Focus is getting an investment from Polaris Venture Partners, which has been involved primarily in backing information technology and life science businesses, the publication said, citing unnamed sources.

Another private-equity firm also is expected to participate in the recapitalization, it said.

The new capital comes at a crucial time for Focus, which has acquired stakes in 16 firms with a combined total of more than $20 billion in managed assets since its establishment. It was created by Rudy Adolf, its current chief executive.

As well as businesses in the US, Focus’s partnership membership includes Greystone Financial Services, a UK firm. Its business growth is part of a broader move by wealth management and financial advisory “aggregators” to build networks at a time when the industry faces rising regulatory costs.