Courage Capital Management, Llc
- Regulatory AUM
- $1.4B
- Discretionary
- $1.4B
- Clients
- 10
- Avg AUM / client
- $145M
- Accounts
- 11
- Employees
- 23
AUM over time
Reported AUM from Form ADV filings, plotted by filing date · as of Mar 30, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Pooled investment vehicles (non-investment companies) | 10 | $1.4B | 98.6% |
| Charitable organizations | Fewer than 5 clients | $19.9M | 1.37% |
Private funds (6)
Reported in Form ADV Section 7.B.(1), filing of Mar 2024 · $1.1B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Courage Music Partners Ii, L.P. | Private Equity Fund | Delaware | $456M | 141 |
| Courage Credit Opportunities Fund Iv, L.P. master | Private Equity Fund | Delaware | $185M | 37 |
| Courage Music Royalty Fund, L.P. | Private Equity Fund | Delaware | $164M | 155 |
| Courage Music Partners Iii, L.P. master | Private Equity Fund | Delaware | $155M | 37 |
| Courage Special Situations Master Fund, L.P. master | Hedge Fund | Cayman Islands | $144M | 23 |
| Courage Natural Resources Fund I, Lp | Private Equity Fund | Delaware | $16.1M | 32 |
People (3)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Patton, Richard, Connell | Chief Manager, Member & Board Member | Jul 1998 (28y) | 75% or more | |
| Milne, Thomas, Gordon | President, Chief Operating Officer & Board Member | Nov 2007 (19y) | Less than 5% | |
| Schnuerer, Richard, Anthony | Chief Financial Officer And Chief Compliance Officer | Dec 2022 (4y) | Less than 5% |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (6, $1.1B gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Courage Music Partners Ii, L.P. | Private Equity Fund | $456M | $2.0M | 141 |
| Courage Credit Opportunities Fund Iv, L.P. | Private Equity Fund | $185M | $1.0M | 37 |
| Courage Music Royalty Fund, L.P. | Private Equity Fund | $164M | $1.0M | 155 |
| Courage Music Partners Iii, L.P. | Private Equity Fund | $155M | $1.0M | 37 |
| Courage Special Situations Master Fund, L.P. | Hedge Fund | $144M | $2.0M | 23 |
| Courage Natural Resources Fund I, Lp | Private Equity Fund | $16.1M | $1.0M | 32 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/30/2026 | 3.13 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for pooled investment vehicles
- • Other services
Custody
Reported custodians
- National Financial Services (Fidelity) $19.5M (1% of AUM) Mar 2026
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 30, 2026.
View current Form ADV (SEC/IAPD) ↗