Morningstar, Inc. announced plans to launch the Morningstar PitchBook US Evergreen Fund Indexes, a first-of-its-kind benchmark suite designed to evaluate the performance of non-traded “semiliquid” or “evergreen” private market vehicles. The initial set of indexes is expected to be available in Q1 2026, offering investors standardized tools to compare evergreen funds with public market alternatives—and with one another. 

The new index family will apply a rules-based framework to measure and compare performance across unlisted evergreen structures, including interval funds, tender-offer funds, business development companies (BDCs), and non-traded REITs. It will feature both monthly and daily calculated indexes to reflect the full investable universe and accommodate varying reporting schedules across product types. 

“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 timing reflects accelerating investor demand for semiliquid private market exposure. As of mid-2025, U.S. evergreen funds represented approximately $450 billion in net assets, nearly doubling from $250 billion in 2022. Morningstar and PitchBook project the category to exceed $1 trillion in assets by 2030, driven by advisor adoption, retail market expansion, and structural shifts in private capital formation.