Morningstar, Inc. and PitchBook announced the launch of the Morningstar PitchBook US Evergreen Fund Indexes, a new suite of benchmarks that will be available in the first quarter of 2026. The indexes provide peer‑group performance measures for non‑traded evergreen funds across private equity, private debt, real estate, infrastructure, and multi‑asset strategies, offering investors a transparent way to compare these complex vehicles.
The indexes will feature monthly and daily calculations and will be built on a rules‑based framework that incorporates data from PitchBook’s private‑market database and Morningstar Credit’s structured‑finance ratings. By combining these data sources, the product aims to fill a longstanding gap in the market for reliable, comparable performance metrics for evergreen funds, which are increasingly popular due to their blend of private‑market returns and periodic liquidity.
As of mid‑2025, U.S. evergreen funds managed roughly $450 billion in assets, up from $250 billion in 2022, and are projected to exceed $1 trillion by the decade’s end. The new index suite positions Morningstar to capture a share of this expanding market, potentially generating new subscription revenue and strengthening its foothold in private‑market analytics.
The partnership also dovetails with Morningstar’s recent launch of the Medalist Rating for semiliquid funds, reinforcing the company’s strategy to provide end‑to‑end data and research solutions for the private‑market segment and to differentiate itself from competitors such as FactSet, MSCI, and S&P Global.
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