JPMorgan Chase introduces a new index mapping the US private middle market, offering a much-needed benchmark for investors amid the sector’s rapid expansion and declining public listings.
JPMorgan Chase has launched a new index designed to map the private middle market in the United States, a corner of the economy that has become harder for investors to measure even as it has grown in importance. The bank says the benchmark covers roughly 6,400 closely held companies with annual revenue ranging from $10 million to $1 billion, together representing about $1 trillion in yearly sales.
According to JPMorgan research published this week, the index is intended to give general partners, limited partners, corporations and middle-market businesses what the bank describes as an “institutional-grade measuring stick”. The initiative is part of a broader push by the lender to create a suite of tools offering greater transparency across private markets.
The move reflects a wider structural shift in US business. The number of publicly listed companies has fallen sharply since the late 1990s, while the private company universe has expanded, leaving investors with less reliable benchmarks for a fast-growing segment of the economy. JPMorgan analysts led by Gloria Kim, the bank’s head of global index research, argued that the scale of the middle market stands in stark contrast to the weakness of the infrastructure used to track it.
Bloomberg Law reported that the index’s levels will be estimated using revenue growth, and Placera said the benchmark is being positioned as a diagnostic tool rather than something investors can directly trade. That suggests JPMorgan is trying to build an informational reference point first, rather than an investable product.
The bank’s latest effort fits a broader theme championed by chief executive Jamie Dimon, who has repeatedly highlighted the migration of economic activity away from public markets and towards private ones. For asset managers, lenders and corporate finance teams, the new index is another sign that private company data is becoming a more strategic business in its own right.
- https://www.financial-planning.com/articles/jpmorgan-creates-new-index-tracking-6-400-private-companies – Please view link – unable to able to access data
- https://www.financial-planning.com/articles/jpmorgan-creates-new-index-tracking-6-400-private-companies – JPMorgan Chase has developed an index that monitors approximately 6,400 private mid-sized companies in the United States, collectively generating $1 trillion in annual revenue. This initiative aims to enhance transparency for investors in the realm of privately held firms. The index is designed to serve as a benchmark for general partners, limited partners, corporations, and middle-market companies, providing an institutional-grade measuring tool. Each company within the index reports annual revenues ranging from $10 million to $1 billion. Analysts, led by Gloria Kim, JPMorgan’s head of global index research, highlighted the disparity between the expanding middle market and the existing measurement infrastructure.
- https://news.bloomberglaw.com/securities-law/jpmorgan-creates-new-index-tracking-6-400-private-companies-1 – JPMorgan Chase & Co. has introduced an index that tracks private mid-sized companies in the U.S., collectively generating $1 trillion in annual revenue. This index is part of a series of planned tools aimed at providing investors with greater transparency into the world of closely held firms. The product is intended to offer general partners, limited partners, corporations, and middle-market firms ‘an institutional-grade measuring stick.’ It includes about 6,400 firms, each with annual revenue of $10 million to $1 billion. The index’s levels will be estimated based on revenue growth.
- https://www.placera.se/telegram/market-chatter-jpmorgan-chase-creates-middle-market-index-to-track-private-companies-20260506 – JPMorgan Chase has created an index tracking about 6,400 private U.S. mid-sized companies with a combined $1 trillion in annual revenue. The index, J.P. Morgan Private Assets Index (JPAX)-Middle Market, is designed to give investors and middle-market firms ‘an institutional-grade measuring stick’ covering companies with annual revenue ranging from $10 million to $1 billion. The index will function as a ‘diagnostic instrument’ rather than a tradable product.
- https://minfin.com.ua/ua/2026/05/07/173377682/ – JPMorgan Chase has created an index that tracks private mid-sized companies in the U.S., collectively generating $1 trillion in annual revenue. This index is part of a series of planned tools aimed at providing investors with greater transparency into the world of closely held firms. The product is intended to offer general partners, limited partners, corporations, and middle-market firms ‘an institutional-grade measuring stick.’ It includes about 6,400 firms, each with annual revenue of $10 million to $1 billion.
- https://newsdig.tbs.co.jp/articles/withbloomberg/2644861?display=1 – JPMorgan Chase has introduced an index that tracks private mid-sized companies in the U.S., collectively generating $1 trillion in annual revenue. This index is part of a series of planned tools aimed at providing investors with greater transparency into the world of closely held firms. The product is intended to offer general partners, limited partners, corporations, and middle-market firms ‘an institutional-grade measuring stick.’ It includes about 6,400 firms, each with annual revenue of $10 million to $1 billion.
- https://www.etfrc.com/JPME – The JPMorgan Diversified Return U.S. Mid Cap Equity ETF (JPME) is an exchange-traded fund that tracks an index of mid-cap U.S. stocks selected using relative value, momentum, and quality factors, and for equal risk contribution by sector. The fund was launched on May 11, 2016, and is issued by JPMorgan Chase. As of April 22, 2026, the fund has assets of $447.06 million, an expense ratio of 0.24%, and a price of $120.68.
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The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The article reports on a new index launched by JPMorgan Chase on May 6, 2026, with no prior mentions found in recent sources. No recycled or outdated content identified. ([news.bloomberglaw.com](https://news.bloomberglaw.com/securities-law/jpmorgan-creates-new-index-tracking-6-400-private-companies-1?utm_source=openai))
Quotes check
Score:
10
Notes:
Direct quotes from JPMorgan analysts led by Gloria Kim are consistent across sources, with no discrepancies or variations found. ([news.bloomberglaw.com](https://news.bloomberglaw.com/securities-law/jpmorgan-creates-new-index-tracking-6-400-private-companies-1?utm_source=openai))
Source reliability
Score:
10
Notes:
The article originates from Financial Planning, a reputable publication in the financial sector, ensuring high source reliability. No signs of derivative content or aggregation from other sources detected.
Plausibility check
Score:
10
Notes:
The claims about JPMorgan’s new index align with information from other reputable sources, including Bloomberg Law. ([news.bloomberglaw.com](https://news.bloomberglaw.com/securities-law/jpmorgan-creates-new-index-tracking-6-400-private-companies-1?utm_source=openai)) The details about the index’s coverage and purpose are consistent and plausible.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The article meets all verification standards, with no significant concerns identified in any of the checks. All claims are supported by reputable sources, and the content is original and independently verified.