The wealth management group, comprising a host of firms across the US, has closed a capital raising round. The money will be used to develop the business on a number of fronts, including M&A. The financial size of the funding round wasn’t disclosed.

The US wealth management group, Dynasty Financial Partners, has closed a minority private capital raise. It has added Abry Partners and Charles Schwab.

The firm, which is based in St Petersburg, Florida, said that several of its existing investors and directors of the board have put in new capital during the round. The financial size of the funding round wasn’t disclosed.

Other businesses in the Dynasty Network have invested in Dynasty as part of an “equity swap” program that has been launched concurrently with the round, Dynasty said in a statement last week. 

Dynasty said it chose to raise money with private investors because of the volatile nature of listed equity markets.

The firm intends to use some of the money to make “meaningful investments in technology and technology integrations, the addition of services to its core services offering, the further buildout of its TAMP and investment solutions offering, and the addition of intellectual capital and key talent.”

Dynasty also said that it will explore select corporate development and M&A opportunities. Additionally, some of the investment round will be used to fund secondary transactions to provide liquidity to long-time shareholders and founders of Dynasty.

As previously announced in September, Dynasty closed a $50 million credit facility from RBC Capital Markets, UMB Bank, JP Morgan, Citibank, and Goldman Sachs Bank that provides access to additional growth capital.

“After evaluating the state of the public markets, our board decided to have a handful of conversations with potential private investors. Having been afforded the luxuries of optionality and time, there were two requirements that were atop my list as we went through the process – partnership and alignment,” Dynasty’s president and CEO, Shirl Penney, said. 

Abry Partners is a Boston-based private equity firm that has completed more than $90 billion of leveraged transactions. It is a firm that has made recent investments in wealth managers including Beacon Pointe and Millennium Trust Company. Charles Schwab is the prominent US brokerage and investments business. It is the custodian of over half of the $72 billion in assets under advisement in the Dynasty Network.