FSB

Stephen Ross is the principal decision-maker, supported by a lean internal investment team operating without a public-facing CIO. The office functions as Ross's private capital vehicle, separate from the institutional asset management operations of Related Companies.

FSB is a single family office that deploys Stephen Ross's personal capital. While it participates in venture rounds — including investments in Swarm Technologies and Bodhi — it does not raise outside funds or charge management fees. The structure gives Ross discretion to back long-duration, relationship-driven deals without reporting to limited partners.

The office sources through the Ross family network, Related Companies relationships, and the sports ecosystem around the Miami Dolphins, Hard Rock Stadium, and the Formula 1 Miami Grand Prix. Co-investors and deal sponsors often come through Ross's roster of business partners built over five decades in real estate development and professional sports ownership.

FSB invests across venture and growth equity stages. SEC filings show the office participating in early-stage technology rounds, while its sports-related investments target mature, cash-flowing assets tied to live events and stadium-anchored development. The office does not publish a defined stage mandate.

FSB is the private investment vehicle for Stephen Ross, who founded Related Companies. The two entities are legally separate — FSB manages Ross personal and family capital, while Related operates as a private real estate developer and fund manager for institutional investors. FSB's New York office is located near Related's headquarters, but its investment committee and portfolio operate independently.

FSB's known investment activity concentrates on direct deals, including venture capital co-investments and sports-franchise equity. The office does not publicly disclose a fund-of-funds program, and no public filings surface FSB as a limited partner in third-party private equity or venture funds, though allocations to external managers are possible given the office's private posture.

FSB itself does not operate as a philanthropic entity. Stephen Ross's charitable giving flows through the Stephen M. Ross Foundation and direct gifts — including over $400 million to the University of Michigan across his lifetime (per university records) — which are legally separate from the investment office.