Investment adviser · CRD 130449

COURAGE CAPITAL MANAGEMENT, LLC

Investment adviser filing (IA)

NASHVILLE, TN, United States · Form ADV filed Mar 30, 2026

Regulatory AUM
$1.45B
Form ADV · Item 5.F
Client accounts
11
Accounts, not individual clients
Employees
23
Reported in this filing
Advisory professionals
14
Investment advisory functions

Who they report serving

Form ADV · Item 5.D

Client types and their share of reported regulatory assets.

Client typeClientsRegulatory assetsShare of AUM
Pooled investment vehicles10$1,428,378,63198.6%
CharitiesFewer than 5$19,861,5611.4%
Filing source

Form ADV 2084483 · Mar 30, 2026 · Item 5.D

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Private funds & service providers

12 Private funds

The count excludes feeder funds. Funds in the latest filing appear first, ordered by reported gross assets. Earlier funds retain their last reported values.

COURAGE MUSIC PARTNERS III, L.P.Private Equity Fund · Last reported Mar 30, 2026$515MGross asset value

Form D fundraising filings

COURAGE MUSIC PARTNERS III, L.P.

Feeder funds

Fund administrator SS&C FUND SERVICES (CAYMAN) LTD. CAMANA BAY, Cayman Islands Investor statements: Yes (provided to all investors) Related to adviser: No
Fund administrator SS&C TECHNOLOGIES, INC. WINDSOR, Connecticut, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor DELOITTE & TOUCHE LLP GRAND CAYMAN, Cayman Islands
Auditor DELOITTE & TOUCHE LLP MCLEAN, Virginia, United States
Custodian M&T BANK WILMINGTON, Delaware, United States Related to adviser: No
Custodian PINNACLE FINANCIAL PARTNERS NASHVILLE, Tennessee, United States Related to adviser: No
Custodian U.S. BANK NATIONAL ASSOCIATION MILWAULKEE, Wisconsin, United States Related to adviser: No
Marketer ALVINE CAPITAL AB LONDON, United Kingdom Related to adviser: No
Marketer ALVINE CAPITAL MANAGEMENT LIMITED LONDON, United Kingdom Related to adviser: No
Marketer EDGELINE CAPITAL, LLC. LOS ANGELES, California, United States Related to adviser: No
Marketer FALLS BRIDGE SECURITIES, LLC PHILADELPHIA, Pennsylvania, United States Related to adviser: No
Provider details
Annual audit
Yes
Prime brokers
No
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
Yes

DELOITTE & TOUCHE LLP
PCAOB 1096

DELOITTE & TOUCHE LLP
PCAOB 34

EDGELINE CAPITAL, LLC.
CRD 152774 · SEC 8-68475

FALLS BRIDGE SECURITIES, LLC
CRD 299526 · SEC 8-70247

Fund details & source
Fund ID
805-1452662064
Reported beneficial owners
146
Minimum commitment
$1M
Form D file number
021-492767
Form D file number
021-492768

Form ADV 2084483 · Mar 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

COURAGE MUSIC PARTNERS II, L.P.Private Equity Fund · Last reported Mar 30, 2026$476MGross asset value

Form D fundraising filings

COURAGE MUSIC PARTNERS II, L.P.

Fund administrator SS&C TECHNOLOGIES, INC. WINDSOR, Connecticut, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor DELOITTE & TOUCHE LLP MCLEAN, Virginia, United States
Custodian M & T BANK WILMINGTON, Delaware, United States Related to adviser: No
Custodian PINNACLE FINANCIAL PARTNERS NASHVILLE, Tennessee, United States Related to adviser: No
Custodian U.S. BANK NATIONAL ASSOCIATION MILWAULKEE, Wisconsin, United States Related to adviser: No
Provider details
Annual audit
Yes
Prime brokers
No
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

DELOITTE & TOUCHE LLP
PCAOB 34

Fund details & source
Fund ID
805-3747289283
Reported beneficial owners
141
Minimum commitment
$2M
Form D file number
021-355741

Form ADV 2084483 · Mar 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

COURAGE MUSIC ROYALTY FUND, L.P.Private Equity Fund · Last reported Mar 30, 2026$155MGross asset value

Form D fundraising filings

COURAGE MUSIC ROYALTY FUND, L.P.

Fund administrator SS&C TECHNOLOGIES, INC. WINDSOR, Connecticut, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor DELOITTE & TOUCHE LLP MCLEAN, Virginia, United States
Custodian M & T BANK WILMINGTON, Delaware, United States Related to adviser: No
Custodian PINNACLE FINANCIAL PARTNERS NASHVILLE, Tennessee, United States Related to adviser: No
Custodian U.S. BANK NATIONAL ASSOCIATION MILWAULKEE, Wisconsin, United States Related to adviser: No
Provider details
Annual audit
Yes
Prime brokers
No
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

DELOITTE & TOUCHE LLP
PCAOB 34

Fund details & source
Fund ID
805-6878548303
Reported beneficial owners
155
Minimum commitment
$1M
Form D file number
021-304561

Form ADV 2084483 · Mar 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

COURAGE SPECIAL SITUATIONS MASTER FUND, L.P.Hedge Fund · Last reported Mar 30, 2026$134MGross asset value

Feeder funds

Fund administrator SS&C FUND SERVICES (CAYMAN) LTD. CAMANA BAY, Cayman Islands Investor statements: Yes (provided to all investors) Related to adviser: No
Fund administrator SS&C TECHNOLOGIES, INC. WINDSOR, Connecticut, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor DELOITTE & TOUCHE LLP MCLEAN, Virginia, United States
Auditor DELOITTE & TOUCHE LLP GRAND CAYMAN, Cayman Islands
Custodian GOLDMAN SACHS & CO. LLC NEW YORK, New York, United States Related to adviser: No
Custodian M & T BANK WILMINGTON, Delaware, United States Related to adviser: No
Custodian NATIONAL FINANCIAL SERVICES LLC BOSTON, Massachusetts, United States Related to adviser: No
Custodian U.S. BANK NATIONAL ASSOCIATION MILWAULKEE, Wisconsin, United States Related to adviser: No
Marketer WILSON PARKER CONNALLY STEPHENSON INC FT. WORTH, Texas, United States Related to adviser: No
Prime broker GOLDMAN SACHS & CO. LLC NEW YORK, New York, United States
Prime broker NATIONAL FINANCIAL SERVICES LLC BOSTON, Massachusetts, United States
Provider details
Annual audit
Yes
Prime brokers
Yes
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
Yes

DELOITTE & TOUCHE LLP
PCAOB 34

DELOITTE & TOUCHE LLP
PCAOB 1096

GOLDMAN SACHS & CO. LLC
SEC 8-129

NATIONAL FINANCIAL SERVICES LLC
SEC 8-26740

WILSON PARKER CONNALLY STEPHENSON INC
CRD 16505 · SEC 8-34061

GOLDMAN SACHS & CO. LLC
CRD 361 · SEC 8-129

NATIONAL FINANCIAL SERVICES LLC
CRD 13041 · SEC 8-26740

Fund details & source
Fund ID
805-8448948184
Reported beneficial owners
11
Minimum commitment
$2M
Form D file number
021-76249
Form D file number
021-76251

Form ADV 2084483 · Mar 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

COURAGE CREDIT OPPORTUNITIES FUND IV, L.P.Private Equity Fund · Last reported Mar 30, 2026$96.7MGross asset value

Form D fundraising filings

Courage Credit Opportunities Fund IV, L.P.

Feeder funds

Fund administrator SS&C FUND SERVICES (CAYMAN) LTD. CAMANA BAY, Cayman Islands Investor statements: Yes (provided to all investors) Related to adviser: No
Fund administrator SS&C TECHNOLOGIES, INC. WINDSOR, Connecticut, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor DELOITTE & TOUCHE LLP MCLEAN, Virginia, United States
Auditor DELOITTE & TOUCHE LLP GRAND CAYMAN, Cayman Islands
Custodian M & T BANK WILMINGTON, Delaware, United States Related to adviser: No
Custodian NATIONAL FINANCIAL SERVICES LLC BOSTON, Massachusetts, United States Related to adviser: No
Custodian PINNACLE FINANCIAL PARTNERS NASHVILLE, Tennessee, United States Related to adviser: No
Prime broker NATIONAL FINANCIAL SERVICES LLC BOSTON, Massachusetts, United States
Provider details
Annual audit
Yes
Prime brokers
Yes
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

DELOITTE & TOUCHE LLP
PCAOB 34

DELOITTE & TOUCHE LLP
PCAOB 1096

NATIONAL FINANCIAL SERVICES LLC
SEC 8-26740

NATIONAL FINANCIAL SERVICES LLC
CRD 13041 · SEC 8-26740

Fund details & source
Fund ID
805-1839986167
Reported beneficial owners
37
Minimum commitment
$1M
Form D file number
021-311472
Form D file number
021-311474

Form ADV 2084483 · Mar 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

COURAGE HEALTHCARE SBIC FUND I, LPPrivate Equity Fund · Last reported Mar 30, 2026$34.2MGross asset value

Form D fundraising filings

Courage Healthcare SBIC Fund I, L.P.

Fund administrator CSC FUND SERVICES NORTH AMERICA LLC WILMINGTON, Delaware, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor DELOITTE & TOUCHE LLP MCLEAN, Virginia, United States
Custodian PINNACLE FINANCIAL PARTNERS NASHVILLE, Tennessee, United States Related to adviser: No
Marketer STIFEL, NICOLAUS & COMPANY, INCORPORATED ROWAYTON, Connecticut, United States Related to adviser: No
Provider details
Annual audit
Yes
Prime brokers
No
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
Yes

DELOITTE & TOUCHE LLP
PCAOB 34

STIFEL, NICOLAUS & COMPANY, INCORPORATED
CRD 793 · SEC 801-10746

Fund details & source
Fund ID
805-4818665783
Reported beneficial owners
8
Minimum commitment
$500K
Form D file number
021-553789

Form ADV 2084483 · Mar 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

COURAGE NATURAL RESOURCES FUND I, LPPrivate Equity Fund · Last reported Mar 30, 2026$16.9MGross asset value

Form D fundraising filings

Courage Natural Resources Fund I, L.P.

Fund administrator SS&C TECHNOLOGIES, INC. WINDSOR, Connecticut, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor DELOITTE & TOUCHE LLP MCLEAN, Virginia, United States
Custodian M & T BANK WILMINGTON, Delaware, United States Related to adviser: No
Custodian PINNACLE FINANCIAL PARTNERS NASHVILLE, Tennessee, United States Related to adviser: No
Custodian U.S. BANK NATIONAL ASSOCIATION MILWAULKEE, Wisconsin, United States Related to adviser: No
Provider details
Annual audit
Yes
Prime brokers
No
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

DELOITTE & TOUCHE LLP
PCAOB 34

Fund details & source
Fund ID
805-6825468453
Reported beneficial owners
32
Minimum commitment
$1M
Form D file number
021-463434

Form ADV 2084483 · Mar 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Services & filing details

Most recent filing: Mar 30, 2026. View historical filings

Reported services

Pooled investment vehicle management

Compensation

Percentage of assets · Performance-based

Principal office

4400 HARDING ROAD, SUITE 503
NASHVILLE, TN, 37205, United States

CRD 130449

Filing source

Form ADV 2084483 · Mar 30, 2026 · Items 1 & 5

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.