Morningstar and PitchBook Introduce New Indexes to Provide Investors with Deeper Insight into Emerging Venture Capital Companies

CHICAGO, Nov. 15, 2023 /PRNewswire/ -- Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment insights, today introduces the Morningstar® PitchBook Global Unicorn Industry Vertical Indexes™, a suite of eleven indexes that take Morningstar's global unicorn index series to the next level by offering insights into the industry trends that are propelling and shaping today's venture capital innovation economy.

The new indexes combine the leading venture company data, analytics and insights from PitchBook, an independent subsidiary of Morningstar, with the indexing expertise of Morningstar Indexes, one of the fastest-growing global index providers. The industry vertical indexes are derived from the Morningstar PitchBook Global Unicorn Indexes, originally launched in November 2022, and are each designed to enhance investors' ability to identify, track and better understand compelling thematic venture capital investment segments.

Sanjay Arya, CFA – Head of Innovation, Morningstar Indexes, said: "We launched our Morningstar PitchBook Global Unicorn Index Series a year ago to help investors better understand the behavior of private markets and, in the process, provide greater transparency into what has become a significant segment of the capital markets. We've now taken this innovation a step further with our industry vertical indexes, providing a deeper understanding of the markets that go beyond the traditional lens."

The family of indexes tracks eleven select industry verticals identified by PitchBook's analysts, which group companies by common products, technologies, or themes to provide a useful taxonomy for discovering innovators with similar growth drivers. These verticals include AgTech, Artificial Intelligence and Machine Learning, BioPharma, Climate Tech, Cybersecurity, E-Commerce, Enterprise SaaS, FinTech, HealthTech, Mobility Tech and Supply Chain Tech.

The indexes use a proprietary mark-to-model pricing methodology, developed by Morningstar, which combines past deal data and private and public comparable data to create an implied price that enables daily estimation of private company valuations.

Paul Condra – Head of Emerging Technology Research, PitchBook, said: "We're incredibly excited to build on our collaboration with Morningstar Indexes to contribute our industry-leading venture capital data and research expertise to Morningstar Indexes' index methodology. Each of the eleven index themes corresponds to an established emerging technology research practice area and well-followed research analyst on our PitchBook team."

About Morningstar, Inc.  
Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, and institutional investors in the debt and private capital markets. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $264 billion in assets under advisement and management as of Sept. 30, 2023. The Company operates through wholly- or majority-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company.  Follow Morningstar on Twitter @MorningstarInc.

About PitchBook
PitchBook is a financial data and software company that provides transparency into the capital markets to help professionals discover and execute opportunities with confidence and efficiency. PitchBook collects and analyzes detailed data on the entire venture capital, private equity and M&A landscape—including public and private companies, investors, funds, investments, exits and people. The company's data and analysis are available through the PitchBook Platform, industry news and in-depth reports. Founded in 2007, PitchBook operates globally with more than 3,000 employees. Its platform, data and research serve nearly 100,000 professionals around the world. In 2016, Morningstar acquired PitchBook, which now operates as an independent subsidiary.

About Morningstar Indexes
Morningstar Indexes, recently named the fastest growing global index provider by Burton-Taylor, was built to keep up with the evolving needs of investors—and to be a leading-edge advocate for them. Our rich heritage as a transparent, investor-focused leader in data and research uniquely equips us to support individuals, institutions, wealth managers and advisors in navigating investment opportunities across all major asset classes, styles and strategies. From assessing risk and return with traditional benchmarks to helping investors effectively incorporate ESG objectives into their investment process, our range of index solutions spans an investment landscape as diverse as investors themselves. We help investors answer today's increasingly complex questions so that they can more easily reach tomorrow's goals.

Please visit indexes.morningstar.com for more information.

©2023 Morningstar, Inc. All Rights Reserved.

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Morningstar Media Contacts:
Tim Benedict, +1 203 339-1912 or tim.benedict@morningstar.com
Orion Sang, Edelman Smithfield, + 734 678-2187 or Orion.Sang@edelman.com 

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