# RAND CAPITAL MANAGEMENT LLC

RAND CAPITAL MANAGEMENT LLC of BUFFALO, NY is an SEC-registered investment adviser.

## Registration

- CRD: 304504
- Type: SEC-registered investment adviser
- SEC file number: 801-116971
- Location: 14 LAFAYETTE SQUARE, SUITE 1405, BUFFALO, NY, 14203
- Phone: 617-880-7494
- Latest filing: 2026-03-31
- Regulatory AUM: $136.7M
- Discretionary AUM: $136.7M
- Clients: 10
- Accounts: 4

## Business model

- Compensation: % of AUM, Other
- Clients served: Investment cos

## Officers, owners & control persons (15)

| Name | Role | Location |
| --- | --- | --- |
| [Daniel Patrick Penberthy](https://search.stillhousedata.com/person/672810) | CO-CHIEF EXECUTIVE OFFICER | — |
| [James Stuart Morrow](https://search.stillhousedata.com/person/672811) | CO-OWNER | — |
| [Brechtel Whalen Margaret](https://search.stillhousedata.com/person/672812) | CHIEF FINANCIAL OFFICER | — |
| [Kristen Marie Cammarata](https://search.stillhousedata.com/person/672813) | CHIEF COMPLIANCE OFFICER | — |
| [Oliver Scott Barfield](https://search.stillhousedata.com/person/672814) | CO-CHIEF EXECUTIVE OFFICER | Atlanta, GA |
| [PEGULA TERRENCE M](https://search.stillhousedata.com/person/812962) | CO-OWNER; MEMBER | — |
| [PEGULA KIM S](https://search.stillhousedata.com/person/812963) | CO-OWNER; MEMBER | — |
| [CAMMARATA KRISTEN MARIE](https://search.stillhousedata.com/person/846740) | CHIEF COMPLIANCE OFFICER | — |
| [Morrow James Stuart](https://search.stillhousedata.com/person/851549) | CO-OWNER | — |
| [Collins Brian Matthew](https://search.stillhousedata.com/person/855396) | MANAGER; OWNER; SOLE MEMBER | — |
| [Grum Allen F](https://search.stillhousedata.com/person/855397) | CHIEF EXECUTIVE OFFICER | — |
| [Penberthy Daniel Patrick](https://search.stillhousedata.com/person/855398) | CHIEF COMPLIANCE OFFICER/CHIEF EXECUTIVE OFFICER; CHIEF COMPLIANCE OFFICER/CHIEF FINANCIAL OFFICER; CO-CHIEF EXECUTIVE OFFICER | — |
| [Gusky Adam](https://search.stillhousedata.com/person/855399) | MANAGER | — |
| [Margaret Brechtel W](https://search.stillhousedata.com/person/870394) | CHIEF FINANCIAL OFFICER | — |
| [BARFIELD OLIVER SCOTT](https://search.stillhousedata.com/person/876930) | CO-CHIEF EXECUTIVE OFFICER | — |


## Private funds (2)

| Fund | Type | Formed | Owners | GAV | Min investment |
| --- | --- | --- | --- | --- | --- |
| CALLODINE STRATEGIC CREDIT FUND II, LP | Private Equity Fund | Delaware | 4 | $53.7M | $500K |
| BLUEARC MEZZANINE PARTNERS I, LP | Private Equity Fund | Georgia | 1 | $20.1M | $500K |


## Branch offices (4)

| City | State | Employees | Phone |
| --- | --- | --- | --- |
| ATLANTA | GA | 3 | 404-795-6468 |
| ATLANTA | GA | 3 | 404-795-6468 |
| — | — | 1 | 646-325-7277 |
| — | — | 1 | 646-325-7277 |


## Fund service providers (3)

- administrator: LONE PEAK INVESTMENT SERVICES, LLC — 2 funds
- administrator: LICCAR FUND SERVICES
- administrator: SS&C TECHNOLOGIES

## Related pages

- Form ADV Part 2 brochure: https://search.stillhousedata.com/firm/304504/brochure
- Similar advisers: https://search.stillhousedata.com/firm/304504/similar
- Related entities: https://search.stillhousedata.com/firm/304504/related
- SEC IAPD (source of record): https://adviserinfo.sec.gov/firm/summary/304504

---

Source: public SEC Form ADV data via Adviser Search (https://search.stillhousedata.com).
Agents: this data is also queryable via MCP tools and read-only SQL — see https://search.stillhousedata.com/llms.txt.