Focus Financial Partners, a NYC-based international partnership of independent, fiduciary wealth management firms, received a majority investment of undisclosed amount.
The closing of the transaction is subject to customary approvals and expected in mid-2017.
The round, which was led by Stone Point Capital and KKR represents the third liquidity event for Focus since 2013, valued Focus at approximately $2 billion. Selling shareholders included existing private equity investors Centerbridge Partners, Summit Partners and Polaris Partners, as well as certain wealth management affiliates and employees.
The senior management team will continue to lead the business and each will remain a significant shareholder.
Founded in 2006 by Rudy Adolf, CEO, Focus Financial Partners provides access to best practices, resources, and continuity planning for its partner firms who serve individuals, families, employers and institutions with wealth management, benefits consulting and investment consulting services.
The firm has over 45 partner firms and affiliates across the United States, Australia, Canada and the United Kingdom, with a joint venture in China.