Morningstar, PitchBook to Launch Index Suite for Semiliquid Private Market Funds

Morningstar Inc. (Nasdaq: MORN) – a leading global provider of independent investment research best known for its widely followed mutual fund and ETF ratings – announced the upcoming launch of the Morningstar PitchBook US Evergreen Fund Indexes. With the full suite expected to become available in the first quarter of 2026, these indexes will offer investors comprehensive peer group benchmarks designed to measure the performance of non-traded “semiliquid” or “evergreen” funds.

Spanning multiple asset classes through sub-indexes across private equity, private debt, real estate, infrastructure and multi-asset strategies, the Morningstar PitchBook US Evergreen Fund Indexes will remove barriers in private markets to offer investors a data-driven view of how evergreen funds perform relative to public market alternatives, and one another.

“Despite the rapid growth of the evergreen fund market, investors have lacked essential tools to conduct due diligence and compare performance on a consistent basis,” said Sanjay Arya, head of index innovation, Morningstar Indexes. With the Morningstar PitchBook US Evergreen Fund Indexes, we’re addressing that gap – bringing greater transparency, comparability, and rigor to one of the fastest ways for investors to gain access to private markets.”

Morningstar’s new Medalist Rating for Semiliquid Funds and recently expanded semiliquid fund categories further support investors of all kinds with the due diligence, insights, and tools to confidently navigate the convergence of public and private markets. Morningstar introduced seven new categories in the United States and three in Europe at the end of last month that classify these semiliquid vehicles into suitable peer groups, bringing the same insight to these emerging products that Morningstar provides for traditional investments.

The Rise of Semiliquid Funds

Over the past several years, evergreen, or semiliquid, funds have evolved from niche structures into one of the fastest-evolving segments of private markets. These vehicles blend access to private assets with periodic liquidity, perpetual life, and simplified reporting, giving investors exposure to institutional-grade strategies with the convenience of mutual funds or ETFs.

As of mid-2025, U.S. evergreen funds managed approximately $450 billion in net assets, up from $250 billion in 2022. That figure is projected to surpass $1 trillion by the end of the decade, according to Morningstar and PitchBook data, reflecting investors’ growing appetite for diversification, income generation, and private market exposures.

The Morningstar PitchBook US Evergreen Fund Indexes provide a rules-based framework for measuring and comparing performance across unlisted evergreen vehicles, including interval funds, tender offer funds, business development companies, and real estate investment trusts. The index family combines monthly and daily calculated indexes to capture the full investable universe of unlisted evergreen funds and accommodate different reporting cadences.

• Morningstar PitchBook US Evergreen Fund Indexes:Provide a comprehensive view of all unlisted semiliquid funds, with sub-indexes focused on private capital strategies such as direct lending, alternative credit, private equity, real estate, infrastructure, and multi asset funds, enabling peer comparisons and strategy level benchmarking.
• Morningstar PitchBook US Daily Evergreen Fund Indexes:Track funds reporting daily net asset values, offering higher-frequency insights for this cohort of the universe.

“As the pulse of the private markets, PitchBook is committed to bringing greater clarity and context to an increasingly complex and dynamic ecosystem. We’re helping investors better understand and benchmark the performance of evergreen funds, a critical step toward transparency in private markets,” said Dan Cook, global head of quantitative research and market intelligence, PitchBook.

“By combining PitchBook’s deep data and private market expertise with Morningstar’s index innovation, we’re building the tools and insights investors need to make more informed decisions in an evolving landscape,” added Cook.

Advancing Transparency Amid Converging Markets

Drawing on the data and private market expertise from PitchBook, LCD, and Morningstar Credit, Morningstar said it seeks to deliver transparency and comparability across asset classes to support better portfolio decisions. Its investor-first approach integrates four connected capabilities: actionable data, standardized analytics, Differentiated IP like the Morningstar PitchBook Unicorn 30 and Modern Market 100 indexes, and unified workflow tools like Direct Advisory Suite and the addition of Lumonic’s private credit monitoring.

Together, these capabilities enable professionals to construct, monitor, and explain portfolios with greater precision—empowering investor success across every layer of the investing ecosystem.

PitchBook delivers trusted, real-time data, research, and technology to help investors, dealmakers, and innovators make decisions with confidence. Founded in 2007, PitchBook today serves more than 100,000 clients worldwide and is recognized as a leading source of private capital market intelligence.

Morningstar is a global provider of independent investment insights offering an extensive line of products and services for individual investors, financial advisers, asset managers and owners, retirement plan providers and sponsors, and institutional investors in the debt and private capital markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $352 billion in assets under management and administration as of June 30, 2025.

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