Morningstar has partnered with PitchBook to launch an index suite for evergreen private market funds, providing investors with benchmarks to measure the performance of non-traded strategies.
The Morningstar PitchBook US Evergreen Fund Indexes will span over multiple asset classes through subindices across private equity, private debt, real estate, infrastructure and multi-asset strategies.
Overall, the indicies will cover the US evergreen funds market, which manages approximately $450bn (£345bn) in net assets as of mid-2025 and is anticipated to surpass $1tn at the end of the decade, according to Morningstar and PitchBook data.
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“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,” said Sanjay Arya, head of index innovation at Morningstar Indexes. “With the Morningstar PitchBook US Evergreen Fund Indexes, we’re addressing that gap, bringing greater transparency, comparability, and rigor to one of the fastest ways for investors to gain access to private markets.”
The launch addresses long-standing challenges around transparency and data timeliness in private markets, where reporting lags and fragmented datasets have limited investor visibility. It also comes as StepStone and FTSE Russell launched the world’s first global fund-level daily private market indices last week.
Morningstar and PitchBook’s indices provide a rules-based framework for measuring and comparing performance across unlisted evergreen vehicles, including interval funds, tender offer funds, business development companies and real estate investment trusts. It combines monthly and daily calculated indices.
The Morningstar PitchBook US Daily Evergreen Fund Indexes will also track funds reporting daily net asset values.
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“As the pulse of the private markets, PitchBook is committed to bringing greater clarity and context to an increasingly complex and dynamic ecosystem,” said Dan Cook, global head of quantitative research and market intelligence at PitchBook. “We’re helping investors better understand and benchmark the performance of evergreen funds, a critical step toward transparency in private markets.”
