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.

Healthcare / Credit 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:

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:

Rhett Hogan is a Managing Director. Mr. Hogan joined Courage in 2021 and participates in the sourcing, due diligence, research, and structuring of investment opportunities. From  2019 to 2021,  Mr. Hogan was an Investment Banking Associate at Houlihan Lokey where he focused on healthcare and advised on numerous strategic acquisitions and financings. Previously, Mr. Hogan was a Cardiology and Critical Care Clinical Pharmacist and Pharmacy Operations Coordinator for HCA Healthcare in Nashville from 2013 to 2017.

Education:

Mr. Hogan earned a Doctor of Pharmacy degree from Lipscomb University’s College of Pharmacy & Health Sciences in 2013 and an M.B.A. from Vanderbilt University with concentrations in Finance and Accounting in 2019.

Professional Experience:

Brian Shea joined Courage Capital as Head of Structuring and Restructuring in 2021. Mr. Shea participates in the sourcing, due diligence, research, and structuring of healthcare investment opportunities. Prior to joining Courage, Mr. Shea spent seven years focused on healthcare credit investing and principal restructurings at LMR Partners, and Par-Four Investment Management. Previously, he was an Associate in the Financial Restructuring Group of Houlihan Lokey where he advised debtors and creditors in out-of-court and in-court restructurings in the healthcare space and other sectors.

Education:

Mr. Shea earned a B.S in Commerce with concentrations in Finance and Accounting from the McIntire School of Commerce at the University of Virginia and an M.B.A. from Columbia Business School.

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:

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:

Rhett Hogan is a Managing Director. Mr. Hogan joined Courage in 2021 and participates in the sourcing, due diligence, research, and structuring of investment opportunities. From  2019 to 2021,  Mr. Hogan was an Investment Banking Associate at Houlihan Lokey where he focused on healthcare and advised on numerous strategic acquisitions and financings. Previously, Mr. Hogan was a Cardiology and Critical Care Clinical Pharmacist and Pharmacy Operations Coordinator for HCA Healthcare in Nashville from 2013 to 2017.

Education:

Mr. Hogan earned a Doctor of Pharmacy degree from Lipscomb University’s College of Pharmacy & Health Sciences in 2013 and an M.B.A. from Vanderbilt University with concentrations in Finance and Accounting in 2019.

Professional Experience:

Brian Shea joined Courage Capital as Head of Structuring and Restructuring in 2021. Mr. Shea participates in the sourcing, due diligence, research, and structuring of healthcare investment opportunities. Prior to joining Courage, Mr. Shea spent seven years focused on healthcare credit investing and principal restructurings at LMR Partners, and Par-Four Investment Management. Previously, he was an Associate in the Financial Restructuring Group of Houlihan Lokey where he advised debtors and creditors in out-of-court and in-court restructurings in the healthcare space and other sectors.

Education:

Mr. Shea earned a B.S in Commerce with concentrations in Finance and Accounting from the McIntire School of Commerce at the University of Virginia and an M.B.A. from Columbia Business School.

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:

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:

Rhett Hogan is a Managing Director. Mr. Hogan joined Courage in 2021 and participates in the sourcing, due diligence, research, and structuring of investment opportunities. From  2019 to 2021,  Mr. Hogan was an Investment Banking Associate at Houlihan Lokey where he focused on healthcare and advised on numerous strategic acquisitions and financings. Previously, Mr. Hogan was a Cardiology and Critical Care Clinical Pharmacist and Pharmacy Operations Coordinator for HCA Healthcare in Nashville from 2013 to 2017.

Education:

Mr. Hogan earned a Doctor of Pharmacy degree from Lipscomb University’s College of Pharmacy & Health Sciences in 2013 and an M.B.A. from Vanderbilt University with concentrations in Finance and Accounting in 2019.

Professional Experience:

Brian Shea joined Courage Capital as Head of Structuring and Restructuring in 2021. Mr. Shea participates in the sourcing, due diligence, research, and structuring of healthcare investment opportunities. Prior to joining Courage, Mr. Shea spent seven years focused on healthcare credit investing and principal restructurings at LMR Partners, and Par-Four Investment Management. Previously, he was an Associate in the Financial Restructuring Group of Houlihan Lokey where he advised debtors and creditors in out-of-court and in-court restructurings in the healthcare space and other sectors.

Education:

Mr. Shea earned a B.S in Commerce with concentrations in Finance and Accounting from the McIntire School of Commerce at the University of Virginia and an M.B.A. from Columbia Business School.

Music Rights 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 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:

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.

Education:

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.

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 assists with all aspects of the Team’s activities.

Education:

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

Professional Experience:

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.

Education:

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

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 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:

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.

Education:

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.

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 assists with all aspects of the Team’s activities.

Education:

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

Professional Experience:

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.

Education:

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

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 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:

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.

Education:

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.

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 assists with all aspects of the Team’s activities.

Education:

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

Professional Experience:

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.

Education:

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

Executive Team

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:

Mark Bourgeois, Vice-Chairman and Senior Managing Director, joined Courage Capital in 2018.  Prior to joining Courage, Mr. Bourgeois was a Partner, Global Head of Investor Engagement, and Chief Executive Officer of Abraaj North America at The Abraaj Group, from November 2016 to May 2018. Previously, Mr. Bourgeois served as the Chief Executive Officer and President at Atlantic-Pacific Capital, from July 2012 to October 2016.  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.

Education:

Mr. Bourgeois earned an M.B.A. from the University of Phoenix and a B.A. from Tennessee Temple University.

Professional Experience:

Richard Horton, Chief Financial Officer, joined Courage Capital in December 2004 and became 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.

Education:

Mr. Horton is a Certified Public Accountant and earned an M.B.A. (1978) and a B.B.A. (1977) from Middle Tennessee State University.

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:

Mark Bourgeois, Vice-Chairman and Senior Managing Director, joined Courage Capital in 2018.  Prior to joining Courage, Mr. Bourgeois was a Partner, Global Head of Investor Engagement, and Chief Executive Officer of Abraaj North America at The Abraaj Group, from November 2016 to May 2018. Previously, Mr. Bourgeois served as the Chief Executive Officer and President at Atlantic-Pacific Capital, from July 2012 to October 2016.  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.

Education:

Mr. Bourgeois earned an M.B.A. from the University of Phoenix and a B.A. from Tennessee Temple University.

Professional Experience:

Richard Horton, Chief Financial Officer, joined Courage Capital in December 2004 and became 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.

Education:

Mr. Horton is a Certified Public Accountant and earned an M.B.A. (1978) and a B.B.A. (1977) from Middle Tennessee State University.

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:

Mark Bourgeois, Vice-Chairman and Senior Managing Director, joined Courage Capital in 2018.  Prior to joining Courage, Mr. Bourgeois was a Partner, Global Head of Investor Engagement, and Chief Executive Officer of Abraaj North America at The Abraaj Group, from November 2016 to May 2018. Previously, Mr. Bourgeois served as the Chief Executive Officer and President at Atlantic-Pacific Capital, from July 2012 to October 2016.  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.

Education:

Mr. Bourgeois earned an M.B.A. from the University of Phoenix and a B.A. from Tennessee Temple University.

Professional Experience:

Richard Horton, Chief Financial Officer, joined Courage Capital in December 2004 and became 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.

Education:

Mr. Horton is a Certified Public Accountant and earned an M.B.A. (1978) and a B.B.A. (1977) from Middle Tennessee State University.

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:

Jessica Howes joined Courage Capital in January 2021. Ms. Howes previously worked as an Associate with the Blankenship CPA Group. Prior to that, she provided accounting services to a variety of companies while working for GreerWalker CPAs and Advisors.

Education:

Ms. Howes earned a Bachelor of Science in Accounting from the University of North Carolina at Charlotte.

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:

Jessica Howes joined Courage Capital in January 2021. Ms. Howes previously worked as an Associate with the Blankenship CPA Group. Prior to that, she provided accounting services to a variety of companies while working for GreerWalker CPAs and Advisors.

Education:

Ms. Howes earned a Bachelor of Science in Accounting from the University of North Carolina at Charlotte.

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:

Jessica Howes joined Courage Capital in January 2021. Ms. Howes previously worked as an Associate with the Blankenship CPA Group. Prior to that, she provided accounting services to a variety of companies while working for GreerWalker CPAs and Advisors.

Education:

Ms. Howes earned a Bachelor of Science in Accounting from the University of North Carolina at Charlotte.

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