Morningstar and PitchBook to Launch Comprehensive Index Suite for Evergreen Private Market Funds
New indexes deliver a full-service solution—integrating ratings, research, and private market data—to bring transparency and structure to a complex and fast-growing segment of the private markets.
Morningstar, Inc. (NASDAQ:MORN), a leading provider of independent insights, today announced the upcoming launch of the Morningstar PitchBook US Evergreen Fund Indexes. With the full suite expected to become available in Q1 2026, these indexes will offer investors comprehensive peer group benchmarks designed to measure the performance of nontraded "semiliquid" or "evergreen" funds.
Spanning multiple asset classes through subindexes 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.
Sanjay Arya, head of index innovation, Morningstar Indexes: "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. 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 US 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 (BDCs), and Real Estate Investment Trusts (REITs). The index family combines monthly and daily calculated indexes to capture the full investable universe of unlisted evergreen funds and accommodate different reporting cadences. Key components include:
- Morningstar PitchBook US Evergreen Fund Indexes: Provide a comprehensive view of all unlisted semiliquid funds, with subindexes 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 NAVs, offering higher-frequency insights for this cohort of the universe.
Dan Cook, global head of quantitative research and market intelligence, PitchBook: "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. 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."
Advancing Transparency Amid Converging Markets
Drawing on deep data and private market expertise from PitchBook, LCD, and Morningstar Credit, Morningstar is delivering transparency and comparability across asset classes to support better portfolio decisions. Its investor-first approach integrates four connected capabilities:
- Actionable data, including expanded data coverage on private companies and semiliquid funds
- Standardized analytics including standardized categories, liquidity-adjusted risk scores, and percent-private exposure
- Differentiated IP like the Morningstar PitchBook Unicorn 30 and Modern Market 100 indexes
- Unified workflow tools like Direct Advisory Suite and the addition of Lumonic's private credit monitoring alongside PitchBook's best-in-class private markets reference data and analytical suite.
Together, these capabilities enable professionals to construct, monitor, and explain portfolios with greater precision—empowering investor success across every layer of the investing ecosystem.
For more information about this Index family, click here: https://indexes.morningstar.com/morningstar-pitchbook-evergreen-fund-indexes
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
As the pulse of private capital markets, PitchBook delivers trusted, real-time data, research, and technology to help investors, dealmakers, and innovators make decisions with confidence. Its products provide comprehensive information on companies, investors, funds, deals, and people, along with tools that help professionals analyze market activity and make informed decisions. Founded in 2007, PitchBook today serves more than 100,000 clients worldwide and is recognized as the leading source of private capital market intelligence. PitchBook has grown to over 3,000 employees across offices in Seattle, San Francisco, New York, London, Singapore, Mumbai, and other global locations.
For more information, visit www.pitchbook.com
©2025 Morningstar, Inc. All rights reserved.
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