{
  "crd_number": 304504,
  "slug": "rand-capital-management-buffalo-ny-304504",
  "primary_business_name": "RAND CAPITAL MANAGEMENT",
  "legal_name": "RAND CAPITAL MANAGEMENT LLC",
  "dbas": [],
  "city": "Buffalo",
  "state": "NY",
  "country": "United States",
  "cbsa_code": "15380",
  "metro": {
    "cbsa_code": "15380",
    "common_name": "Buffalo",
    "msa_name": "Buffalo-Cheektowaga, NY",
    "path": "/advisors/ny/buffalo"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2019-07-17",
  "years_registered": 7,
  "period": "2026-10-01",
  "filing_date": "2026-03-31",
  "carried_forward": false,
  "raum_total": 136707933.0,
  "raum_discretionary": 136707933.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "100m_500m",
  "raum_band_label": "$100 million to $500 million",
  "total_employees": 10,
  "advisory_employees": 6,
  "client_count_bucket": null,
  "clients_by_type": {
    "investment_companies": {
      "raum": 7721437.0,
      "count": 1
    },
    "pooled_investment_vehicles": {
      "raum": 75791184.0,
      "count": 2
    },
    "business_development_companies": {
      "raum": 53195312.0,
      "count": 1
    }
  },
  "compensation_types": [
    "other",
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "portfolio_management_investment_companies",
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "GA",
    "TX"
  ],
  "websites": [
    "https://callodine.com/businesses/rand-capital-management",
    "https://randcapital.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/304504",
  "city_as_filed": "BUFFALO",
  "url": "https://advisorcensus.com/firm/rand-capital-management-buffalo-ny-304504",
  "display_name": "Rand Capital Management",
  "summary": "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.",
  "citation": "AdvisorCensus. Rand Capital Management (CRD 304504): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Other"
  ],
  "advisory_activity_labels": [
    "Portfolio management for investment companies (and business development companies)",
    "Portfolio management for pooled investment vehicles (other than investment companies)"
  ],
  "quick_answers": [
    {
      "q": "How is Rand Capital Management compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Rand Capital Management reports these compensation arrangements: a percentage of assets under its management; other."
    },
    {
      "q": "Where is Rand Capital Management located?",
      "a": "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)."
    },
    {
      "q": "Is Rand Capital Management registered with the SEC or a state?",
      "a": "Rand Capital Management is an SEC-registered investment advisory firm, registered since 2019. Status as filed: Approved. CRD 304504."
    },
    {
      "q": "How much does Rand Capital Management manage?",
      "a": "Rand Capital Management reports $136,707,933 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary)."
    },
    {
      "q": "How have Rand Capital Management's assets and staff changed since 2021?",
      "a": "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."
    },
    {
      "q": "What types of clients does Rand Capital Management serve?",
      "a": "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)."
    },
    {
      "q": "Does Rand Capital Management report any disciplinary disclosures?",
      "a": "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"
    },
    {
      "q": "What changed in Rand Capital Management's recent Form ADV filings?",
      "a": "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%)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 60966942.0,
      "total_employees": 8,
      "filing_date": "2021-01-29"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 65644854.0,
      "total_employees": 7,
      "filing_date": "2022-03-22"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 121073077.0,
      "total_employees": 10,
      "filing_date": "2023-06-29"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 157712543.0,
      "total_employees": 9,
      "filing_date": "2024-03-28"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 153953826.0,
      "total_employees": 10,
      "filing_date": "2025-03-28"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 136707933.0,
      "total_employees": 10,
      "filing_date": "2026-03-31"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 7 to 6.",
        "Regulatory assets under management went from $153,953,826 to $136,707,933 (-11%)."
      ]
    },
    {
      "period": "2026-01-01",
      "period_label": "January 2026",
      "notes": [
        "Registered or notice-filed in GA."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [],
  "custodians_note": null,
  "markdown_url": "https://advisorcensus.com/firm/rand-capital-management-buffalo-ny-304504.md",
  "clients": [
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 1,
      "fewer_than_5": false,
      "raum": 7721437.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 1,
      "fewer_than_5": false,
      "raum": 53195312.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 2,
      "fewer_than_5": false,
      "raum": 75791184.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/304504",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}