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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Founded in 1998, Courage Capital Management is a leading alternative asset management firm managing private funds on behalf of institutional investors and family offices.
Courage remains committed to its founding principle of aligning our interests with and maximizing returns to our partners. We support a culture of thinking independently and uncovering unique opportunities.
Founder & CIO
Mayur Tipnis, CFA
Senior Managing Director
Senior Managing Director
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.
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 Wengraf is a Senior Managing Director and a member of the Investment Committee for the Courage Credit Opportunities Funds. 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.
Mr. Wilson joined Courage Capital 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.
Portfolio Manager and Senior Managing Director
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 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.
Dave Bakula joined Courage Music as a Managing Director in 2021. He is a music industry business analyst with over 25 years of experience. Prior to Courage Music, Mr. Bakula was a Senior Vice President at Nielsen Music, the world’s largest provider of music sales data. During his 12 years at Nielsen, he founded and managed the company’s analytical consulting practice, whose clients include music labels, distributors, publishers and industry consortiums. He also managed the development of the company’s award-winning Music Connect platform, which is the primary resource used by the music industry for performance analysis. Previously, Mr. Bakula served as Vice President of Business Analysis at Universal Music Group (“UMG”), the world’s largest music company. At UMG, he developed the company’s industry-leading digital research practice in the nascent years of the digital music revolution. At Courage Music, Mr. Bakula manages investment monitoring and its proprietary business analytics platform. Mr. Bakula has a B.A in Sociology and Political Science from the University of Minnesota and an MBA in Predictive Analytics from Ohio University.
Assistant Managing Director
Data Analytics Consultant
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 assists with all aspects of the Team’s activities. Mr. Rowlinson earned a B.A. in Economics from Yale University.
Erin Anderson joined Courage Music as a Data Analytics Consultant in 2020. Prior to working with Courage Music, Ms. Anderson practiced law 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. As a consultant to Courage Music, Ms. Anderson assists with data analytics and the operation of its proprietary business analytics platform. Ms. Anderson has a B.A. from Dartmouth College and a J.D. from Boston College Law School.
Tom Milne, CFA, CAIA
Vice-Chairman and Senior Managing Director
Chief Financial Officer & Chief Compliance Officer
Mr. Milne is President of Courage Capital Management. Mr. Milne 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. 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.
Mr. Bourgeois is Vice-Chairman and Senior Managing Director of Courage Capital. Mr. Bourgeois joined Courage 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 investment 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.
Director, Investor Relations and Reporting
Director of Accounting & Operations
Martha Girton, Director, Investor Relations and Reporting, joined Courage Capital Management 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 holds a BBA in Accounting from Belmont 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. Mr. Hamilton is a Certified Public Accountant and holds a B.A. from Lipscomb University in Accounting and Finance / Economics.