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Rand optimistic about portfolio

Rand Capital's investments inched up by less than 1 percent during the second quarter, and the Buffalo venture capital firm's president said Friday business is picking up at many of the 16 companies in the company's portfolio.

Rand said it valued its portfolio at $22.9 million, or $3.35 per share, at the end of June, virtually unchanged from $22.8 million, or $3.35 per share, at the end of March.

Nearly half of Rand's portfolio is in cash, which Pete Grum, the company's president, has said puts the firm in a good position to make investments in the coming months.

During the second quarter, Rand made an additional $250,000 investment in Chequed.com, based in Saratoga Springs.

Rand also increased its investment in Buffalo-based Liazon Corp. While Liazon repaid a $500,000 note from an earlier Rand investment, the venture capital firm purchased an $820,000 stake in the firm as part of a $12.6 million round of fundraising led by Bain Capital Investors.

"While overall, the quarter has been quiet in regards to net asset value changes, we continue to see strong growth in the portfolio company financial and sales performance," Grum said.

email: drobinson@buffnews.com