Rand Capital Corp (RAND)

Rand Capital Corp. is a NASDAQ-listed closed-end fund organized as a business development company focused on private company investments. The vehicle provides capital through subordinated debt that may include warrants or preferred equity, and it also makes venture capital investments. Its private equity activity is centered on capital growth opportunities in lower middle market businesses, while its venture capital exposure can extend from early-stage through later-stage private companies. Rand Capital generally avoids real estate, with a preference for companies in software, professional services, manufacturing, consumer, healthcare, automotive, and public sectors, particularly those with operations in the Eastern or Midwestern United States. It typically targets investments of about $0.75 million to $5 million, with an initial target near $1.5 million, and generally seeks minority positions, board representation, and an investment horizon of up to five years.

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