# Five Stones Investment Group

Five Stones Investment Group is a Private Equity based in Cincinnati, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Cincinnati, United States
- **Region:** North America
- **Address:** Cincinnati, OH, United States
- **Founded:** 2020
- **Assets under management:** Undisclosed
- **Website:** www.fsig.com
- **LinkedIn:** https://www.linkedin.com/company/five-stones-investment-group

## Regulatory record

- **Reports private funds:** No

## About

Five Stones Investment Group was founded in 2020. The firm works with a select group of families to invest across various opportunities. Five Stones Investment Group has made 2 investments, including a PIPE investment in AmeriServ Financial on September 21, 2005.

## Sectors

- Financial Services
- Real Estate

## People

- Steven N. Stein — Co-founder and Principal
- John M. Stein — Co-founder and Principal
- Eric S. Stein — Principal

## Questions

### Who runs investment decisions at 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.

### What is the relationship between Five Stones Investment Group and FSI Group?

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.

### What asset classes does Five Stones invest in?

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.

### Which sectors does Five Stones explicitly target?

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.

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- [Fivestar Holdings](https://altss.com/profile/fivestar-holdings)
- [Five V Capital](https://altss.com/profile/five-v-capital)

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Last updated: 2026-06-03T20:00:00.000Z

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