Aligning interests & maximizing value for our partners

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.

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

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.

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.

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.

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).

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.

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).

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.

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

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.

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

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.

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.

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.

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

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.

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

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.

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

Max Osnowitz joined Courage Music as an Associate in 2024. Previously, he was an Investment Banking Associate at Republic Capital Group where he conducted financial analysis for restructuring and M&A transactions. Prior to Republic Capital Group, he was a Research Associate at Stifel Financial where he conducted financial research on 28 publicly traded Applications Software Companies. At Courage Music, Mr. Osnowitz is responsible for financial analysis and due diligence and assists with all aspects of the Team’s activities.

Mr. Osnowitz has a B.A. in Business Administration from Missouri Baptist University and is a CFA® charterholder.

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.

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

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.

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

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.

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

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.

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

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.

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

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. 

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.

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.

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.

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.

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

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.

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