{"url":"https://nivawealth.com/firms/rand-capital-management-304504","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/304504","regulatoryAum":136707933,"crd":"304504","history":[{"filedOn":"2021-01-29","regulatoryAum":60966942,"clients":1,"employees":8,"offices":1},{"filedOn":"2022-03-22","regulatoryAum":65644854,"clients":1,"employees":7,"offices":1},{"filedOn":"2023-06-29","regulatoryAum":121073077,"clients":3,"employees":10,"offices":2},{"filedOn":"2024-03-28","regulatoryAum":157712543,"clients":3,"employees":9,"offices":2},{"filedOn":"2025-03-28","regulatoryAum":153953826,"clients":3,"employees":10,"offices":2},{"filedOn":"2026-03-31","regulatoryAum":136707933,"clients":4,"employees":10,"offices":3}],"secFileNumber":"801-116971","legalName":"Rand Capital Management LLC","displayName":"Rand Capital Management","slug":"rand-capital-management-304504","website":"https://randcapital.com/","classification":{"segment":"private_funds","segmentLabel":"Private funds","type":"private_fund_manager","typeLabel":null,"feeDisclosure":"payment_only"},"founded":null,"organization":"Delaware limited liability company","fiscalYearEnd":"December","headquarters":{"street":"14 Lafayette Square, Suite 1405","city":"Buffalo","state":"NY","stateName":"New York","country":"United States","postalCode":"14203"},"tradeNames":[],"registration":{"secApproved":"17 July 2019","noticeFilings":null,"latestNoticeFiling":null},"wealthAumPerClient":null,"staff":{"employees":10,"advisory":6,"brokerDealerReps":0,"insuranceAgents":0,"promoters":0},"aum":{"regulatory":136707933,"discretionary":136707933,"discretionaryAccounts":4,"nonDiscretionary":0,"nonDiscretionaryAccounts":0,"wrapProgram":null,"nonUsClientsPct":0,"nonAumClients":0},"clientTypes":[{"label":"Investment companies","clients":1,"regulatoryAum":7721437},{"label":"Business development companies","clients":1,"regulatoryAum":53195312},{"label":"Pooled investment vehicles","clients":2,"regulatoryAum":75791184}],"feePrograms":[],"brochureCoverage":{"scope":"known_documents","status":"not_processed","checkedAt":null,"documents":[]},"custodians":[],"custodyNote":"Rand Capital Management has custody of client assets.","otherCustodians":[],"leadership":[{"name":"Oliver Barfield","title":"Co-Chief Executive Officer","crd":"3177572"},{"name":"Daniel Penberthy","title":"Co-Chief Executive Officer","crd":"7134441"},{"name":"Brechtel Margaret","title":"Chief Financial Officer","crd":"7482608"},{"name":"Kristen Cammarata","title":"Chief Compliance Officer","crd":"5712807"}],"ownership":[{"label":"Callodine Credit, LLC","detail":"Owner in the 75% or more ownership band and a control person, since May 2021."},{"label":"James Morrow","detail":"Indirect owner: a co-owner of Callodine Group, LLC in the 75% or more band and a control person, since October 2020.","parent":"Callodine Group, LLC"},{"label":"Callodine Group, LLC","detail":"Indirect owner: a co-owner of Callodine Credit, LLC in the 75% or more band and a control person, since May 2021.","parent":"Callodine Credit, LLC"}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":2,"privateResidences":1},"listedOfficeAddresses":2,"foreignOffices":[],"officesByState":[{"state":"Georgia","offices":1,"addresses":[{"street":"3060 Peachtree Road","city":"Atlanta"}]},{"state":"New York","offices":1,"addresses":[{"street":"14 Lafayette Square, Suite 1405","city":"Buffalo","headquarters":true}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"617-880-7494","stateRegisteredReps":0,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Other"],"activities":["Portfolio management for investment companies","Portfolio management for pooled investment vehicles (other than investment companies)"],"financialPlanningClients":null,"assetMix":[],"privateFunds":2},"sources":{"adv1FilingDate":"31 March 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/304504/PDF/304504.pdf","brochureDate":null,"brochureUrl":null,"iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","updatedOn":"2026-10-21","holdingsUpdatedOn":"2026-10-21","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does Rand Capital Management have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Rand Capital Management offer?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How many financial advisors does Rand Capital Management have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Rand Capital Management?","answer":"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","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Rand Capital Management get paid?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How do I contact Rand Capital Management?","answer":"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.","source":"Form ADV Part 1A, Item 1.F, filed 31 March 2026","sourceRef":{"doc":"adv1","section":"offices"}}],"holdings":null,"notice":"Compiled from public SEC Form ADV filings on the dates in `sources`. Facts as filed; not a rating, ranking, or recommendation. Niva is not affiliated with this firm. Disciplinary history is deliberately not included here or on the page; the SEC publishes the complete record at the `iapdUrl` above."}