Introducing the Morningstar PitchBook US Modern Market 100: The First Benchmark to Track Public & Private Market Companies in a Single Index
Morningstar and PitchBook combine industry leading index expertise and private market intelligence to help investors bridge the public-private market gap.
Morningstar, Inc. (NASDAQ:MORN), a leading provider of independent insights and index solutions, has introduced the Morningstar PitchBook US Modern Market 100 Index (‘Modern Market 100'). With the growth of private capital markets, this new benchmark is the first to bridge public and private equity exposure in a single index. The index provides a unified framework to benchmark performance and serves as the basis for investable products.
Unlike traditional benchmarks capturing only publicly listed companies, the Modern Market 100 blends the largest US-listed companies with the most significant late-stage venture-backed private companies. According to Morningstar experts, with companies raising significant capital while staying private longer, public indexes don't always include the full investor opportunity set. This is especially true in technology-driven areas like AI, biotech, and fintech, where many of the most dynamic firms remain private well into maturity. Morningstar research highlights that expanding equity market exposure to late-stage VC-backed companies can enhance diversification and unlock growth potential in innovative segments which public markets alone cannot capture.
The Modern Market 100 is the first index to measure the performance of 100 of the largest US companies, combining 90 publicly listed firms with 10 VC-backed leaders such as SpaceX, OpenAI, and Stripe, in a single point of access to both public and private equities. To accurately represent the relative overall size of the public and private equity markets, the index allocates 90% to public companies and 10% to private firms, ensuring the index mirrors the actual structure of the modern equity landscape.
Built for investability, the index applies transparent pricing, liquidity screens, and quarterly rebalances. It calculates daily, with prices for VC-backed companies based on verified secondary market transactions, while public company prices are sourced from official exchange closes.
The Modern Market 100 is the latest in Morningstar's growing suite of indexes drawing on PitchBook's leading private market data and insights to help investors better understand and access private markets. This effort reinforces Morningstar's commitment to developing a next generation of companion indexes designed to equip investors with more accurate tools, deeper insights, and better ways to navigate an evolving market landscape.
Ron Bundy – President, Morningstar Indexes: "As private investments make their way into more investor portfolios, investors need better data and relevant benchmarks to capture the modern opportunity set. Our new index empowers investors with a unified framework that reflects both public and private market leaders, so investors can evaluate public and private investments on the same level playing field."
Joanna McGinley, EVP, Strategic Partnerships and Initiatives, PitchBook: "PitchBook is uniquely positioned to help build this index because of the depth of our private market data and the research expertise we've developed over nearly two decades. Modern Market 100 brings together our proprietary insights into venture-backed companies with the transparency of public markets, offering investors an investable view of how today's most important companies perform across the private-to-public lifecycle. We believe this index not only provides a valuable benchmarking tool but also advances the industry by helping investors better understand and navigate the convergence of private and public markets."
About Morningstar Indexes
As the fastest-growing global index provider for the last five years according to Burton-Taylor International Consulting, Morningstar Indexes was built to keep up with the evolving needs of investors—and to be a leading-edge advocate for them. Morningstar's rich heritage as a transparent, investor-focused leader in data and research uniquely equips Morningstar Indexes to support individuals, institutions, wealth managers and advisors in navigating investment opportunities across all major asset classes, styles, and strategies. From assessing risk and return with traditional benchmarks to helping investors effectively incorporate ESG objectives into their investment process, our range of index solutions spans an investment landscape as diverse as investors themselves. We help investors answer today's increasingly complex questions so that they can more easily reach tomorrow's goals. Please visit indexes.morningstar.com for more information.
About PitchBook, a Morningstar company
PitchBook, a Morningstar company, is a financial data and software company that provides transparency into the capital markets to help professionals discover and execute opportunities with confidence and efficiency. PitchBook collects and analyzes detailed data on the entire venture capital, private equity, and M&A landscape—including public and private companies, investors, funds, investments, exits, and people. The company's data and analysis are available through the PitchBook Platform, industry news, and in-depth reports. Founded in 2007, PitchBook operates globally with more than 3,000 team members. Its platform, data, and research serve over 100,000 professionals around the world.
About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $352 billion in AUMA as of June 30, 2025. The Company operates through wholly- or majority-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on X (formerly known as Twitter) @MorningstarInc.
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