The past performance results presented herein do not guarantee and are not indicative of future results. There can be no assurance that these or comparable returns will be achieved from investments made by the Courage Special Situations Master Fund, L.P. (“Master Fund”), either individually or in the aggregate. All returns shown have been calculated on a consistent basis and assume a theoretical continuous investment in Class A interests of the Master Fund’s domestic feeder fund through March 31, 2010, which are charged a 1% annual management fee and 20% annual incentive allocation, and Class B interests of the Master Fund’s domestic feeder from and after April 1, 2010, which are charged a 1.25% annual management fee and 20% annual incentive allocation. All returns reflect the reinvestment of dividends and interest and the deduction of all fees, expenses and incentive allocation. Beginning March 2008, all returns presented reflect returns for a ‘‘new issue eligible’’ investor. Allocation of new issues to new issue eligible investors may result in returns to such investors that are higher than the returns to “new issue ineligible” investors. Investors should be aware that, when the Funds have been able to achieve positive returns, it has done so partially due to various hedging strategies, such as the “short” selling of securities and the selling and buying of options of underlying securities and commodities and futures contracts. The performance data listed above for the domestic feeder fund was developed internally by the fund itself and such performance numbers are unaudited. It is possible that performance goals of the fund may not be achieved and that an investor could lose all or a significant portion of its investment. Portfolio position data reflects holdings of the Master Fund.
The past performance results presented herein do not guarantee and are not indicative of future results. There can be no assurance that these or comparable returns will be achieved from investments made by the Courage Credit Opportunities Fund II, L.P. (the “Credit Fund II”), either individually or in the aggregate. All returns shown have been calculated on a consistent basis and assume a theoretical continuous investment in Credit Fund II. All returns reflect the reinvestment of dividends and interest and the deduction of all fees, expenses and incentive allocation. The performance data listed above was developed internally by the fund itself and such performance numbers are unaudited. It is possible that performance goals of the fund may not be achieved and that an investor could lose all or a significant portion of its investment.
The past performance results presented herein do not guarantee and are not indicative of future results. There can be no assurance that these or comparable returns will be achieved from investments made by the Courage Long Short Opportunity Fund, L.P. (the “Long Short”), either individually or in the aggregate. All returns shown have been calculated on a consistent basis and assume a theoretical continuous investment in Long Short. All returns reflect the reinvestment of dividends and interest and the deduction of all fees, expenses and incentive allocation. The performance data listed above was developed internally by the fund itself and such performance numbers are unaudited. It is possible that performance goals of the fund may not be achieved and that an investor could lose all or a significant portion of its investment.
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Senior professionals with an extensive track record across cycles
We seek returns well in excess of the risk we take
Culture of thinking independently and uncovering unique opportunities
We invest alongside our partners
Courage Capital Management, LLC is a leading alternative asset management firm established in 1998 to manage private funds on behalf of pensions, endowments, foundations, fund of funds, family offices, and high net worth individuals.
Founded in 1998, Courage Capital is registered with the Securities and Exchange Commission as a Registered Investment Advisor.
Since its inception, Courage remains committed to its founding principles and investment philosophy of capitalizing on our competitive strengths and areas of expertise, focusing on downside protection and capital preservation, and aligning our interests with our investors.
With decades of experience, Courage’s highly experienced investment team has an extensive track record in the firm’s three investment strategies: Credit Opportunities, Special Situations, and Music Royalties.
Richard C. Patton
Founder & CIO
Tom Milne, CFA, CAIA
Vice-Chairman and Senior Managing Director
Chief Financial Officer & Chief Compliance Officer
Richard C. Patton is the sole Director, Founder, Chief Manager, and Chief Investment Officer of Courage Capital Management, and the portfolio manager of the Courage Special Situations Funds and The Courage Credit Opportunities Funds. 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, which operates fast-food restaurants in the southeastern United States. Mr. Patton has also served on the boards of Blessings (Packaging), Ingram Barge Company, Permanent General Insurance (now Standard Insurance) and Reddy Ice Corporation. Mr. Patton has served on the finance committee of the Nashville Humane Association and the Nashville Zoo and as the Chairman of the Nashville Region Red Cross. He currently serves on the Board of Governors of the American Red Cross and chairs the Investment Committee. 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 serves on the board of directors for New Water Street Corporation and 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.
Vice-Chairman and Senior Managing Director and a non-voting member of the Investment Committee for Courage Credit Opportunities Fund IV, joined Courage Capital in 2018. Prior to joining Courage, Mark was a Partner, Global Head of Investor Engagement, and Chief Executive Officer of Abraaj North America at The Abraaj Group, since November, 2016. As Global Head of Investor Engagement for Abraaj, Mr. Bourgeois spearheaded the Group's global fundraising efforts and client facing strategies. Previously, Mark served as the Chief Executive Officer and President at Atlantic-Pacific Capital, since July, 2012. Prior to his role at Atlantic Pacific, he served as the Global Head of Distribution and Chief Executive Officer of The Americas for Credit Suisse Asset Management, from September 2008 to July, 2012. Previously, Mr. Bourgeois served as a Managing Director and Co-Head of Global Institutional Distribution at Lehman Brothers Holdings, where he was also on the private markets global investment committee. Mr. Bourgeois joined Lehman Brothers after nearly a 10 year career helping create and lead the UBS Private Funds Group. Mr. Bourgeois has spent 21 years in the alternative investments space. He has led the raising of over $250 billion of new assets for private equity, hedge funds, infrastructure/real assets and non-investment grade credit funds across 150+ individual funds. Mr. Bourgeois holds an M.B.A. from the University of Phoenix and a B.A. from Tennessee Temple University.
Richard Horton became the Chief Financial Officer for Courage Capital in December 2004 and the Chief Compliance Officer in June 2010. Prior to joining Courage, Mr. Horton was the Home Office Controller for Ingram Industries Inc. Mr. Horton’s previous career experience began with an international accounting firm and he subsequently has served as the chief financial officer for a variety of organizations including companies in manufacturing, construction, and private investing. Mr. Horton has over twenty years of financial management and reporting experience. Mr. Horton is a Certified Public Accountant and holds an M.B.A. (1978) and a B.B.A. (1977) from Middle Tennessee State University.
Credit and Special Situations Team
John H. Wengraf
Senior Managing Director
Mayur Tipnis, CFA
Senior Managing Director
John E. Klinge
Senior Managing Director
John Wengraf, is a Senior Managing Director and a member of the Investment Committee for Courage Credit Opportunities Fund III. Mr. Wengraf joined Courage Capital in August 2004. Mr. Wengraf participates in the sourcing, due diligence, research, and trading of investment opportunities. Prior to joining Courage, Mr. Wengraf spent six years as an energy trader with Mirant. Prior to that, from September of 1991 through August 1995, Mr. Wengraf’s 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 is a graduate of Rensselaer Polytechnic Institute, has a Masters in Science and Aerospace Engineering degree from Georgia Institute of Technology, and an M.B.A. from Carnegie Mellon University.
Mayur Tipnis, is a Senior Managing Director and a member of the Investment Committee for the Courage Credit Opportunities Funds. Mr. Tipnis joined Courage Capital in January 2006. Mr. Tipnis participates in the sourcing, due diligence, research, and trading 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 an equity research analyst at Goldman Sachs & Company. Previously, he worked with Arthur Andersen in Mumbai, India. Mr. Tipnis is a CFA charter holder and member of the Chartered Financial Analyst Institute, U.S.A., and Chartered accountant and Member of Institute of Chartered Accountants of India. Mr. Tipnis earned a B.Com. from Mumbai University. Mr. Tipnis' primary areas of coverage are Healthcare, Gaming, Technology, Financials and Real Estate.
John Klinge is a Senior Senior Senior Managing Director and a member of the Investment Committee for Courage Credit Opportunities Fund III. Prior to joining Courage Capital, Mr. Klinge from 2005 was a Senior Managing Director and Chief Credit Officer at Levine Leichtman Capital Partners and the Senior Portfolio Manager for the Deep Value Fund, a $508 million 10-year fund focused on control and influence investments in stressed and distressed U.S. middle-market companies. Prior to Levine Leichtman, Mr. Klinge was a Principal and Founding Co-Partner of the Special Situations Group at William E. Simon & Sons from 1999-2004. At Simon & Sons, Mr. Klinge structured and managed three funds that invested opportunistically across the capital structure with particular emphasis on undervalued bank debt and high yield notes. Prior to Simon & Sons, he spent ten years at Bank of America as a Vice President and Portfolio Manager for the Proprietary Distressed Investment Fund. Mr. Klinge was an original member of the team which managed the Bank’s $600 million distressed debt fund and was responsible for all origination, trading, and portfolio management functions. Mr. Klinge holds an M.B.A. from UCLA and a B.S. degree in Accounting from Golden Gate University.
Prior to joining Courage, Mr. Farrar co-Founded and was Chief Investment Officer of Spring Tide Management, an alternative asset manager from September 2016 until December 2017. Prior to Spring Tide, he was a Senior Investment Analyst with the event driven and distressed debt fund managed by Litespeed Management LLC. Mr. Farrar has prior experience with MFS Investment Management in Boston from 1997 to 2002 and in Singapore from 2002 to 2003. Mr. Farrar received a B.A. from Davidson College in 1997 and an M.B.A. from the Columbia Business School at Columbia University in the City of New York in 2006.
Mr. Wilson joined Courage in July 2018 and participates in the sourcing, due diligence, research, and trading of investment opportunities. Prior to joining Courage, Mr. Wilson spent two years at Varde Partners where he focused on equity and debt investments across a variety of industries. Previously, he was an Associate in the Leveraged Finance Group at J.P. Morgan where he originated and structured debt financing transactions for the bank’s corporate clients. Mr. Wilson received a B.S.C. degree in Financing and Accounting, summa cum laude, from DePaul University and an M.B.A. from the Wharton School of Business at the University of Pennsylvania.
Music Royalties Team
Portfolio Manager and Senior Managing Director
Jason Somerville is a Senior Managing Director of Courage and the Portfolio Manager of the Courage Music Royalty Fund, L.P. Mr. Somerville is an investment banker and portfolio manager with 20 years of experience and is considered one of the leading investment bankers to companies, institutions, and individuals investing 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, including the majority of acquisitions of streaming royalties. Prior to forming EIG, Mr. Somerville was a Team Leader in JPMorgan’s Entertainment Industries Group where he reported to JPMorgan Vice Chairman, John Miller. At JPMorgan, Mr. Somerville managed a portfolio of nearly $2 billion of investments in entertainment companies. Most notably, he founded the firm’s music practice and built from scratch a multi-billion-dollar capital market in music rights. He 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 raised capital and/or advised on over 50 music rights transactions totaling over $1 billion in value, including numerous Christian music transactions. Mr. Somerville earned a B.A. in Arts from The Johns Hopkins University and a Bologna Center Certificate from The Johns Hopkins School of Advanced International Studies (SAIS).
Rick Myers is a Managing Director of the Courage Music Royalty Fund, joining the firm in February 2018. Myers participates in the sourcing and due diligence of acquisition targets. Previously Mr. Myers was President of Alister Group, LLC, a corporate advisory firm specializing in media and entertainment. From 2011 to 2016 Mr. Myers was CEO of 12South Financial, a business management company focused on Christian music artists. Before founding 12South, Mr. Myers served as VP, Corporate Controller/Program Management Officer for Integrity Music. He also owned and operated Solomon Financial, Inc., a Nashville based accounting firm focused on media and entertainment clients. Mr. Myers helped form Pioneer Music Group, a record label owned by Pioneer Electronics. Mr. Myers is a certified public account and a veteran of the U.S. Army, where he served for five years. Mr. Myers earned a BBA in accounting from Belmont University.
Director of Accounting & Operations
Director of Client & Investor Services
Michael Hamilton, Director of Accounting & Operations, joined Courage Capital Management 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. Mr. Hamilton is a Certified Public Accountant and holds a B.A. from Lipscomb University in Accounting and Finance / Economics.
Jade Beazley, Director of Client & Investor Services, joined Courage Capital Management in January 2018. Prior to joining Courage, Ms. Beazley spent seven years as Director of Marketing & Investor Relations for FCA Venture Capital, the venture arm of Clayton Associates, LLC. Ms. Beazley holds a B.S. in Accounting from Belmont University.