Music Rights

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.

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 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.

Senior Advisors

Professional Experience:

Sam Chappell is a Christian music executive with over 30 years of experience. He owns and operates Chappell Entertainment, which he founded in 2011. From 2014 to 2016 he served as President of 40 Deep Management, which managed numerous Christian recording artists including Lecrae, Andy Mineo, and Trip Lee. Previously, he served as President of Integrity Music, then the largest independent Christian music company. Mr. Chappell started his career in business affairs for Gaither Music, and also later served as President of 40 Records, a division of Gotee Records. Mr. Chappell is a Senior Advisor to the Fund and exclusively assists it with business development and community outreach in Christian music.

Education:

Contact:

Professional Experience:

David Fisher is a music executive with 25 years of experience. He is the co-founder and CEO of Songs for Film & TV, a music services agency specializing in music supervision, production and curation that has secured thousands of placements in advertising, film, television and video games for clients such as Audi, Comcast, Disney, Google, and Pepsi. As an artist, Mr. Fisher had record deals with Interscope, Geffen Records and Big Machine Records. He released three major label records under the artist names Big Blue Hearts and Fisher Stevenson and was a songwriter for Bluewater Music in Nashville. Represented by CAA and William Morris, Mr. Fisher toured supporting artists such as Taylor Swift, Carrie Underwood, Lady Antebellum, Chris Isaak and Lyle Lovett. Mr. Fisher is a Senior Advisor to the Fund and exclusively assists it with the development of opportunistic investment opportunities.

Education:

Contact:

Professional Experience:

Manu Kaushish is an Indian entertainment and technology executive with over 20 years of experience. He serves as CEO of Nirvana Digital, a digital distribution platform focused on Indian film and music content he founded in 2015. Previously, he served as Senior Vice President of New Media for Eros Entertainment, one of the largest Indian “Bollywood” companies. Prior to Eros, he founded Divine Arts, which he built into one of the largest aggregators and distributors of Indian film and music content. Mr. Kaushish is a Senior Advisor to the Fund and exclusively assists it with business development and community outreach in India.

Education:

Contact:

Professional Experience:

Jaeson Ma is an Asian entertainment executive with over 10 years of experience. He is the co-founder and co-owner of Triller as well as numerous entertainment companies focused on the Asian entertainment market, including East West Artists, Stampede Ventures, and 88rising. He is a senior advisor to Tencent Music Entertainment and KKBox, two of the largest music streaming platforms in Asia. During his career, he has advised and/or raised capital for transactions worth over $1 billion. Mr. Ma is a Senior Advisor to the Fund and exclusively assists it with business development and community outreach in Asia.

Education:

Contact:

Professional Experience:

Robert Morelli is a music executive with over 30 years of experience. He owns and operates Cool Is Forever Consulting, a recording artist and record label advisory firm he founded in 2020 after his retirement from Sony Music Entertainment. At Sony, Mr. Morelli served as President of RED Distribution for 12 years, which he built into the leading distributor of independent record labels. He also served as President of RED Music Label Group for two years. Prior to Sony, Mr. Morelli served as Executive Vice President and General Manager of Sony BMG and Vice President Label Management at BMG, following roles at RCA Records and PolyGram Records. He started his music career in record stores, first as an employee and later as an owner and operator. Mr. Morelli is a Senior Advisor to Courage Music and exclusively assists it with the development of opportunistic investment opportunities.

Education:

Contact:

Professional Experience:

Daniel Oakley is a music executive with over 15 years of experience. Most recently, he oversaw Experience Marketing for industry and creator experiences at Spotify, where he served in that role since 2017 (pre-IPO). In 2012, Mr. Oakley was engaged by Jimmy Iovine and Trent Reznor to lead partnership efforts for what would become Beats Music. After the $3 billion Beats Music acquisition by Apple, he oversaw Global Lifestyle Marketing for the company and led content partnership strategy and the marketing rollout for the launch of Apple Music and Beats 1 Radio in 112 countries. Mr. Oakley previously worked at Sony Music, where he leveraged new technologies and social media to connect artists with fans. He has maintained various other marketing, management and production roles throughout his career. Mr. Oakley is a Senior Advisor to Courage Music and exclusively assists it with the development of opportunistic investment opportunities.

Education:

Contact:

Professional Experience:

David Zierler is a music executive with over 20 years of experience. He owns and operates Handwritten Records, an independent label and distribution services company he founded in 2017. The company’s artist roster includes The Velveteins, Magic Bronson, tiny deaths, Jean Dawson, Nightshifts and KiNG MALA. Previously, Mr. Zierler served as the President of Ingrooves Music Group where he worked with notable independent labels such as Fat Possum Records, Dualtone, Rostrum Records, Hopeless Records and was instrumental in launching Grand Jury Music, a label partnership between Fat Possum and Ingrooves. Mr. Zierler is a Senior Advisor to Courage Music and exclusively assists it with the development of opportunistic investment opportunities.

Education:

Contact:

Professional Experience:

Sam Chappell is a Christian music executive with over 30 years of experience. He owns and operates Chappell Entertainment, which he founded in 2011. From 2014 to 2016 he served as President of 40 Deep Management, which managed numerous Christian recording artists including Lecrae, Andy Mineo, and Trip Lee. Previously, he served as President of Integrity Music, then the largest independent Christian music company. Mr. Chappell started his career in business affairs for Gaither Music, and also later served as President of 40 Records, a division of Gotee Records. Mr. Chappell is a Senior Advisor to the Fund and exclusively assists it with business development and community outreach in Christian music.

Education:

Contact:

Professional Experience:

David Fisher is a music executive with 25 years of experience. He is the co-founder and CEO of Songs for Film & TV, a music services agency specializing in music supervision, production and curation that has secured thousands of placements in advertising, film, television and video games for clients such as Audi, Comcast, Disney, Google, and Pepsi. As an artist, Mr. Fisher had record deals with Interscope, Geffen Records and Big Machine Records. He released three major label records under the artist names Big Blue Hearts and Fisher Stevenson and was a songwriter for Bluewater Music in Nashville. Represented by CAA and William Morris, Mr. Fisher toured supporting artists such as Taylor Swift, Carrie Underwood, Lady Antebellum, Chris Isaak and Lyle Lovett. Mr. Fisher is a Senior Advisor to the Fund and exclusively assists it with the development of opportunistic investment opportunities.

Education:

Contact:

Professional Experience:

Manu Kaushish is an Indian entertainment and technology executive with over 20 years of experience. He serves as CEO of Nirvana Digital, a digital distribution platform focused on Indian film and music content he founded in 2015. Previously, he served as Senior Vice President of New Media for Eros Entertainment, one of the largest Indian “Bollywood” companies. Prior to Eros, he founded Divine Arts, which he built into one of the largest aggregators and distributors of Indian film and music content. Mr. Kaushish is a Senior Advisor to the Fund and exclusively assists it with business development and community outreach in India.

Education:

Contact:

Professional Experience:

Jaeson Ma is an Asian entertainment executive with over 10 years of experience. He is the co-founder and co-owner of Triller as well as numerous entertainment companies focused on the Asian entertainment market, including East West Artists, Stampede Ventures, and 88rising. He is a senior advisor to Tencent Music Entertainment and KKBox, two of the largest music streaming platforms in Asia. During his career, he has advised and/or raised capital for transactions worth over $1 billion. Mr. Ma is a Senior Advisor to the Fund and exclusively assists it with business development and community outreach in Asia.

Education:

Contact:

Professional Experience:

Robert Morelli is a music executive with over 30 years of experience. He owns and operates Cool Is Forever Consulting, a recording artist and record label advisory firm he founded in 2020 after his retirement from Sony Music Entertainment. At Sony, Mr. Morelli served as President of RED Distribution for 12 years, which he built into the leading distributor of independent record labels. He also served as President of RED Music Label Group for two years. Prior to Sony, Mr. Morelli served as Executive Vice President and General Manager of Sony BMG and Vice President Label Management at BMG, following roles at RCA Records and PolyGram Records. He started his music career in record stores, first as an employee and later as an owner and operator. Mr. Morelli is a Senior Advisor to Courage Music and exclusively assists it with the development of opportunistic investment opportunities.

Education:

Contact:

Professional Experience:

Daniel Oakley is a music executive with over 15 years of experience. Most recently, he oversaw Experience Marketing for industry and creator experiences at Spotify, where he served in that role since 2017 (pre-IPO). In 2012, Mr. Oakley was engaged by Jimmy Iovine and Trent Reznor to lead partnership efforts for what would become Beats Music. After the $3 billion Beats Music acquisition by Apple, he oversaw Global Lifestyle Marketing for the company and led content partnership strategy and the marketing rollout for the launch of Apple Music and Beats 1 Radio in 112 countries. Mr. Oakley previously worked at Sony Music, where he leveraged new technologies and social media to connect artists with fans. He has maintained various other marketing, management and production roles throughout his career. Mr. Oakley is a Senior Advisor to Courage Music and exclusively assists it with the development of opportunistic investment opportunities.

Education:

Contact:

Professional Experience:

David Zierler is a music executive with over 20 years of experience. He owns and operates Handwritten Records, an independent label and distribution services company he founded in 2017. The company’s artist roster includes The Velveteins, Magic Bronson, tiny deaths, Jean Dawson, Nightshifts and KiNG MALA. Previously, Mr. Zierler served as the President of Ingrooves Music Group where he worked with notable independent labels such as Fat Possum Records, Dualtone, Rostrum Records, Hopeless Records and was instrumental in launching Grand Jury Music, a label partnership between Fat Possum and Ingrooves. Mr. Zierler is a Senior Advisor to Courage Music and exclusively assists it with the development of opportunistic investment opportunities.

Education:

Contact:

Professional Experience:

Sam Chappell is a Christian music executive with over 30 years of experience. He owns and operates Chappell Entertainment, which he founded in 2011. From 2014 to 2016 he served as President of 40 Deep Management, which managed numerous Christian recording artists including Lecrae, Andy Mineo, and Trip Lee. Previously, he served as President of Integrity Music, then the largest independent Christian music company. Mr. Chappell started his career in business affairs for Gaither Music, and also later served as President of 40 Records, a division of Gotee Records. Mr. Chappell is a Senior Advisor to the Fund and exclusively assists it with business development and community outreach in Christian music.

Education:

Contact:

Professional Experience:

David Fisher is a music executive with 25 years of experience. He is the co-founder and CEO of Songs for Film & TV, a music services agency specializing in music supervision, production and curation that has secured thousands of placements in advertising, film, television and video games for clients such as Audi, Comcast, Disney, Google, and Pepsi. As an artist, Mr. Fisher had record deals with Interscope, Geffen Records and Big Machine Records. He released three major label records under the artist names Big Blue Hearts and Fisher Stevenson and was a songwriter for Bluewater Music in Nashville. Represented by CAA and William Morris, Mr. Fisher toured supporting artists such as Taylor Swift, Carrie Underwood, Lady Antebellum, Chris Isaak and Lyle Lovett. Mr. Fisher is a Senior Advisor to the Fund and exclusively assists it with the development of opportunistic investment opportunities.

Education:

Contact:

Professional Experience:

Manu Kaushish is an Indian entertainment and technology executive with over 20 years of experience. He serves as CEO of Nirvana Digital, a digital distribution platform focused on Indian film and music content he founded in 2015. Previously, he served as Senior Vice President of New Media for Eros Entertainment, one of the largest Indian “Bollywood” companies. Prior to Eros, he founded Divine Arts, which he built into one of the largest aggregators and distributors of Indian film and music content. Mr. Kaushish is a Senior Advisor to the Fund and exclusively assists it with business development and community outreach in India.

Education:

Contact:

Professional Experience:

Jaeson Ma is an Asian entertainment executive with over 10 years of experience. He is the co-founder and co-owner of Triller as well as numerous entertainment companies focused on the Asian entertainment market, including East West Artists, Stampede Ventures, and 88rising. He is a senior advisor to Tencent Music Entertainment and KKBox, two of the largest music streaming platforms in Asia. During his career, he has advised and/or raised capital for transactions worth over $1 billion. Mr. Ma is a Senior Advisor to the Fund and exclusively assists it with business development and community outreach in Asia.

Education:

Contact:

Professional Experience:

Robert Morelli is a music executive with over 30 years of experience. He owns and operates Cool Is Forever Consulting, a recording artist and record label advisory firm he founded in 2020 after his retirement from Sony Music Entertainment. At Sony, Mr. Morelli served as President of RED Distribution for 12 years, which he built into the leading distributor of independent record labels. He also served as President of RED Music Label Group for two years. Prior to Sony, Mr. Morelli served as Executive Vice President and General Manager of Sony BMG and Vice President Label Management at BMG, following roles at RCA Records and PolyGram Records. He started his music career in record stores, first as an employee and later as an owner and operator. Mr. Morelli is a Senior Advisor to Courage Music and exclusively assists it with the development of opportunistic investment opportunities.

Education:

Contact:

Professional Experience:

Daniel Oakley is a music executive with over 15 years of experience. Most recently, he oversaw Experience Marketing for industry and creator experiences at Spotify, where he served in that role since 2017 (pre-IPO). In 2012, Mr. Oakley was engaged by Jimmy Iovine and Trent Reznor to lead partnership efforts for what would become Beats Music. After the $3 billion Beats Music acquisition by Apple, he oversaw Global Lifestyle Marketing for the company and led content partnership strategy and the marketing rollout for the launch of Apple Music and Beats 1 Radio in 112 countries. Mr. Oakley previously worked at Sony Music, where he leveraged new technologies and social media to connect artists with fans. He has maintained various other marketing, management and production roles throughout his career. Mr. Oakley is a Senior Advisor to Courage Music and exclusively assists it with the development of opportunistic investment opportunities.

Education:

Contact:

Professional Experience:

David Zierler is a music executive with over 20 years of experience. He owns and operates Handwritten Records, an independent label and distribution services company he founded in 2017. The company’s artist roster includes The Velveteins, Magic Bronson, tiny deaths, Jean Dawson, Nightshifts and KiNG MALA. Previously, Mr. Zierler served as the President of Ingrooves Music Group where he worked with notable independent labels such as Fat Possum Records, Dualtone, Rostrum Records, Hopeless Records and was instrumental in launching Grand Jury Music, a label partnership between Fat Possum and Ingrooves. Mr. Zierler is a Senior Advisor to Courage Music and exclusively assists it with the development of opportunistic investment opportunities.

Education:

Contact:

Client Login

To access investor reporting for:

By clicking the above, you will be leaving the Courage Capital website and accessing the Administrator’s secure website

Legal Disclaimer and Terms of Use

As used herein, the terms “you” and “user” shall mean any visitor to this site (this “Website”).

By accessing this Website, you signify your agreement with, and understanding of, the following terms of use and legal information (“Terms”) pertaining to both this Website and any material on it. This Website is offered to you conditioned on your acceptance without modification of the Terms contained herein. Your use of this Website constitutes your agreement to all such Terms.

Courage Capital Management LLC (“Courage”) reserves the right to change the opinions and any other content, including the Terms under which this Website is offered, without prior notice at any time. You should review the most current version of this document by visiting this Website and clicking on the Terms of Use hyperlink located at the bottom of the page. This Website and your access to it can be terinated at any time, with or without notice and for any reason.

Restrictions on Use and No Offer

The materials and information on this Website are for information purposes only and should not be used or considered as, and do not constitute, an offer to sell or the solicitation of any offer to buy any securities or financial instruments or to provide any investment service or investment advice in any jurisdiction. Any such offer or solicitation will be made only by means of delivery of a confidential private offering memorandum relating to a particular fund or investment management contract to qualified investors in those jurisdictions where permitted by law.

Courage provides no advice or recommendations with respect to the use of this Website, nor do the contents of this Website constitute investment, legal, tax or accounting advice or advice regarding the suitability or profitability of any transaction or investment.

Ownership of Site and Copyright

Courage owns and maintains this Website. This Website and any and all accompanying screens, information, materials, user documentation, user interfaces, images, arrangements of information, related software and other proprietary property of Courage or its licensors (“Materials”) accessible via this Website is and shall remain the exclusive property of Courage and its licensors, as the case may be. All rights to this Website remain with Courage or its licensors. This Website and its Materials may only be used for your personal education and non-commercial use. You may not modify, copy, distribute, transmit, display, perform, reproduce, publish, license, create derivative works from, transfer, sell or otherwise use by electronic or any other means any Materials obtained from this site without Courage’s prior written consent.

Trademarks

Courage and other marks and company names indicated on this Website are service marks of Courage. Nothing on this Website shall be construed as granting, by implication, estoppel or otherwise, any license or right to use any photograph, image, trademark, logo or service mark on this Website. As with the Materials (described above), such trademarks, logos and/or service marks and company names may not be modified, reproduced, distributed, published, displayed, licensed, transferred, sold or otherwise used by electronic or any other means without the prior written consent of Courage. All other trademarks, service marks and company names and logos appearing on this Website are the property of their respective owners.

Non-United States Visitors

Given the global nature of the internet, this Website may be accessed by visitors residing outside of the United States. Courage makes no representations or warranties that this Website is appropriate or available for use in countries outside of the United States, or that services discussed on this Website are available or appropriate for sale or use in all jurisdictions, or by all counterparties. Visitors who choose to access this Website from outside of the United States do so at their own initiative and are responsible for compliance with any and all local laws and regulations that may apply to such access. You may not use or export the information or materials in violation of U.S. export laws and regulations. The information provided in or accessible through this Website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject Courage and/or its affiliates to any registration or other requirement within such jurisdiction or country.

Links to Third-Party Sites

Courage has not reviewed unaffiliated sites to which this Website is linked, and is not responsible for the content of off-site pages or any other site linked or linking to the site. Your linking to any off-site pages or other sites is at your own risk. Courage makes no representations whatsoever about the opinions or accuracy of information expressed by any third party appearing on a linked site, neither regularly monitors nor has control over the contents of such sites, and does not endorse or validate, and disclaims all responsibility for, the content of such statements or websites.

Disclaimer of Warranties

This Website and all Materials are provided “as is,” “as available” without warranty of any kind, either express or implied, to the fullest extent permissible pursuant to applicable law. Without limitation, Courage does not warrant the accuracy, adequacy, completeness, reliability, timeliness or availability of this Website or any information on this Website, and expressly disclaims liability for errors or omissions on this Website. There is no warranty of merchantability, no warranty of fitness for a particular purpose, no warranty of non-infringement, no warranty of any kind, implied, express or statutory, in conjunction with this Website. Any contents on this Website are subject to change without notice. The Materials published on this Website may include inaccuracies or typographical errors. Courage does not undertake to update forward-looking statements. Courage further assumes no responsibility for, and makes no warranties that, functions contained at this Website will be uninterrupted or error-free, that defects will be corrected, or that the site or the server that makes it available will be free of viruses or other harmful components. In addition, Courage makes no representation about the suitability of the Materials for any purpose. You (and not Courage) assume the entire cost and risk of using this Website and the Materials. Please note that applicable law may not allow the exclusion of certain warranties, so some or all of the above exclusions may not apply to you.

Limitation of Liability

In no event will Courage be liable for any damages, or for repairs or corrections that must be performed, to or on your computer, person or other property, including, without limitation, direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with this Website or use thereof or the inability by any party to use such site, or in connection with any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure, even if Courage, or representatives thereof, are advised of the possibility of such damages, losses or expenses. Because some jurisdictions do not allow the exclusion or limitation of liability for consequential or incidental damages, in such jurisdictions liability is limited to the fullest extent permitted by applicable law. This limitation of liability applies regardless of any negligence or gross negligence of Courage or any of its officers, representatives, associates or agents. You accept all risks in relying on any information contained in this Website.

If you are dissatisfied with any portion of this Website, or with any of these Terms, your sole and exclusive remedy is to discontinue using this Website.

Governing Law

These Terms will be governed by and construed in accordance with the laws of the State of Tennessee, without regard to any conflicts of laws provisions that would mandate the applicable of the law of another jurisdiction.

Severability

If a court of competent jurisdiction deems any provision of these Terms unenforceable, that provision will be enforced to the maximum extent permissible, and the remaining provisions will remain in full force and effect.

Additional Terms

Any information you receive from Courage is believed to be accurate. Nevertheless, neither Courage nor its agents are liable for any deficiencies in the accuracy, completeness, availability or timeliness of such information. The information provided on this Website does not necessarily reflect the most up to date or current information available. THE INFORMATION AND OPINIONS EXPRESSED HEREIN IS PROVIDED WITHOUT ANY WARRANTY OF ANY KIND. ANY PROJECTIONS, OUTLOOKS OR ASSUMPTIONS SHOULD NOT BE CONSTRUED TO BE INDICATIVE OF THE ACTUAL EVENTS WHICH WILL OCCUR. ANY PROJECTIONS, MARKET OUTLOOKS OR ESTIMATES IN THIS DOCUMENT ARE FORWARD LOOKING STATEMENTS AND ARE BASED UPON CERTAIN ASSUMPTIONS. FURTHERMORE, COURAGE DOES NOT UNDERTAKE TO UPDATE FORWARD-LOOKING STATEMENTS. OTHER EVENTS WHICH WERE NOT TAKEN INTO ACCOUNT MAY OCCUR AND MAY SIGNIFICANTLY AFFECT SUCH OUTLOOKS OR ESTIMATES.

You are going to a third party website

Accept