Rand Capital Management provides portfolio management for investment companies and portfolio management for pooled vehicles. The firm advises 2 private funds.
Rand Capital Management reports 4 clients. They include 2 pooled investment vehicles, 1 investment company and 1 business development companies. Of its assets, 100.0% ($137M across 4 accounts) are managed with discretion.
| Client type | Clients | Assets |
|---|---|---|
| Investment companies | 25% | 6% |
| Business development companies | 25% | 39% |
| Pooled investment vehicles | 50% | 55% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Investment companies | 1 | $7.72M | 5.6% | $7.72M |
| Business development companies | 1 | $53.2M | 38.9% | $53.2M |
| Pooled investment vehicles | 2 | $75.8M | 55.4% | $37.9M |
| Total | 4 | $137M | 100% | $34.2M |
- Clients
- 1
- Regulatory AUM
- $7.72M
- AUM share
- 5.6%
- Avg. per client
- $7.72M
- Clients
- 1
- Regulatory AUM
- $53.2M
- AUM share
- 38.9%
- Avg. per client
- $53.2M
- Clients
- 2
- Regulatory AUM
- $75.8M
- AUM share
- 55.4%
- Avg. per client
- $37.9M
Total
- Clients
- 4
- Regulatory AUM
- $137M
- AUM share
- 100%
- Avg. per client
- $34.2M
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 2
Rand Capital Management is paid through a percentage of assets under management and other compensation; its fees and minimums are set out in its brochures on the SEC website.
Callodine Credit, LLC owns 75% or more of Rand Capital Management and is in turn owned by Callodine Group, LLC (75% or more). Oliver Barfield is CEO; the leadership team includes Chief Financial Officer Brechtel Margaret and Chief Compliance Officer Kristen Cammarata. It has 10 employees, 6 of them in advisory roles.
Leadership
- Oliver BarfieldCo-Chief Executive Officer
- Daniel PenberthyCo-Chief Executive Officer
- Brechtel MargaretChief Financial Officer
- Kristen CammarataChief Compliance Officer
Staff
- 10 employees
- 6 in advisory functions
- Owns 75% or more of Rand Capital Management LLC
Callodine Credit, LLC
Control person · since May 2021
- Owns 75% or more of Callodine Credit, LLC
Callodine Group, LLC
Control person · since May 2021
- Owns 75% or more of Callodine Group, LLC
James Morrow
Control person · since October 2020
Rand Capital Management’s regulatory assets grew 2.2× from $61M (January 2021) to $137M (March 2026); clients rose from 1 to 4 and employees from 8 to 10.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $137M | 4 | 10 | 3 |
| March 2025 | $154M | 3 | 10 | 2 |
| March 2024 | $158M | 3 | 9 | 2 |
| June 2023 | $121M | 3 | 10 | 2 |
| March 2022 | $65.6M | 1 | 7 | 1 |
| January 2021 | $61M | 1 | 8 | 1 |
Besides its headquarters, Rand Capital Management has 2 offices (1 private residence, listed without an address), with 2 listed addresses in Georgia and New York.
Georgia · 1 listed address
- 3060 Peachtree Road, Atlanta
New York · 1 listed address
- 14 Lafayette Square, Suite 1405, BuffaloHQ
Contact and registration details
- Legal name
- Rand Capital Management LLC
- Headquarters
- 14 Lafayette Square, Suite 1405, Buffalo, NY 14203
- Website
- randcapital.com
- Phone
- 617-880-7494
- SEC file
- 801-116971
- Structure
- Delaware LLC
- Fiscal year end
- December
Rand Capital Management has custody of client assets.
How many clients does Rand Capital Management have?
Rand Capital Management has 4 clients and manages $137 million for them, as of March 2026. They include 2 pooled investment vehicles, 1 investment company and 1 business development companies.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 31 March 2026
What services does Rand Capital Management offer?
Rand Capital Management provides portfolio management for investment companies and portfolio management for pooled vehicles.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How many financial advisors does Rand Capital Management have?
Rand Capital Management has 0 investment adviser representatives registered with state securities authorities, out of 10 employees, and 6 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
Who owns Rand Capital Management?
Rand Capital Management is owned through a chain of holding companies by James Morrow. Its direct owner is Callodine Credit, LLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 31 March 2026
How does Rand Capital Management get paid?
Rand Capital Management is paid through a percentage of assets under management and other compensation. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Rand Capital Management?
Rand Capital Management’s main office is at 14 Lafayette Square, Suite 1405, Buffalo, NY 14203. Its phone number is 617-880-7494. Its website is randcapital.com.