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Focus Financial receives USD50m from Polaris and Summit

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Focus Financial Partners, a partnership of independent wealth management firms, has received a USD50m growth capital investment from Polaris Venture Partners and Summit Partners.

Polaris has contributed USD35m and Summit, Focus’ initial backer in January 2006, an additional USD15m.

Concurrent with the investment, Focus has extended and amended its bank credit facility with a USD30m accordion to further expand the capital structure.

Focus will use the capital 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.

Rudy Adolf (pictured), founder and chief executive of Focus, says: “We continue to attract new partner firms and stay committed to investing in the growth of our existing partner firms. 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.”

Alan Spoon, general partner at Polaris Ventures, says: “After analysing the Focus strategy and its individual partner firms in detail, we were convinced that the Focus partnership is delivering precisely what clients are looking for – high quality, independent investment advice and an exceptional client experience – all within an outstanding overall business model.”

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