sam Chappell joined Courage Music as a Senior Advisor for Christian Music in 2018 and is expected to transition to a full-time employee as Managing Director in 2024. He is a music executive with over 40 years of music industry experience and five years of music rights investment experience. Prior to Courage he was President of two record labels, including Integrity Music, which at the time was the world’s largest independent Christian music company, and 40 Records, an imprint of Gotee Records. Previously, Sam has served in other senior music roles including management of artists such as Lecrae, Andy Mineo and Grits. At Courage Music, Mr. Chappell manages our business development team as well as manage seller partner and strategic partner relations.

* Sam is currently a member of the team as an independent contractor. Once the term of his Senior Advisor agreement is finished, he is expected to transition into the full-time employee role of Managing Director.

Education:

Mr. Chappell has a B.A. from Anderson University in Indiana. He also has J.D. from Oklahoma City University Law School in Oklahoma City.

Professional Experience:

Rylan Soref joined Courage Music as an Assistant Managing Director in 2019. He is a creative strategist, producer and music supervisor. He founded Obay Media in 2016, a creative strategy agency for companies operating in entertainment and technology. He also co-founded Songs For Film & TV in 2009, a music services agency that has secured thousands of placements for music rights in film, television, advertising and new media. Throughout his career, Mr. Soref has worked on projects for Facebook, Google, Samsung, Showtime, and Comcast, among many others. Mr. Soref manages seller-partner relations and performance optimization initiatives.

Education:

Mr. Soref has a B.A. in Political Science with a minor in Integrated Liberal Studies from the University of Wisconsin - Madison.

Professional Experience:

Blake Rowlinson joined Courage Music as an Associate in 2019. Previously, he was an analyst in Wells Fargo’s Financial Sponsors Group. During his time at Wells Fargo, he developed strong financial analysis skills while working on M&A transactions for numerous financial sponsors, including Blackstone. At Courage Music, Mr. Rowlinson is responsible for financial analysis and due diligence and assists with all aspects of the Team’s activities.

Education:

Mr. Rowlinson earned a B.A. in Economics from Yale University.

Professional Experience:

Tyler Cox joined Courage Music as an Associate in 2022. Previously, he was an Investment Banking Analyst at Houlihan Lokey where he conducted financial analysis for restructuring, capital markets, and M&A transactions. Prior to Houlihan Lokey, he was an Investment Analyst at Legacy Trust Company where he supported the management of over $3 billion in client accounts. At Courage Music, Mr. Cox is responsible for financial analysis and due diligence and assists with all aspects of the Team’s activities.

Education:

Mr. Cox earned a B.A. in Mathematical Economic Analysis with a minor in Business from Rice University.

Professional Experience:

Harrison McDonough joined Courage Music as an Associate in 2023. Previously, he was an Analyst within the Corporate Valuation and M&A Advisory group at Houlihan Lokey, a leading middle market investment bank, where he conducted complex valuations and financial analysis for restructuring, capital markets, and M&A transactions. Prior to Houlihan Lokey, he was a Mergers and Acquisitions Associate at KPMG where he provided financial and tax advisory services for domestic and international private equity transactions. At Courage Music, Mr. McDonough is responsible for financial analysis and due diligence and assists with all aspects of the Team’s activities.

Education:

Mr. McDonough has a B.A. in Accounting and a Masters in Accounting and Data Analytics from the University of Mississippi.

Professional Experience:

Erin Anderson joined Courage Music as a Consultant in 2020 and as a Director of Data Analytics in 2022. Prior to working with Courage Music, Ms. Anderson practiced law for six years at Day Pitney, Sheehan Phinney Bass + Green, and McKool Smith. During her tenure at these firms, she represented clients in complex civil litigation, with a specific focus on the state and federal False Claims Acts. Over the course of her legal career, she developed a strong interest in the role of data, data analytics, and business intelligence, and ultimately changed careers to focus on these fields. At Courage Music, Ms. Anderson manages data analytics as well as the team’s proprietary business analytics platform.

Education:

Ms. Anderson has a B.A. from Dartmouth College and a J.D. from Boston College Law School.

Professional Experience:

Rachel Glidden joined Courage Music as Director of Business Development in August 2022. Previously, Ms. Glidden was the Head of Campaign Strategy at WMA (2019-2022) where she oversaw artist marketing plans and release schedules, working with various labels, management, and distribution companies to ensure successful project launches and strategies for domestic and international clients. Prior to her time at WMA, she worked in streaming strategy, project management and business development at Digmark, and then Fame House (2017-2019) under the Commercial Services division of Universal Music Group. At Courage Music, Ms. Glidden is responsible for enhancing performance optimization initiatives.

Education:

B.B.A. in Music Business from Belmont University

Professional Experience:

Tyler Perrillo joined Courage Music as a Director of Music Royalty Analytics in 2022. Previously, Mr. Perrillo was Manager of Global Copyright at Universal Music Publishing Group from 2017 to 2022 where he liaised with PROs, DSPs, and third-party collection societies on work registration-related projects. He also provided training and support to UMPG’s 51 offices located across 41 countries. Prior to UMPG, Tyler worked in copyright for BMG and Bluewater Music Services Corp. and spent five years working in performance rights distribution at ASCAP. At Courage Music, Mr. Perrillo is responsible for investment monitoring.

Education:

Mr. Perrillo earned a B.A. in Music Industry from SUNY Oneonta.

Professional Experience:

Chandler Cozine joined Courage Music in December 2023 as Director of Business Development. Previously, she served as the West Coast Promotions Manager for Arista Records (Sony) where she was responsible for elevating radio airplay across the label’s roster in addition to creative marketing strategies. Prior to this role, she worked at In2une Music (Kobalt), Atlantic Records and WWE where she took on roles focusing on marketing, artist development and community relations.

Education:

B.A. Communications with a concentration in Public Relations and Broadcast Journalism from Marist College, Poughkeepsie, NY

Professional Experience:

Deborah Mickelson joined Courage Music in 2023 as Director of Operations and Team Facilitator. Previously, Ms. Mickelson served as Director of Operations at Valkyrie Investments, a leading digital asset management firm in Brentwood, Tennessee. Prior to her tenure at Valkyrie, she managed the launch and daily operations of Tri Star Sports & Entertainment's offices in West Hollywood, California. Over her 20 year career, she has held other business operations and HR support positions across fintech, legal, business management, and non-profit.

At Courage Music, Ms. Mickelson oversees the day-to-day business operations and facilitates team workflow and productivity.

Education:

Ms. Mickelson holds a Bachelor of Science in Business Administration with a concentration in finance from California State University, East Bay.

Professional Experience:

Jason Somerville joined Courage in 2017 and is a Senior Managing Director of Courage Capital Management, LLC and the Founder and Portfolio Manager of the Courage Music investment strategy (“Courage Music”). He previously was an investment banker with over 22 years of experience and considered one of the leading investment bankers to companies, individuals, and investors operating in music rights. From 2010 to 2017, Mr. Somerville was the founder and managing partner of EIG, where he advised on numerous music rights transactions. Prior to forming EIG, Mr. Somerville was a Team Leader in J.P.Morgan’s Entertainment Industries Group. At J.P.Morgan, Mr. Somerville managed a portfolio of nearly $2 billion of senior debt investments in entertainment companies. Most notably, he founded the firm’s music practice and built a multi-billion-dollar capital market in music rights. He is believed to have syndicated the first-ever investment in an independent music rights company in 2005 (Concord Music Group) as well as the largest-ever investments in independent music rights companies in 2009 (BMG Rights Management and Bug Music). During his career, he has advised and/or raised capital for over 50 music rights transactions totaling over $2 billion in value.

Education:

Mr. Somerville earned a B.A. in Arts from The Johns Hopkins University and a Bologna Center Certificate from The Johns Hopkins University School of Advanced International Studies (SAIS).

Professional Experience:

Kin Cheng joined Courage Music as a Managing Director in 2020. He is a corporate and investment banking executive with 25 years of experience. Prior to Courage, Mr. Cheng was an Executive Director and Senior Relationship Manager in J.P. Morgan’s Commercial Banking Division. Previously at J.P. Morgan, he was a Senior Underwriter in J.P. Morgan’s Entertainment Industries Group where he managed the underwriting, performance monitoring, and compliance reporting for senior debt investments in entertainment companies, including many of Mr. Somerville’s music clients. In 1993, he began his banking career at the Federal Reserve Bank of New York as a foreign exchange analyst. At Courage Music, Mr. Cheng manages business affairs and investment due diligence.

Education:

Mr. Cheng has a B.A. in Economics from the University of California.

Professional Experience:

Jason Kleve joined Courage Music as a Consultant in 2018 and a Managing Director in 2019. He is a statistician with 26 years of music industry experience. Prior to Courage, Mr. Kleve provided research and business analytics services to other leading music companies. Previously, he was Vice President of Universal Music Group (“UMG”), the world’s largest music company. At UMG, he founded the Business Analysis department in 2002 and managed a team of 14 business analysts. During his 21 years at UMG, Mr. Kleve was responsible for preparing the company’s forecasts and developing proprietary models for the overall music industry. He also implemented and actively managed performance optimization efforts leading to $300 million in incremental EBITDA for the company. At Courage Music, Mr. Kleve manages investment qualification and underwriting.

Education:

Mr. Kleve has a B.A. in Applied Social Statistics from the University of Minnesota.

Professional Experience:

Sam Chappell joined Courage Music as a Senior Advisor for Christian Music in 2018 and is expected to transition to a full-time employee as Managing Director in 2024. He is a music executive with over 40 years of music industry experience and five years of music rights investment experience. Prior to Courage he was President of two record labels, including Integrity Music, which at the time was the world’s largest independent Christian music company, and 40 Records, an imprint of Gotee Records. Previously, Sam has served in other senior music roles including management of artists such as Lecrae, Andy Mineo and Grits. At Courage Music, Mr. Chappell manages our business development team as well as manage seller partner and strategic partner relations.

* Sam is currently a member of the team as an independent contractor. Once the term of his Senior Advisor agreement is finished, he is expected to transition into the full-time employee role of Managing Director.

Education:

Mr. Chappell has a B.A. from Anderson University in Indiana. He also has J.D. from Oklahoma City University Law School in Oklahoma City.

Professional Experience:

Rylan Soref joined Courage Music as an Assistant Managing Director in 2019. He is a creative strategist, producer and music supervisor. He founded Obay Media in 2016, a creative strategy agency for companies operating in entertainment and technology. He also co-founded Songs For Film & TV in 2009, a music services agency that has secured thousands of placements for music rights in film, television, advertising and new media. Throughout his career, Mr. Soref has worked on projects for Facebook, Google, Samsung, Showtime, and Comcast, among many others. Mr. Soref manages seller-partner relations and performance optimization initiatives.

Education:

Mr. Soref has a B.A. in Political Science with a minor in Integrated Liberal Studies from the University of Wisconsin - Madison.

Professional Experience:

Blake Rowlinson joined Courage Music as an Associate in 2019. Previously, he was an analyst in Wells Fargo’s Financial Sponsors Group. During his time at Wells Fargo, he developed strong financial analysis skills while working on M&A transactions for numerous financial sponsors, including Blackstone. At Courage Music, Mr. Rowlinson is responsible for financial analysis and due diligence and assists with all aspects of the Team’s activities.

Education:

Mr. Rowlinson earned a B.A. in Economics from Yale University.

Professional Experience:

Tyler Cox joined Courage Music as an Associate in 2022. Previously, he was an Investment Banking Analyst at Houlihan Lokey where he conducted financial analysis for restructuring, capital markets, and M&A transactions. Prior to Houlihan Lokey, he was an Investment Analyst at Legacy Trust Company where he supported the management of over $3 billion in client accounts. At Courage Music, Mr. Cox is responsible for financial analysis and due diligence and assists with all aspects of the Team’s activities.

Education:

Mr. Cox earned a B.A. in Mathematical Economic Analysis with a minor in Business from Rice University.

Professional Experience:

Harrison McDonough joined Courage Music as an Associate in 2023. Previously, he was an Analyst within the Corporate Valuation and M&A Advisory group at Houlihan Lokey, a leading middle market investment bank, where he conducted complex valuations and financial analysis for restructuring, capital markets, and M&A transactions. Prior to Houlihan Lokey, he was a Mergers and Acquisitions Associate at KPMG where he provided financial and tax advisory services for domestic and international private equity transactions. At Courage Music, Mr. McDonough is responsible for financial analysis and due diligence and assists with all aspects of the Team’s activities.

Education:

Mr. McDonough has a B.A. in Accounting and a Masters in Accounting and Data Analytics from the University of Mississippi.

Professional Experience:

Erin Anderson joined Courage Music as a Consultant in 2020 and as a Director of Data Analytics in 2022. Prior to working with Courage Music, Ms. Anderson practiced law for six years at Day Pitney, Sheehan Phinney Bass + Green, and McKool Smith. During her tenure at these firms, she represented clients in complex civil litigation, with a specific focus on the state and federal False Claims Acts. Over the course of her legal career, she developed a strong interest in the role of data, data analytics, and business intelligence, and ultimately changed careers to focus on these fields. At Courage Music, Ms. Anderson manages data analytics as well as the team’s proprietary business analytics platform.

Education:

Ms. Anderson has a B.A. from Dartmouth College and a J.D. from Boston College Law School.

Professional Experience:

Rachel Glidden joined Courage Music as Director of Business Development in August 2022. Previously, Ms. Glidden was the Head of Campaign Strategy at WMA (2019-2022) where she oversaw artist marketing plans and release schedules, working with various labels, management, and distribution companies to ensure successful project launches and strategies for domestic and international clients. Prior to her time at WMA, she worked in streaming strategy, project management and business development at Digmark, and then Fame House (2017-2019) under the Commercial Services division of Universal Music Group. At Courage Music, Ms. Glidden is responsible for enhancing performance optimization initiatives.

Education:

B.B.A. in Music Business from Belmont University

Professional Experience:

Tyler Perrillo joined Courage Music as a Director of Music Royalty Analytics in 2022. Previously, Mr. Perrillo was Manager of Global Copyright at Universal Music Publishing Group from 2017 to 2022 where he liaised with PROs, DSPs, and third-party collection societies on work registration-related projects. He also provided training and support to UMPG’s 51 offices located across 41 countries. Prior to UMPG, Tyler worked in copyright for BMG and Bluewater Music Services Corp. and spent five years working in performance rights distribution at ASCAP. At Courage Music, Mr. Perrillo is responsible for investment monitoring.

Education:

Mr. Perrillo earned a B.A. in Music Industry from SUNY Oneonta.

Professional Experience:

Chandler Cozine joined Courage Music in December 2023 as Director of Business Development. Previously, she served as the West Coast Promotions Manager for Arista Records (Sony) where she was responsible for elevating radio airplay across the label’s roster in addition to creative marketing strategies. Prior to this role, she worked at In2une Music (Kobalt), Atlantic Records and WWE where she took on roles focusing on marketing, artist development and community relations.

Education:

B.A. Communications with a concentration in Public Relations and Broadcast Journalism from Marist College, Poughkeepsie, NY

Professional Experience:

Deborah Mickelson joined Courage Music in 2023 as Director of Operations and Team Facilitator. Previously, Ms. Mickelson served as Director of Operations at Valkyrie Investments, a leading digital asset management firm in Brentwood, Tennessee. Prior to her tenure at Valkyrie, she managed the launch and daily operations of Tri Star Sports & Entertainment's offices in West Hollywood, California. Over her 20 year career, she has held other business operations and HR support positions across fintech, legal, business management, and non-profit.

At Courage Music, Ms. Mickelson oversees the day-to-day business operations and facilitates team workflow and productivity.

Education:

Ms. Mickelson holds a Bachelor of Science in Business Administration with a concentration in finance from California State University, East Bay.

Healthcare / Credit Team

Professional Experience:

Mayur Tipnis is a Senior Managing Director and a member of the Fund’s Investment Committee. Mr. Tipnis joined Courage Capital in 2006. Mr. Tipnis participates in the sourcing, due diligence, research, and structuring of investment opportunities. Mr. Tipnis has served on various ad-hoc creditor committees as well as in Board Observer roles for portfolio companies. Prior to joining Courage, Mr. Tipnis served as a healthcare research analyst at Goldman Sachs & Company. Previously, he worked with Arthur Andersen in Mumbai, India. 

Education:

Mr. Tipnis earned a Bachelor of Commerce degree from Mumbai University. Mr. Tipnis is a CFA charterholder and member of the Chartered Financial Analyst Institute and is a Chartered Accountant and Member of Institute of Chartered Accountants of India.

Professional Experience:

John Wengraf is a Senior Managing Director and a member of the Fund’s Investment Committee. Mr. Wengraf joined Courage Capital in 2004 and participates in the sourcing, due diligence, research, and structuring of investment opportunities. Prior to joining Courage, Mr. Wengraf spent six years as an energy trader with Mirant. From September of 1991 through August 1995, Mr. Wengraf was a captain in the U. S. Air Force, acting as a practicing Aeronautical Engineer in the Advance Cruise Missile System Program office which managed the design and employment of stealth technology cruise missiles.

Education:

Mr. Wengraf graduated from Rensselaer Polytechnic Institute, earned a Masters of Science in Aerospace Engineering degree from Georgia Institute of Technology, and earned an M.B.A. from Carnegie Mellon University.

Professional Experience:

Erik Larsen is a Senior Managing Director and a member of Courage Healthcare’s Investment Team. Mr. Larsen joined Courage Capital in 2023 and participates in the sourcing, due diligence, research, and structuring of investment opportunities. Prior to joining Courage, Mr. Larsen was a Managing Director at a strategic healthcare growth equity fund. Previously, Mr. Larsen led the Special Assets Corporate Development Group at HCA Healthcare, Inc. (NYSE: HCA), which included leadership of HCA's corporate venture group (dba Health Insight Capital) from 2017 to 2022.

Education:

Mr. Larsen earned a B.A. from Wake Forest University, and an M.B.A. from Wake Forest University, Babcock Graduate School of Management.

Professional Experience:

Mayur Tipnis is a Senior Managing Director and a member of the Fund’s Investment Committee. Mr. Tipnis joined Courage Capital in 2006. Mr. Tipnis participates in the sourcing, due diligence, research, and structuring of investment opportunities. Mr. Tipnis has served on various ad-hoc creditor committees as well as in Board Observer roles for portfolio companies. Prior to joining Courage, Mr. Tipnis served as a healthcare research analyst at Goldman Sachs & Company. Previously, he worked with Arthur Andersen in Mumbai, India. 

Education:

Mr. Tipnis earned a Bachelor of Commerce degree from Mumbai University. Mr. Tipnis is a CFA charterholder and member of the Chartered Financial Analyst Institute and is a Chartered Accountant and Member of Institute of Chartered Accountants of India.

Professional Experience:

John Wengraf is a Senior Managing Director and a member of the Fund’s Investment Committee. Mr. Wengraf joined Courage Capital in 2004 and participates in the sourcing, due diligence, research, and structuring of investment opportunities. Prior to joining Courage, Mr. Wengraf spent six years as an energy trader with Mirant. From September of 1991 through August 1995, Mr. Wengraf was a captain in the U. S. Air Force, acting as a practicing Aeronautical Engineer in the Advance Cruise Missile System Program office which managed the design and employment of stealth technology cruise missiles.

Education:

Mr. Wengraf graduated from Rensselaer Polytechnic Institute, earned a Masters of Science in Aerospace Engineering degree from Georgia Institute of Technology, and earned an M.B.A. from Carnegie Mellon University.

Professional Experience:

Erik Larsen is a Senior Managing Director and a member of Courage Healthcare’s Investment Team. Mr. Larsen joined Courage Capital in 2023 and participates in the sourcing, due diligence, research, and structuring of investment opportunities. Prior to joining Courage, Mr. Larsen was a Managing Director at a strategic healthcare growth equity fund. Previously, Mr. Larsen led the Special Assets Corporate Development Group at HCA Healthcare, Inc. (NYSE: HCA), which included leadership of HCA's corporate venture group (dba Health Insight Capital) from 2017 to 2022.

Education:

Mr. Larsen earned a B.A. from Wake Forest University, and an M.B.A. from Wake Forest University, Babcock Graduate School of Management.

Professional Experience:

Mayur Tipnis is a Senior Managing Director and a member of the Fund’s Investment Committee. Mr. Tipnis joined Courage Capital in 2006. Mr. Tipnis participates in the sourcing, due diligence, research, and structuring of investment opportunities. Mr. Tipnis has served on various ad-hoc creditor committees as well as in Board Observer roles for portfolio companies. Prior to joining Courage, Mr. Tipnis served as a healthcare research analyst at Goldman Sachs & Company. Previously, he worked with Arthur Andersen in Mumbai, India. 

Education:

Mr. Tipnis earned a Bachelor of Commerce degree from Mumbai University. Mr. Tipnis is a CFA charterholder and member of the Chartered Financial Analyst Institute and is a Chartered Accountant and Member of Institute of Chartered Accountants of India.

Professional Experience:

John Wengraf is a Senior Managing Director and a member of the Fund’s Investment Committee. Mr. Wengraf joined Courage Capital in 2004 and participates in the sourcing, due diligence, research, and structuring of investment opportunities. Prior to joining Courage, Mr. Wengraf spent six years as an energy trader with Mirant. From September of 1991 through August 1995, Mr. Wengraf was a captain in the U. S. Air Force, acting as a practicing Aeronautical Engineer in the Advance Cruise Missile System Program office which managed the design and employment of stealth technology cruise missiles.

Education:

Mr. Wengraf graduated from Rensselaer Polytechnic Institute, earned a Masters of Science in Aerospace Engineering degree from Georgia Institute of Technology, and earned an M.B.A. from Carnegie Mellon University.

Professional Experience:

Erik Larsen is a Senior Managing Director and a member of Courage Healthcare’s Investment Team. Mr. Larsen joined Courage Capital in 2023 and participates in the sourcing, due diligence, research, and structuring of investment opportunities. Prior to joining Courage, Mr. Larsen was a Managing Director at a strategic healthcare growth equity fund. Previously, Mr. Larsen led the Special Assets Corporate Development Group at HCA Healthcare, Inc. (NYSE: HCA), which included leadership of HCA's corporate venture group (dba Health Insight Capital) from 2017 to 2022.

Education:

Mr. Larsen earned a B.A. from Wake Forest University, and an M.B.A. from Wake Forest University, Babcock Graduate School of Management.

Administrative and Operations Team

Professional Experience:

Martha Girton, Director, Investor Relations and Reporting, joined Courage Capital in August 2019. During the past sixteen years, Mrs. Girton provided business consulting services to several privately-held international and domestic ventures and held the position of Chief Financial Officer for a startup company. Her career began in public accounting and includes serving as an accounting professional at some of the most highly regarded healthcare companies, including HCA, LifePoint and HealthTrust. She has amassed significant expertise in international, federal and state tax compliance and litigation as well as a strong background in information technology, including the analysis and transition of mergers, acquisitions, and divestitures.

Education:

Mrs. Girton is a Certified Public Accountant and earned a BBA in Accounting from Belmont University.

Professional Experience:

Mike Hamilton joined Courage Capital in January 2006. He previously served as Partner / Loan Officer of American Capital Lending from 2003-2005 and as Senior Investment Assistant in the Advisor Services Group of Deutsche Bank from 1998-2003

Education:

Mr. Hamilton is a Certified Public Accountant and earned a B.A. from Lipscomb University in Accounting and Finance / Economics.

Professional Experience:

Education:

Professional Experience:

Martha Girton, Director, Investor Relations and Reporting, joined Courage Capital in August 2019. During the past sixteen years, Mrs. Girton provided business consulting services to several privately-held international and domestic ventures and held the position of Chief Financial Officer for a startup company. Her career began in public accounting and includes serving as an accounting professional at some of the most highly regarded healthcare companies, including HCA, LifePoint and HealthTrust. She has amassed significant expertise in international, federal and state tax compliance and litigation as well as a strong background in information technology, including the analysis and transition of mergers, acquisitions, and divestitures.

Education:

Mrs. Girton is a Certified Public Accountant and earned a BBA in Accounting from Belmont University.

Professional Experience:

Mike Hamilton joined Courage Capital in January 2006. He previously served as Partner / Loan Officer of American Capital Lending from 2003-2005 and as Senior Investment Assistant in the Advisor Services Group of Deutsche Bank from 1998-2003

Education:

Mr. Hamilton is a Certified Public Accountant and earned a B.A. from Lipscomb University in Accounting and Finance / Economics.

Professional Experience:

Education:

Professional Experience:

Martha Girton, Director, Investor Relations and Reporting, joined Courage Capital in August 2019. During the past sixteen years, Mrs. Girton provided business consulting services to several privately-held international and domestic ventures and held the position of Chief Financial Officer for a startup company. Her career began in public accounting and includes serving as an accounting professional at some of the most highly regarded healthcare companies, including HCA, LifePoint and HealthTrust. She has amassed significant expertise in international, federal and state tax compliance and litigation as well as a strong background in information technology, including the analysis and transition of mergers, acquisitions, and divestitures.

Education:

Mrs. Girton is a Certified Public Accountant and earned a BBA in Accounting from Belmont University.

Professional Experience:

Mike Hamilton joined Courage Capital in January 2006. He previously served as Partner / Loan Officer of American Capital Lending from 2003-2005 and as Senior Investment Assistant in the Advisor Services Group of Deutsche Bank from 1998-2003

Education:

Mr. Hamilton is a Certified Public Accountant and earned a B.A. from Lipscomb University in Accounting and Finance / Economics.

Professional Experience:

Education:

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Personal Information We Collect

We collect personal information about you in connection with our providing advisory services to you. This information includes your name, address, and social security number and may include other information such as your:

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  • Investment experience
  • Transaction history
  • Income
  • Wire transfer instructions

How We Collect This Information

We collect this information from you through various means. For example, when you give us your contact information, enter into an investment advisory contract with us, buy securities (i.e., interests in a fund) from us, tell us where to send money, or make a wire transfer. We also may collect your personal information from other sources, such as our affiliates1 or other nonaffiliated companies. Only employees with a valid business reason have access to your personal information. We train our employees on safeguarding your confidential information as well as provide data security awareness training.

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All financial companies need to share customers’ personal information to run their everyday business and we use the personal information we collect from you for our everyday business purposes. These purposes may include for example:

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  • To market products and services to you
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Disclosure To Others

We may provide your personal information to our affiliates and to firms that assist us in servicing your account and have a need for such information, such as a broker, fund administrator, auditor, tax advisor, and legal counsel. We require third-party service providers to protect the confidentiality of your information and to use the information only for the purposes for which we disclose the information to them. These sharing practices are consistent with U.S. federal privacy, certain state privacy and related laws, and in general, you may not limit our use of your personal information for these purposes under such laws. We note that the U.S. federal privacy laws only give you the right to limit the certain types of information sharing that we do not engage in (e.g., sharing with our affiliates certain information relating to your transaction history or creditworthiness for their use in marketing to you, or sharing any personal information with nonaffiliates for them to market to you).

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To protect your personal information from unauthorized access and use, we use security measures that comply with U.S. federal law. These measures include designing and implementing a security control environment that follows the NIST framework. We restrict access to nonpublic personal information to our employees who need to know such information in order to provide services to you. All Courage files containing personal information are secured through our electronic firewalls, building security access, and reasonable restrictions to accessing physical and electronic records.

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This Privacy Notice relates to all investors in private funds managed and advised by Courage Capital Management, LLC.

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If you have any questions about this Privacy Notice, email us at information@couragecap.com or visit www.couragecap.com.

1Our affiliates are companies related to us by common ownership or control and can include both financial and nonfinancial companies. Non-affiliates are companies not related to us by common ownership or control and can include both financial and nonfinancial companies.

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