What stage does Rand Capital invest at?

Rand Capital invests at the Growth, Late Stage stages.

What is Rand Capital's typical check size?

Rand Capital typically writes checks of $1M – $3M.

What sectors does Rand Capital focus on?

Rand Capital focuses on Sector Agnostic.

Where is Rand Capital located?

Rand Capital is headquartered in Buffalo, US.

Does Rand Capital lead rounds?

Rand Capital typically participates in rounds rather than leading them.

Rand Capital

Venture debt

Buffalo · Growth–Late Stage · 3 people tracked

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✨ Fox Verdict

Investment thesis

Rand Capital operates as a Business Development Company seeking to maximize total shareholder return through current income and capital appreciation. It focuses on debt and related equity investments in privately-held, lower middle market companies that have committed, experienced management teams across a broad variety of industries. The firm emphasizes significant insider ownership (roughly 65%) alongside decades of venture capital experience. Founded in 1969, Rand continues its original mission of investing in and supporting entrepreneurs and building businesses.

Invests inSector AgnosticUnited States

Source: firm website, verified Aug 18, 2026.

Stage

Growth–Late Stage

Check

$1M – $3M

Buffalo, New York, US

Leads rounds

Follows

Instruments

Debt · Equity

Founded

1969

AUM

$136.7M

Tracked investments

Team · 3 people

from the firm's website

Brendan Fox· Controller, Rand Capital Management, LLC

Serves as Controller of Rand Capital Management, LLC, the firm's external investment adviser, responsible for financial reporting, budgeting, cash management, tax planning and internal controls. He is a New York CPA and previously worked at Brock, Schechter & Polakoff LLP.

Daniel Penberthy· President and Chief Executive Officer· Buffalo-Niagara Falls Areain

Daniel Penberthy spent over 25 years rising from CFO to CEO, growing assets from $5M to nearly $100M, and blends public-company discipline, deep institutional venture perspective, and unusually public-facing style.

Margaret Brechtel· Executive Vice President, Treasurer, Chief Financial Officer and Secretary· Buffalo, New York, United Statesin

Margaret Brechtel, EVP/Treasurer/CFO/Secretary, combines unusually broad finance and governance remit and for two decades led a shift to a dividend BDC prioritizing disciplined expenses, conservative valuations and debt-free balance sheet.

Investments · 4 tracked

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Caitec

Carolina Skiff

FSS

MRES

Frequently asked questions

What stage does Rand Capital invest at?: Rand Capital invests at the Growth, Late Stage stages.
What is Rand Capital's typical check size?: Rand Capital typically writes checks of $1M – $3M.
What sectors does Rand Capital focus on?: Rand Capital focuses on Sector Agnostic.
Where is Rand Capital located?: Rand Capital is headquartered in Buffalo, US.
Does Rand Capital lead rounds?: Rand Capital typically participates in rounds rather than leading them.

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