This paper presents a new adaptive peak-to-average power ratio (PAPR) reduction method based on clipping and filtering (CF) for precoded orthogonal frequency division multiplexing (OFDM)-multiple-input multiple-output (MIMO) transmission. While the conventional CF method adds roughly the same interference power to each of the transmission streams, the proposed method suppresses the addition of interference power to the streams with good channel conditions. Since the sum capacity is dominated by the capacity of the streams under good channel conditions and the interference caused by the PAPR reduction process severely degrades the achievable capacity for these streams, the proposed method significantly improves the achievable sum capacity compared to the conventional CF method for a given PAPR. Simulation results show the capacity gain by using the proposed method compared to the conventional method.