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Rand Capital Corporation (Nasdaq: RAND) was founded in 1969 and is a publicly traded, closed-end management investment company that has elected to be regulated as a Business Development Company (BDC) under the Investment Company Act of 1940. In addition, its fully owned subsidiary, Rand Capital SBIC, L.P., is licensed by the United States Small Business Adminstration as a Small Business Investment Company (SBIC). The firm's primary focus is on making venture capital investments in small to medium sized companies that are engaged in the exploitation of new or unique products or services with a sustainable competitive advantage typically in New York and its surrounding states. Rand typically invests between $500,000 and $1.5 million in privately held companies in total investment rounds of $1 million to $5 million. As of December 2011, Rand manages a diversified portfolio of approximately $24,399,121. Their Small Business Investment Company (SBIC) was established in 2002. Since then, until December, 31 2018, they've exited 30 investments and achieved a 2.9x cash multiple on our investments in those companies, achieving a 26% internal rate of return. In the past five years ending December 31, 2018, they've exited 8 investments and achieved a 5.2x cash multiple on investments in those companies, achieving a 66% internal rate of return.
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