Focus Financial Partners, a New York-based acquirer of wealth-management firms, received a cash infusion of $50 million from Polaris Venture Partners and Summit Partners. The raise comes as the wealth management advisory sector continues to attract strong interest from private equity buyers.

Waltham, Massachusetts-based Polaris contributed $35 million to Focus Financial, while Boston-headquartered Summit, invested $15 million in the company.

In February 2006, Focus Financial received an initial $35 million from Summit. The company was founded in 1984 by Rudy Adolf, a former American Express executive and partner at McKinsey & Co. Since Focus Financial was launched, the wealth-management firm acquirer purchased 17 wealth management firms and now manages about $30 billion in assets.

In speaking with Mergers & Acquisitions, Summit managing director Kevin Mohan said the portfolio company “has done more than we ever expected they could have achieved three years ago.” He noted, “We think that they will continue to do well, even with the ups and downs of the market.”

Alan Spoon, general partner at Polaris, told this publication that he expects the company will achieve organic growth as a result of partner advisory firms “speaking with one another and sharing best practices.” In addition, he compared the portfolio company’s current growth to “arriving at the ocean after the tide has gone.” He believes that, over time, rising asset valuations will steadily improve the business.

Simultaneous to the infusion, Focus Financial acquired Joel Isaacson & Co., Inc., an advisory firm that manages about $31 billion in client assets. Terms of the transaction were not disclosed.

Bank of America Corp. has served as the lead arranger of Focus’s credit consortium since 2007.

Adolf, Focus Financial’s founder and chief executive, said, “Three years ago, we wouldn't have predicted the level of demise of wirehouses.” He said independent wealth management firm have moved from “a very attractive niche market, to playing a dominant role within the advisory business.”

The wealth advisory business has experienced several transactions in recent months. In October, Cascade Bancorp of Oregon sold $65 million of its common stock to Lightyear Capital and to David F. Bolger.