Courage
Music

We partner with owners of music rights to provide highly innovative monetization solutions that promote long-term alignment, preserve confidentiality, and seek to maximize value.

Our Approach

We seek to generate high current returns and deliver capital appreciation by focusing on the acquisition and aggregation of selected music rights. The team utilizes its industry and investment expertise to identify and secure attractive investments within carefully selected target markets.

Our team of senior music executives brings 300+ years combined industry experience to employ highly innovative transaction structures and a long-term partnership approach. We were investing in music long before it was mainstream and have a track record of innovation and value creation.

Our approach provides our seller-partners with attractive benefits as compared to other market alternatives.

We are collaborative partners with an extensive network of relationships in each of our target markets.

Courage Music 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 Consultant in 2018 and a Managing Director in 2019. He is a statistician with 26 years of music industry experience. Prior to Courage, Mr. Kleve provided research and business analytics services to other leading music companies. Previously, he was Vice President of Universal Music Group (“UMG”), the world’s largest music company. At UMG, he founded the Business Analysis department in 2002 and managed a team of 14 business analysts. During his 21 years at UMG, Mr. Kleve was responsible for preparing the company’s forecasts and developing proprietary models for the overall music industry. He also implemented and actively managed performance optimization efforts leading to $300 million in incremental EBITDA for the company. At Courage Music, Mr. Kleve manages investment qualification and underwriting.

Education:

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

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 due diligence and assists with all aspects of the Team’s activities.

Education:

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

Professional Experience:

Tyler Cox joined Courage Music as an Associate in 2022. Previously, he was an Investment Banking Analyst at Houlihan Lokey where he conducted financial analysis for restructuring, capital markets, and M&A transactions. Prior to Houlihan Lokey, he was an Investment Analyst at Legacy Trust Company where he supported the management of over $3 billion in client accounts. At Courage Music, Mr. Cox is responsible for financial analysis and due diligence and assists with all aspects of the Team’s activities.

Education:

Mr. Cox earned a B.A. in Mathematical Economic Analysis with a minor in Business from Rice University.

Professional Experience:

Erin Anderson joined Courage Music as a Consultant in 2020 and as a Director of Data Analytics in 2022. Prior to working with Courage Music, Ms. Anderson practiced law for six years at Day Pitney, Sheehan Phinney Bass + Green, and McKool Smith. During her tenure at these firms, she represented clients in complex civil litigation, with a specific focus on the state and federal False Claims Acts. Over the course of her legal career, she developed a strong interest in the role of data, data analytics, and business intelligence, and ultimately changed careers to focus on these fields. At Courage Music, Ms. Anderson manages data analytics as well as the team’s proprietary business analytics platform.

Education:

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

Professional Experience:

Tyler Perrillo joined Courage Music as a Director of Music Royalty Analytics in 2022. Previously, Mr. Perrillo was Manager of Global Copyright at Universal Music Publishing Group from 2017 to 2022 where he liaised with PROs, DSPs, and third-party collection societies on work registration-related projects. He also provided training and support to UMPG’s 51 offices located across 41 countries. Prior to UMPG, Tyler worked in copyright for BMG and Bluewater Music Services Corp. and spent five years working in performance rights distribution at ASCAP. At Courage Music, Mr. Perrillo is responsible for investment monitoring.

Education:

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

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 Consultant in 2018 and a Managing Director in 2019. He is a statistician with 26 years of music industry experience. Prior to Courage, Mr. Kleve provided research and business analytics services to other leading music companies. Previously, he was Vice President of Universal Music Group (“UMG”), the world’s largest music company. At UMG, he founded the Business Analysis department in 2002 and managed a team of 14 business analysts. During his 21 years at UMG, Mr. Kleve was responsible for preparing the company’s forecasts and developing proprietary models for the overall music industry. He also implemented and actively managed performance optimization efforts leading to $300 million in incremental EBITDA for the company. At Courage Music, Mr. Kleve manages investment qualification and underwriting.

Education:

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

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 due diligence and assists with all aspects of the Team’s activities.

Education:

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

Professional Experience:

Tyler Cox joined Courage Music as an Associate in 2022. Previously, he was an Investment Banking Analyst at Houlihan Lokey where he conducted financial analysis for restructuring, capital markets, and M&A transactions. Prior to Houlihan Lokey, he was an Investment Analyst at Legacy Trust Company where he supported the management of over $3 billion in client accounts. At Courage Music, Mr. Cox is responsible for financial analysis and due diligence and assists with all aspects of the Team’s activities.

Education:

Mr. Cox earned a B.A. in Mathematical Economic Analysis with a minor in Business from Rice University.

Professional Experience:

Erin Anderson joined Courage Music as a Consultant in 2020 and as a Director of Data Analytics in 2022. Prior to working with Courage Music, Ms. Anderson practiced law for six years at Day Pitney, Sheehan Phinney Bass + Green, and McKool Smith. During her tenure at these firms, she represented clients in complex civil litigation, with a specific focus on the state and federal False Claims Acts. Over the course of her legal career, she developed a strong interest in the role of data, data analytics, and business intelligence, and ultimately changed careers to focus on these fields. At Courage Music, Ms. Anderson manages data analytics as well as the team’s proprietary business analytics platform.

Education:

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

Professional Experience:

Tyler Perrillo joined Courage Music as a Director of Music Royalty Analytics in 2022. Previously, Mr. Perrillo was Manager of Global Copyright at Universal Music Publishing Group from 2017 to 2022 where he liaised with PROs, DSPs, and third-party collection societies on work registration-related projects. He also provided training and support to UMPG’s 51 offices located across 41 countries. Prior to UMPG, Tyler worked in copyright for BMG and Bluewater Music Services Corp. and spent five years working in performance rights distribution at ASCAP. At Courage Music, Mr. Perrillo is responsible for investment monitoring.

Education:

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

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 Consultant in 2018 and a Managing Director in 2019. He is a statistician with 26 years of music industry experience. Prior to Courage, Mr. Kleve provided research and business analytics services to other leading music companies. Previously, he was Vice President of Universal Music Group (“UMG”), the world’s largest music company. At UMG, he founded the Business Analysis department in 2002 and managed a team of 14 business analysts. During his 21 years at UMG, Mr. Kleve was responsible for preparing the company’s forecasts and developing proprietary models for the overall music industry. He also implemented and actively managed performance optimization efforts leading to $300 million in incremental EBITDA for the company. At Courage Music, Mr. Kleve manages investment qualification and underwriting.

Education:

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

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 due diligence and assists with all aspects of the Team’s activities.

Education:

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

Professional Experience:

Tyler Cox joined Courage Music as an Associate in 2022. Previously, he was an Investment Banking Analyst at Houlihan Lokey where he conducted financial analysis for restructuring, capital markets, and M&A transactions. Prior to Houlihan Lokey, he was an Investment Analyst at Legacy Trust Company where he supported the management of over $3 billion in client accounts. At Courage Music, Mr. Cox is responsible for financial analysis and due diligence and assists with all aspects of the Team’s activities.

Education:

Mr. Cox earned a B.A. in Mathematical Economic Analysis with a minor in Business from Rice University.

Professional Experience:

Erin Anderson joined Courage Music as a Consultant in 2020 and as a Director of Data Analytics in 2022. Prior to working with Courage Music, Ms. Anderson practiced law for six years at Day Pitney, Sheehan Phinney Bass + Green, and McKool Smith. During her tenure at these firms, she represented clients in complex civil litigation, with a specific focus on the state and federal False Claims Acts. Over the course of her legal career, she developed a strong interest in the role of data, data analytics, and business intelligence, and ultimately changed careers to focus on these fields. At Courage Music, Ms. Anderson manages data analytics as well as the team’s proprietary business analytics platform.

Education:

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

Professional Experience:

Tyler Perrillo joined Courage Music as a Director of Music Royalty Analytics in 2022. Previously, Mr. Perrillo was Manager of Global Copyright at Universal Music Publishing Group from 2017 to 2022 where he liaised with PROs, DSPs, and third-party collection societies on work registration-related projects. He also provided training and support to UMPG’s 51 offices located across 41 countries. Prior to UMPG, Tyler worked in copyright for BMG and Bluewater Music Services Corp. and spent five years working in performance rights distribution at ASCAP. At Courage Music, Mr. Perrillo is responsible for investment monitoring.

Education:

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

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