Kim and Terry Pegula keep adding to their Western New York business empire.

This time, the Pegulas are branching out into venture capital, adding a majority stake in Buffalo-based Rand Capital Corp. to their already massive holdings in sports and real estate around the Buffalo Niagara region.

The Pegulas, through their East Asset Management business, are paying $25 million to buy a 57 percent ownership stake in Rand, a venture capital firm that had been looking for ways to increase its returns for shareholders as its stock traded at a better than 50 percent discount to the value of its investments.

This will expand the Pegulas' local business interests, while keeping the venture firms' current management, led by CEO Pete Grum and Daniel P. Penberthy, its executive vice president.

The deal is the latest in a string of investments in Western New York by the Pegulas since they acquired the Sabres. Since then, the Pegulas have purchased the Bills, built the $200 million HarborCenter hotel and ice rink complex next to the KeyBank Center. The Pegulas also have made a series of other investments in property and real estate near the arena, including the former factory building that now houses the Labatt Brew House that opened last November.