Morningstar Launches 'Game On' Campaign to Bridge Public-Private Market Divide — Morningstar, Inc.

Event summary

Morningstar launched the 'Game On' campaign on September 15, 2026, to address the blurring lines between public and private markets.
The median age of private companies going public has increased nearly 60% since 2014.
Semiliquid funds' assets approached $600 billion as of March 2026, more than double their year-end 2022 level.
Morningstar introduced the Morningstar PitchBook Unicorn 30 Index and the Morningstar PitchBook US Modern Market 100 Index to track public and private companies together.

The big picture

Morningstar's 'Game On' campaign targets a critical shift in investment markets: the increasing overlap between public and private assets. As private companies delay IPOs and semiliquid funds grow, investors face challenges in comparing opportunities, assessing risks, and building diversified portfolios. Morningstar aims to fill this gap with integrated data, benchmarks, and research, positioning itself as a key player in the evolving investment landscape. With $375 billion in AUMA as of June 2026, the company's strategic move underscores the growing demand for clarity in a complex market environment.

What we're watching

Market Integration: How Morningstar's new indexes will affect investor behavior and portfolio construction across public and private markets.
Data Transparency: Whether Morningstar can sustain its lead in providing comparable analysis for semiliquid funds and private credit.
Regulatory Scrutiny: The pace at which regulators may intervene in the growing semiliquid funds market, given its complexity and lack of standardization.