Rand Capital Management Llc
- Regulatory AUM
- $137M
- Discretionary
- $137M
- Clients
- 4
- Avg AUM / client
- $34.2M
- Accounts
- 4
- Employees
- 10
AUM over time
Annual snapshots from Form ADV filings · as of Mar 31, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Investment companies | 1 | $7.7M | 5.65% |
| Business development companies | 1 | $53.2M | 38.9% |
| Pooled investment vehicles (non-investment companies) | 2 | $75.8M | 55.4% |
Private funds (2)
Reported in Form ADV Section 7.B.(1), filing of Oct 2024 · $76.7M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Callodine Strategic Credit Fund Ii, Lp | Private Equity Fund | Delaware | $47.0M | 7 |
| Bluearc Mezzanine Partners I, Lp | Private Equity Fund | Georgia | $29.7M | 4 |
People (5)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Morrow, James, Stuart | Co Owner | Oct 2020 (6y) | ≈ 42.19% – 100% via Callodine Group, Llc | |
| Margaret, Brechtel, W | Chief Financial Officer | Dec 2021 (5y) | Less than 5% | |
| Barfield, Oliver, Scott | Co Chief Executive Officer | Jun 2023 (3y) | Less than 5% | |
| Cammarata, Kristen, Marie | Chief Compliance Officer | Jun 2023 (3y) | Less than 5% | |
| Penberthy, Daniel, Patrick | Co Chief Executive Officer | Jun 2023 (3y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Callodine Credit, Llc | Owner | May 2021 | A | 75% or more |
| Callodine Group, Llc | Co Owner | May 2021 | B | ≈ 56.25% – 100% via Callodine Credit, Llc |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Morrow, James, Stuart: 75% – 100% of Callodine Group, Llc × 75% – 100% of Callodine Credit, Llc × 75% – 100% direct ≈ 42.19% – 100% of the firm
- Callodine Group, Llc: 75% – 100% of Callodine Credit, Llc × 75% – 100% direct ≈ 56.25% – 100% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (2, $76.7M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Callodine Strategic Credit Fund Ii, Lp | Private Equity Fund | $47.0M | $500K | 7 |
| Bluearc Mezzanine Partners I, Lp | Private Equity Fund | $29.7M | $500K | 4 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/31/2026 | 2.38 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Other fees
- • PERFORMANCE, TRANSACTION CLOSING, MONITORING
Services
- • Portfolio management for investment companies
- • Portfolio management for pooled investment vehicles
Custody
Firm reports having custody of client funds or securities (Item 9.A).
No custodian data reported or mined yet.
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 31, 2026.
View current Form ADV (SEC/IAPD) ↗