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 in the credit, distressed debt, and equity markets, Courage’s highly experienced investment team has an extensive track record in the firm’s investment strategies: Credit Opportunities and Special Situations.
Richard C. Patton
Founder & CIO
John. E. Klinge
Senior Managing Director
John H. Wengraf
Mayur Tipnis, CFA
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.
John Klinge is a 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.
John Wengraf, is a 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 Managing Director and a member of the Investment Committee for Courage Credit Opportunities Fund III. 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.
Tom Milne, CFA, CAIA
Chief Financial Officer & Chief Compliance Officer
Director of Accounting & Operations
Director of Client & Investor Services
Thomas Milne, President and Chief Risk 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.
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.
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. He received a B.A. from Lipscomb University in Accounting and Finance / Economics.
Thomas Schlueter-White, Director of Client & Investor Services, joined Courage Capital Management in 2006. Prior to 2006, Tom served as Contracts & Compliance Administrator for Ardent Health Services, LLC and served as Vice President of Options Trading and Correspondent Research at J.C. Bradford & Co. Mr. Schlueter-White holds a Bachelors Degree from Augustana College.