Private fund adviser · Nashville, TN
Courage Capital Management, LLC
SEC-registered investment adviser · CRD 130449 · SEC 801-63190
At a glance
Courage Capital Management, LLC is an SEC-registered investment adviser based in Nashville, Tennessee, with $1.4 billion in regulatory assets under management as of its Form ADV filed March 30, 2026. Its largest client group by assets is pooled investment vehicles. By Form ADV it is a private fund adviser, ranked 1,951st of 4,686 private fund advisers and 4,350th of 17,210 SEC-registered advisers by assets.
Main office 615-369-0110couragesb.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $1.4B
- Rank among private fund advisers
- #1,951 of 4,686
- Rank among all SEC RIAs
- #4,350 of 17,210
- Rank in Tennessee
- #50 of 227
- Clients
- 10
- Accounts
- 11
- Discretionary
- 100% of AUM
- Employees
- 23
- Advisory staff
- 14
- Offices
- 3
Owners and executives on its Form ADV
- Richard C. PattonChief Manager, Member & Board Member
- Thomas G. MilnePresident, Chief Operating Officer & Board Member
- Richard A. SchnuererChief Financial Officer and Chief Compliance Officer
Custody and brokerage
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| Pooled investment vehicles | 10 | $1.4B | 99% |
| Charitable organizations | – | $20M | 1% |
Private funds
Courage Capital Management, LLC reports 7 private funds with $1.4B in gross assets: hedge funds, private equity funds (Form ADV Item 7.B).
Disciplinary disclosures
Courage Capital Management, LLC reports no disciplinary disclosures in Item 11 of Form ADV. Read the details on the SEC’s adviser search ↗
Services
- Portfolio management for pooled investment vehicles
- Other services
How it’s paid
- A percentage of assets under management
- Performance-based fees
Form ADV and brochures on the SEC’s adviser search ↗couragesb.com ↗
AtlasMembers
The full record on Courage Capital Management, LLC
Ten years of SEC filings, its owners and contacts, and how it stacks up against its peers. Atlas members see all of it.
- Assets, accounts, clients and staff, ten years of filings
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- Growth over one, three and five years
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- Rank against 1,996 peers of its type and size
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- Owners and executives, with titles and stakes
- 3 namedLocked
- Main office, fax and compliance officer
- Locked
- Filing changes this year, with alerts
- 2Locked
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Background
Questions
How much does Courage Capital Management, LLC manage?
Courage Capital Management, LLC reports $1.4 billion in regulatory assets under management across 11 accounts, 100% of it on a discretionary basis, on its Form ADV filed March 30, 2026.
What kind of firm is Courage Capital Management, LLC?
Courage Capital Management, LLC is a private fund adviser by its Form ADV answers. Private funds are at least half of its business by assets.
Who are Courage Capital Management, LLC’s clients?
By assets, its largest client types are pooled investment vehicles ($1.4 billion, 10 clients); charitable organizations ($20 million).
Does Courage Capital Management, LLC manage private funds?
Yes. It reports 7 private funds with $1.4 billion in gross assets, including hedge funds, private equity funds.
Does Courage Capital Management, LLC have any disciplinary history?
Courage Capital Management, LLC reports no disciplinary disclosures in Item 11 of its Form ADV. Check the SEC’s adviser search for the latest record.
Where these numbers come from
Every figure is Courage Capital Management, LLC’s own answer on its latest Form ADV, from the SEC’s registered-adviser list as of October 1, 2026: regulatory assets and accounts (Item 5.F), clients by type (5.D), employees (5.A and 5.B), compensation (5.E) and services (5.G). Custodians come from Schedule D 5.K(3) of its latest filing (2026-03-30), which lists those holding 10% or more of separately managed account assets and the amount at each. “Hybrid” means some employees are also registered representatives of a broker-dealer (Item 5.B(2)); affiliated broker-dealers are the related persons it lists in Item 7.A and Schedule D. Firm type comes from its own answers: broker-dealer firms are registered broker-dealers themselves (Item 6.A); private fund advisers manage mostly private funds (Item 7.B, 5.D); wealth managers manage at least half their assets for individuals (5.D). Ranks compare it by regulatory assets with every SEC-registered adviser and with firms of its type. Figures are as of the firm’s last annual update, so they can lag recent deals and market moves. Regulatory AUM counts assets the firm continuously supervises and can differ from what a firm markets.
Not an endorsement or a recommendation. Before hiring any adviser, read its Form ADV Part 2A brochure and check its record on the SEC’s adviser search. How to check a financial advisor →