Polaris Venture Partners and Summit Partners have invested $50m growth capital in Focus Financial Partners, LLC, the international partnership of independent, fiduciary wealth management firms.
Polaris contributed $35m and Summit Partners, Focus’ initial backer in January 2006, an additional $15m.
In conjunction with the investment, Focus extended and amended their bank credit facility with a $30m to continue with acquisitions of quality wealth management firms. Focus is also dedicating additional resources to a variety of activities to support growth for partners including recruiting and sub acquisitions, expansion of services, marketing and business development.
With over $31bn in assets and over 600 employees, Focus partners provide wealth management, benefit and investment consulting services to individuals, families, employers, and institutions.
Commenting on the deal Rudy Adolf, Founder and CEO of Focus, said, “This funding provides us with the additional firepower we need to further accelerate our growth in the face of the tremendous opportunity that lies before the RIA industry at this time”.
Focus Financial Partners, LLC has offices in New York, and San Francisco.