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FS Investors Team

Michael R. Stone

Mike is the Founder and Managing Member of FS Investors. He was Founder and non-executive Chairman of J.H. Whitney Investment Management, LLC, which focused on Asia based hedge funds, and he is retired Senior Partner and past President of J.H. Whitney & Co., a diversified manager of alternative investment assets and the country's first venture capital firm. He joined J.H. Whitney & Co. in 1989 and retired in 2009. Prior to that, he was a management consultant with Bain & Company. He currently serves as a Senior Advisor and Partner of TPG, a private equity firm. In his roles at FS Investors, Whitney, and TPG, he has overseen or been involved with the completion of over 150 investments, cumulatively responsible for several billion dollars of equity capital deployment.

Mike has created and operates active foundations focused on improving the lives of communities in need, and particularly children within those communities. He serves on the Board of Directors of several private companies. He attended Duke University, where he graduated Phi Beta Kappa, Summa Cum Laude, and Harvard Business School. Mike is a member of the San Diego Chapter of WPO and is on the Boards of The Fuqua School of Business at Duke University, The Library Advisory Board at Duke University, and The Bishops School. He serves on the Dean's Advisory Council at The Rady School of Business at UCSD, the Board of Advisors for the Norman B. Leventhal Map Center at the Boston Public Library, and on the Library of Congress Madison Council. Mike is a member of the Big Brothers Big Sisters of San Diego County President's Circle, and previously served on the Boards of The Gillispie School, The Monarch School Project, The San Diego Museum of Art, and The University of San Diego School of Business.

Nick Stone

Nick is a Partner at FS Investors. Prior to joining FS Investors, he was a Vice President at TPG Capital, one of the world's largest private equity funds. While at TPG, Nick was involved with investments totaling over $20 billion of revenue and approximately $2.5 billion of equity capital. Prior to joining TPG, Nick was an investment professional at KKR, another of the world's top 5 private equity investment firms. At KKR, he focused a large portion of his energy investing in the health care space.

Nick graduated cum laude from Harvard and was an Arjay Miller Scholar at the Stanford Graduate School of Business. Note: Mike and Nick Stone are not related.

Jon Dunbar

Jon is a Partner at FS Investors. Prior to joining FS Investors, he cofounded an investment advisory practice that specialized in using data science on poorly structured or challenging data for predictive purposes. Prior to that Jon performed valuation services for early stage public and private companies, focusing on complex securities and began his career analyzing private placement transactions. Jon received an MBA, a BS in Electrical Engineering and a BA in Economics from UCSD. Jon was awarded the Ernest Rady Fellowship at the Rady School of Management at UCSD.

Dave Dunbar

Dave is a Partner at FS Investors. Prior to joining FS Investors, he cofounded an investment advisory practice that specialized in using data science on poorly structured or challenging data for predictive purposes. Prior to that Dave was responsible for acquisitions and strategic planning at a homebuilder and developer and began his career as a bioinformatics researcher. Dave received an MBA and BS in Biochemistry and Cell Biology from UCSD. Dave was awarded the Ernest Rady Fellowship at the Rady School of Management at UCSD.

Mitchell Otolski

Mitch is Chief Financial Officer at FS Investors. Prior to FS Investors, he served as Vice President of Finance at Westwind Investors, an investment group co-managed by Mike. Prior to joining Westwind, he worked for Liquid Realty Partners and Gryphon Investors, both private equity funds located in San Francisco. At FS Investors, Mitch is responsible for financial, legal, accounting, taxation, reporting and related activities pertaining to investments, portfolio companies and internal funds, trusts and foundations. Mitch earned his BA in Finance and Accounting with honors from Montana State University.

Lucian Iancovici

Lucian is a partner at FS Investors and leads healthcare investing. Prior to FS Investors, Lucian was a GP at dRx capital and led the Qualcomm Life Fund. Previously, Lucian worked at McKinsey & Company, where he spent most of his time in the North American healthcare practice advising on clinical- and business-model transformation for large hospital systems. Lucian is a board certified internal medicine doctor, who practiced in New York prior to joining McKinsey and Company. Lucian trained in internal medicine at Columbia University Medical Center in New York and completed both medical school and his undergraduate studies at Tufts University.

Roger Stone

Roger is an Associate at FS Investors and performs new investment analysis while supporting a variety of operational activity across the portfolio. Prior to joining FS Investors, he worked as an Investment Analyst at Encourage Capital, a New York based private equity firm focused on impact investing around environmental themes like sustainable seafood and forestland conservation. Roger received a B.A. in Sustainable Development from Columbia University.

Tracy Houdmann

Tracy is the Executive Assistant to Michael R. Stone and FS Investors’ Office Manager. Prior to joining FS Investors, she was an Executive Assistant at Thomas H. Lee Capital in New York City. She was also an Executive Assistant in Capital Markets at Prudential Securities, also in NYC, and was in the Member Services and Lending Departments as well as the Information Technology Department at the Credit Union of Colorado in Denver and Grand Junction, Colorado. Ms. Houdmann’s path to San Diego originated in Texas, then Colorado, then NY, arriving CA in 2005, and she now celebrates 27 years’ experience in the financial industry.

Alex Jones

Alex is the Sr. Accountant at FS Investors. She came to FS Investors from Texas with a background in teaching. She started as an executive assistant to Nick Stone while training with the Controller and CFO. Soon thereafter Alex joined the finance team full time, working with Mitch on financial, legal, accounting, taxation, reporting and related activities pertaining to investments, portfolio companies and internal funds, trusts and foundations. Alex is also Co-Founder of The Ripple Project and serves as a Founding Member of the San Diego Trafficking Prevention Collective. Alex earned her BA in Communication Studies and Secondary Education with honors from Texas State University.


Advisor Network
FS Investors utilizes a network of advisors on a regular and ongoing basis to optimize our effectiveness in identifying, reviewing, completing and managing investments.


FS Investors Operating Advisors


Chris Chandler   :   Financial Services Executive   :   Mr. Chandler is CEO of Access Cash, a Montreal based operator of the second largest ATM network in Canada, and a past portfolio holding of FS Investors. Mr. Chandler advises FS Investors on financial services opportunities, and on more general opportunities in Canada.

Jeff Church   :   Consumer Products CEO   :   Mr. Church is CEO and co-founder of Suja Juice a fast growing organic, fresh pressed juice company and past CEO of Nika Water and Lynx Grills. Mr. Church advises FS Investors on a variety of consumer focused opportunities.

Bret Jorgensen   :   Healthcare Executive   :   Mr. Jorgensen is CEO of MDVIP, and past CEO of InSight Health, and currently serves as chairman of Crossover Health, a FS Investors portfolio investment. Mr. Jorgenson consults with FS Investors on healthcare related investments, and can serve as an interim CEO/Chairman as appropriate.

Sam Khoury   :   Turnaround Expert   :   Mr. Khoury has worked with FS Investors for nearly a decade, consulting on and engaging in turnaround activities. Sam is an attorney, and has authored numerous articles and books on turnaround management.

Mark Leibowitz   :   Financial Services CEO   :   Mr. Leibowitz is CEO of AppStar Financial, and Chairman of Apex Financial and Mulligan. Originally from South Africa, Mr. Leibowitz has been organizing and operating financial services entities in the U.S. since 1994.


FS Investors Senior Advisors

Steve Altman   :   Technology Executive   :   Mr. Altman previously served as Vice-Chairman and President of Qualcomm. Mr. Altman frequently supports FS Investors in its diligence activities, and actively co-invests in relevant projects.

Gene Ray   :   Communications Executive   :   Mr. Ray is retired Founder and CEO of Titan Systems. He supports FS Investors in its diligence activities, and co-invests in relevant projects.

Mark Schlossberg   :   Real Estate Investor and Executive   :   Mr. Schlossberg is founder and managing partner of Southwest Value Partners, a private real estate investment firm. Mr. Schlossberg advises FS Investors on real estate related matters.

Massih Tayebi   :   Technology Executive   :   Mr. Tayebi was Founder of Rapid Bridge, Wireless Facilities, and numerous other technology and communications related businesses. He supports FS Investors in its diligence activities, and co-invests in relevant projects.


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