What's Happening?
Morningstar and PitchBook have announced the launch of the Morningstar PitchBook US Evergreen Fund Indexes, set to be available in Q1 2026. These indexes will provide comprehensive benchmarks for nontraded
'semiliquid' or 'evergreen' funds, spanning asset classes such as private equity, private debt, real estate, infrastructure, and multi-asset strategies. The initiative aims to enhance transparency and comparability in private markets, offering investors a data-driven view of fund performance relative to public market alternatives.
Why It's Important?
The introduction of these indexes addresses a significant gap in the private market investment landscape, providing investors with essential tools for due diligence and performance comparison. As evergreen funds grow in popularity, managing approximately $450 billion in net assets as of mid-2025, the need for standardized benchmarks becomes increasingly important. This development could lead to greater transparency and accessibility in private markets, potentially attracting more investors and fostering growth in this sector.
