Core Insights - Morningstar is launching the Morningstar PitchBook U.S. Evergreen Fund Indexes to provide benchmarks for nontraded semiliquid funds, aiming to enhance transparency and comparability in the evergreen fund market [2][3] - The U.S. evergreen funds market has seen significant growth, with net assets increasing from $250 billion in 2022 to approximately $450 billion as of midyear [3] Group 1 - The new indexes will measure the performance of various nontraded semiliquid funds, including interval funds, tender offer funds, business development companies, and non-traded REITs, across multiple asset classes [2][3] - The index family will include both monthly and daily calculated indexes to capture the full investable universe of unlisted evergreen funds [3] - Morningstar's initiative is part of a broader strategy to extend coverage to wealth management products, following the introduction of ratings for semiliquid funds in September [4] Group 2 - The new indexes join a series of indexes developed by Morningstar for private markets, including the Morningstar PitchBook U.S. Modern Market Index and the Morningstar PitchBook Unicorn 30 Index [5] - Morningstar acquired PitchBook in 2016 for $225 million, indicating a strategic investment in expanding its capabilities in private market analytics [5]

Business Development - SoFi Technologies is introducing new private-market funds [1] - These funds will provide exposure to startups such as OpenAI and SpaceX [1]