Morningstar and PitchBook are introducing a new suite of indexes to benchmark and enhance transparency in the US evergreen private market fund segment, aiming to support investor due diligence amid explosive growth.
Morningstar and PitchBook have announced plans to launch a pioneering suite of indexes designed to benchmark and track the performance of evergreen private market funds, marking a significant step in bringing transparency and comparability to a rapidly expanding but historically opaque segment of the investment landscape. The Morningstar PitchBook US Evergreen Fund Indexes are slated for release in the first quarter of 2026 and will cover a broad array of private assets including private equity, private credit, real estate, infrastructure, and multi-asset strategies.
These indexes target non-traded, semi-liquid investment vehicles such as interval funds, tender offer funds, business development companies (BDCs), and non-traded real estate investment trusts (REITs). By providing both monthly and daily calculated benchmarks, the indexes are designed to accommodate the varying reporting cadences common among evergreen funds, helping to capture a full spectrum of these unlisted investment vehicles.
The initiative comes amid growing investor demand for better tools to evaluate the performance of private market strategies. Morningstar and PitchBook data indicate the US evergreen fund market has grown significantly, with net assets rising from approximately $250 billion in 2022 to $450 billion by mid-2025. Projections anticipate that assets under management in these strategies could surpass $1 trillion by 2030, underscoring the urgent need for robust benchmarks that aid in due diligence, performance assessment, and portfolio construction.
According to Morningstar, the new index suite addresses a critical gap in the market. Sanjay Arya, Head of Index Innovation at Morningstar, emphasised in a statement that despite the rapid growth of evergreen funds, investors have lacked consistent and rigorous tools for performance comparison. These indexes will adopt a rules-based framework, segmenting funds by underlying investment strategy to enable relevant peer comparisons and minimize distortions from fee structures by focusing primarily on institutional share classes.
This launch aligns with broader industry trends and regulatory developments. Earlier guidance from the US Department of Labor, reflecting a need to clarify fiduciary responsibilities around alternative assets in defined contribution plans, highlights the importance of reliable performance data and transparency for these types of investments. The federal directive aimed at providing clarity on including private market assets under ERISA underscores the strategic timing of Morningstar and PitchBook’s offering.
The index suite also complements Morningstar’s recent expansion of its fund classification system, introduced to provide clearer categorisations and peer comparisons as private markets increasingly converge with public markets. Industry observers expect that these indexes will become essential tools for investors and advisors seeking to navigate the complexities of semi-liquid private funds, offering data-driven insights into how these vehicles perform relative to each other and to public market benchmarks.
Moreover, these indexes represent part of Morningstar’s broader effort to integrate data, analytics, and advisory capabilities to enhance transparency and portfolio construction across asset classes. As private and public markets converge, investors gain greater opportunities for diversified exposure, but also require sophisticated tools for risk assessment and performance attribution.
In addition to the evergreen fund benchmarks, Morningstar and PitchBook recently introduced the Morningstar PitchBook US Modern Market 100 Index, the first benchmark to track both public and private market companies within a single index. This innovation signals the firms’ ongoing commitment to bridging gaps between private and public markets and providing investors with comprehensive tools to evaluate modern market dynamics.
In summary, the forthcoming Morningstar PitchBook US Evergreen Fund Indexes promise to establish a much-needed yardstick for evaluating semi-liquid private market funds, enhancing transparency, consistency, and comparability in a burgeoning market segment. With assets in evergreen funds on a steep growth trajectory, these indexes are poised to become pivotal in supporting investor due diligence and decision-making in private market investing.
- https://www.planadviser.com/morningstar-pitchbook-to-release-suite-of-private-market-fund-indexes/?utm_source=rss-feed&utm_medium=news&utm_campaign=feed – Please view link – unable to able to access data
- https://newsroom.morningstar.com/newsroom/news-archive/press-release-details/2025/Morningstar-and-PitchBook-to-Launch-Comprehensive-Index-Suite-for-Evergreen-Private-Market-Funds/default.aspx – Morningstar and PitchBook have announced the upcoming launch of the Morningstar PitchBook US Evergreen Fund Indexes, scheduled for Q1 2026. These indexes aim to provide comprehensive benchmarks for non-traded ‘semiliquid’ or ‘evergreen’ funds, covering asset classes such as private equity, private debt, real estate, infrastructure, and multi-asset strategies. The initiative seeks to enhance transparency and comparability in the rapidly growing private markets segment, addressing the need for consistent performance evaluation tools for evergreen funds.
- https://indexes.morningstar.com/morningstar-pitchbook-evergreen-fund-indexes – The Morningstar PitchBook Evergreen Fund Indexes offer a standardized, rules-based framework for measuring the performance of US-registered, unlisted semiliquid funds. These indexes segment funds by underlying investment strategy, including private credit, real estate, infrastructure, and private equity, enabling relevant peer comparisons and performance analysis. They are available in both asset-weighted and equal-weighted variants to support different analytical use cases, focusing on institutional share classes to minimize fee-based performance distortions.
- https://www.businesswire.com/news/home/20251105145951/en/Morningstar-and-PitchBook-to-Launch-Comprehensive-Index-Suite-for-Evergreen-Private-Market-Funds – Morningstar and PitchBook have announced the upcoming launch of the Morningstar PitchBook US Evergreen Fund Indexes, expected to be available in Q1 2026. These indexes are designed to provide comprehensive peer group benchmarks for non-traded ‘semiliquid’ or ‘evergreen’ funds, spanning multiple asset classes through subindexes across private equity, private debt, real estate, infrastructure, and multi-asset strategies. The initiative aims to offer investors a data-driven view of how evergreen funds perform relative to public market alternatives and one another.
- https://www.connectmoney.com/stories/morningstar-to-launch-first-comprehensive-indexes-for-u-s-evergreen-funds/ – Morningstar, Inc. has announced plans to launch the Morningstar PitchBook US Evergreen Fund Indexes, a suite of benchmarks designed to evaluate the performance of non-traded ‘semiliquid’ or ‘evergreen’ private market vehicles. The initial set of indexes is expected to be available in Q1 2026, offering investors standardized tools to compare evergreen funds with public market alternatives and with one another. The new index family will apply a rules-based framework to measure and compare performance across unlisted evergreen structures, including interval funds, tender-offer funds, business development companies (BDCs), and non-traded REITs.
- https://www.gurufocus.com/news/3186630/morningstar-and-pitchbook-to-launch-comprehensive-index-suite-for-evergreen-private-market-funds – Morningstar, Inc. has 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 non-traded ‘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 provide a data-driven view of how evergreen funds perform relative to public market alternatives and one another.
- https://newsroom.morningstar.com/newsroom/news-archive/press-release-details/2025/Introducing-the-Morningstar-PitchBook-US-Modern-Market-100-The-First-Benchmark-to-Track-Public–Private-Market-Companies-in-a-Single-Index/default.aspx – Morningstar and PitchBook have introduced the Morningstar PitchBook US Modern Market 100 Index, the first benchmark to track both public and private market companies in a single index. The index combines 90 publicly listed firms with 10 late-stage venture-backed private companies, such as SpaceX, OpenAI, and Stripe, providing investors with a unified framework to benchmark performance and serve as the basis for investable products. The index allocates 90% to public companies and 10% to private firms, reflecting the actual structure of the modern equity landscape.
Noah Fact Check Pro
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 narrative is based on a press release issued by Morningstar and PitchBook on November 5, 2025, announcing the launch of the Morningstar PitchBook US Evergreen Fund Indexes. The earliest known publication date of this content is November 5, 2025. The report has been republished across various reputable outlets, including Business Wire ([businesswire.com](https://www.businesswire.com/news/home/20251105145951/en/Morningstar-and-PitchBook-to-Launch-Comprehensive-Index-Suite-for-Evergreen-Private-Market-Funds?utm_source=openai)) and PLANADVISER . The presence of the same content across multiple reputable sources indicates high freshness. The report is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found. The content has not appeared more than 7 days earlier. The article includes updated data and does not recycle older material.
Quotes check
Score:
10
Notes:
The direct quote from Sanjay Arya, Head of Index Innovation at Morningstar, is: “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.” This quote appears in the original press release dated November 5, 2025 ([newsroom.morningstar.com](https://newsroom.morningstar.com/newsroom/news-archive/press-release-details/2025/Morningstar-and-PitchBook-to-Launch-Comprehensive-Index-Suite-for-Evergreen-Private-Market-Funds/default.aspx?utm_source=openai)). No earlier usage of this exact quote was found, indicating it is original to this release.
Source reliability
Score:
10
Notes:
The narrative originates from a press release issued by Morningstar, Inc., a leading provider of independent investment insights, and PitchBook, a reputable financial data and software company. Both organizations have established credibility in the financial industry, enhancing the reliability of the report.
Plausability check
Score:
10
Notes:
The claims regarding the launch of the Morningstar PitchBook US Evergreen Fund Indexes are plausible and align with the strategic initiatives of both Morningstar and PitchBook. The projected growth of U.S. evergreen funds from $250 billion in 2022 to $450 billion by mid-2025, and the anticipation of surpassing $1 trillion by 2030, are consistent with industry trends and data. The narrative lacks excessive or off-topic detail and maintains a tone consistent with corporate communications.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative is a recent press release from reputable organizations, presenting original content with consistent and plausible claims. The freshness, originality, and reliability of the information are high, leading to a PASS verdict with high confidence.