We believe that helping investors navigate the convergence of public-private markets represents one of the most compelling opportunities for Morningstar. We are monetizing our efforts across multiple parts of the business.
- PitchBook: PitchBook continues to expand private credit data coverage, including business development company (BDC) data and research. A recently launched BDC report and analysis of BDC portfolio health has seen high engagement and contributed to growth in credit investor users. We have also steadily introduced enhancements to the Lumonic portfolio monitoring solution, such as a new Model Context Protocol (MCP) Library that includes portfolio review and valuation sheet artifacts, allowing users to integrate their full private credit portfolio data captured in Lumonic into AI-enabled workflows. PitchBook also continues to emphasize its proprietary intellectual property (IP) and analytics like Valuation Estimates, VC Exit Predictor and Time to Exit, and Credit Default Predictor supporting key deal sourcing and deal execution use cases. Collectively, these efforts are designed to drive greater demand for PitchBook and its data as we can better support our clients’ core use cases.
- Morningstar Credit: Credit ratings referencing the private markets have been an important driver of Morningstar Credit’s growth over the past few years, driving roughly a quarter of credit ratings revenue in 2025 and we continue to see good long-term growth opportunities in this space.
- Morningstar Wealth: We are expanding our multi-asset model offering to include a suite of public/private portfolios in collaboration with Apollo, Franklin Templeton, and J.P. Morgan Asset Management that give financial advisors a single, research-supported avenue to access private markets.
- Morningstar Retirement: We are consulting with private asset managers to help them determine the appropriate liquidity levels and structure for private investments used within defined contribution retirement plans. We anticipate that some registered investment advisors will begin incorporating private investments in Advisor Managed Accounts, driving greater engagement and asset growth.
- Morningstar Direct Platform: We’ve expanded coverage on semiliquid funds and have seen growth in our data licenses for semiliquid fund data and ratings, including both existing clients expanding the scope of their licenses, and new client types who have traditionally served only the private market space. As we continue to add semiliquid fund data and analytics designed to better reflect portfolio composition, including private market exposure to our software products, we have seen installations in new user groups within our advisor and asset manager markets.
- Morningstar Indexes: We have added licenses for Morningstar PitchBook Private Market Indexes, including the Unicorn series, Modern Market 100, and Evergreen Fund Index.