Summit Partners has joined with Polaris Venture Partners to extend its investment in Focus Financial Partners, an umbrella organisation for a partnership of several independent wealth management firms.

Polaris and Summit have invested a combined $50 million of growth capital in Focus - $35 million from Polaris, $15 million from Summit - building on an initial investment from Summit in 2006. Fiduciaries of Focus are given support and investment in recruiting and sub acquisitions, expansion of services, marketing and business development.

Focus will use the new capital to acquire more partners and maintain their current investment commitments.

"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 [registered investment advisor] industry at this time,” said Rudy Adolf, founder and chief executive of Focus.

Focus’ newest partner is New York-based Joel Isaacson & Co which will increase the partnerships overall client assets to over $31 billion

"We believe the strength of the Joel Isaacson & Co. is value proposition, including the firm's ability to work with clients on highly complex financial plans and tax strategies…By joining Focus, the firm can accelerate its efforts as the Focus management team and their fellow partner firms assist them with marketing and business development," said Mr Adolf.

Focus has also purchased a $30 million accordion in order to extend its credit facility and expand its capital structure. Focus says it does not interfere with the management of its partner firms by whome it is majority owned.