AdvisorCensus / Financial advisors / New York / Buffalo / Rand Capital Management
Rand Capital Management
Filed as RAND CAPITAL MANAGEMENT · Legal name Rand Capital Management LLC
Rand Capital Management is an SEC-registered investment advisory firm in Buffalo, NY, registered since 2019, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 31, 2026.
Quick answers
From the filingHow is Rand Capital Management compensated?
On its Form ADV (Item 5.E, October 2026), Rand Capital Management reports these compensation arrangements: a percentage of assets under its management; other.
Where is Rand Capital Management located?
Rand Capital Management's principal office is in Buffalo, NY, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).
Is Rand Capital Management registered with the SEC or a state?
Rand Capital Management is an SEC-registered investment advisory firm, registered since 2019. Status as filed: Approved. CRD 304504.
How much does Rand Capital Management manage?
Rand Capital Management reports $136,707,933 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).
How have Rand Capital Management's assets and staff changed since 2021?
In the Form ADV data for Rand Capital Management: Regulatory assets under management: $60,966,942 in the October 2021 data and $136,707,933 in the October 2026 data, up 124%. Total employees: 8 in October 2021 and 10 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Rand Capital Management serve?
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (2); investment companies (1); business development companies (1).
Does Rand Capital Management report any disciplinary disclosures?
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/304504
What changed in Rand Capital Management's recent Form ADV filings?
In the April 2026 filing data: Employees performing advisory functions went from 7 to 6. Regulatory assets under management went from $153,953,826 to $136,707,933 (-11%).
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
- Other
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2ASee the firm's brochure (dated March 31, 2026) for its fees and any account minimum, on the SEC's IAPD site.
Regulatory assets under management
Item 5.F$136,707,933 as of October 2026, filing dated March 31, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
Registration and firm details
Items 1, 2, 5- Legal name
- Rand Capital Management LLC
- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2019 (7 years)
- Employees
- Total: 10. Performing investment advisory functions: 6.
- Wrap fee program participation
- No.
- Other offices (Schedule D, Section 1.F)
-
1 other office, as of the April 2026 filing
- States registered or notice-filed
-
2 states or jurisdictions
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $136,707,933 | 10 | March 31, 2026 |
| October 2025 | $153,953,826 | 10 | March 28, 2025 |
| October 2024 | $157,712,543 | 9 | March 28, 2024 |
| October 2023 | $121,073,077 | 10 | June 29, 2023 |
| October 2022 | $65,644,854 | 7 | March 22, 2022 |
| October 2021 | $60,966,942 | 8 | January 29, 2021 |
Regulatory assets under management: $60,966,942 in the October 2021 data and $136,707,933 in the October 2026 data, up 124%.
Total employees: 8 in October 2021 and 10 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- April 2026
- Employees performing advisory functions went from 7 to 6.
- Regulatory assets under management went from $153,953,826 to $136,707,933 (-11%).
- January 2026
- Registered or notice-filed in GA.
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. Rand Capital Management (CRD 304504): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/rand-capital-management-buffalo-ny-304504