Focus Financial Partners, a partnership of independent wealth management firms, has reached a definitive agreement with New York-headquartered investment firm Centerbridge Capital Partners II for an investment of $216 million.

The deal is expected to close in the third quarter and Focus partners and management will continue to retain a majority of their ownership in the company, the firm said in a statement.

Early investors in Focus, Summit Partners and Polaris Ventures, will remain shareholders.

“The independent RIA industry is a growing $3.2 trillion market that continues to attract fiduciary-minded wealth managers. This investment adds to our deep pool of available capital as we continue to work closely with our partner firms to support their own growth initiatives. Most importantly, Centerbridge’s investment creates liquidity for many of our shareholders at an attractive return," said Rudy Adolf, founder and chief executive of Focus.