MoffettNathanson

MoffettNathanson does not manage outside capital, so there are no investment decisions in the asset-management sense. The firm's research recommendations — stock ratings, price targets, and thematic reports — are authored by its senior analysts, principally co-founders Craig Moffett and Michael Nathanson, alongside their team. Each analyst has signature coverage areas; Moffett leads on telecom and cable, Nathanson on media and entertainment.

As a research-only firm, MoffettNathanson does not source investments or deal flow. Its proprietary edge comes from primary financial analysis, management meetings, and industry data sets — not from transaction sourcing. The firm competes with bank-affiliated research departments by maintaining a concentrated coverage list and avoiding the conflicts that come from underwriting or advisory work.

Neither. MoffettNathanson is an independent institutional equity research partnership. It sells subscription-based research to professional investors — asset managers, hedge funds, and pension plans — covering publicly traded telecom, media, and internet companies. It has no private investment vehicles, no venture arm, and no family-office wealth management business.

MoffettNathanson does not participate in fund commitments or direct deals at all. The firm is an equity research provider, not a fund allocator or co-investor. Institutional clients use its published research to inform their own public-market investment decisions, but the firm itself takes no principal positions on behalf of third-party capital.

The firm does not target investment stages. Its coverage universe is entirely composed of publicly traded equities, typically large- and mega-cap US-listed companies. The research does occasionally address pre-IPO dynamics or spin-off scenarios, but only as context for analyzing the public companies under coverage.

SVB Financial Group acquired the research business via its purchase of Leerink Partners, which had previously integrated MoffettNathanson. Following SVB's bankruptcy in 2023, the MoffettNathanson unit returned to independence in May 2024 when the firm's founders and management purchased the business back (per Reuters, May 2024). The firm now operates as an independent partnership.

MoffettNathanson has no co-investment posture or platform. The firm exists solely to produce and sell equity research. It does not invest alongside GPs, does not participate in club deals, and does not operate any pooled investment vehicles. Its entire revenue model is subscription fees for written research and analyst access.