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Rand Capital's assets inch higher

The value of Rand Capital Corp.'s investments inched up by a penny per share during the third quarter.

The Buffalo venture capital firm said the value of its assets grew to $5.01 per share at the end of September, up from $5 a share at the end of June. The company said its investment income grew by 25 percent over the past year as Rand focused on making investments that generated income after losing a steady stream of cash when West Seneca manufacturer Gemcor was acquired more than a year ago.

Cash accounts for about 20 percent of Rand's $30.7 million portfolio of investments, which are spread over 30 companies.

Rand said it invested $100,000 during the quarter in Centivo, a company that is developing technology and administration services for self-insured companies.

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