Five Stones Investment Group

Investment decisions are made by the founding principals: Steven N. Stein, John M. Stein, and Eric S. Stein. They previously co-managed FSI Group's equity hedge funds and private equity vehicles for 25 years. Steven brings a legal and governance background from Harvard Law and Taft Stettinius, John is a CFA charterholder and former Bankers Trust executive, and Eric worked in financial institutions M&A at Morgan Stanley before serving at the U.S. Treasury and State Department.

Five Stones is the successor firm to FSI Group, a registered investment advisor the Stein family ran from 1995 to 2020 that specialized in financial services. The same three principals managed FSI's long/short equity hedge fund and six private equity funds, which at their peak oversaw more than $5 billion. Five Stones was formed after FSI's wind-down, carrying forward the team's investment heritage but with a fresh mandate across multiple asset classes.

The firm's mandate spans venture capital, private equity, real estate, public securities, and special situations. This multi-asset approach mirrors the broad toolkit the principals honed at FSI Group, which ran a long/short equity hedge fund alongside a series of private equity vehicles, all within the financial services and real estate sectors.

Based on its predecessor firm's three-decade specialization and the principals' biographies, the firm focuses on financial services — including publicly traded and private banks — and real estate. The current website does not list other sector concentrations explicitly, though the broad venture and private equity mandates leave room for opportunistic investments beyond these core areas.