Private Markets

Trillion-dollar startups force index providers into tough choices.

Asset sales, a scrapped data center mega-campus, and a debt-repaying IPO raise questions about whether the top of the market is near.

The company’s shares are now modestly undervalued, with few positive catalysts that we can see to move them off their lows.

Experts at the annual MIC dug beneath the headlines to help investors stay grounded.

The veteran Fidelity Contrafund stock-picker on why earnings drive returns, how he evaluates management teams, and what separates lasting winners from early rocket ships.

Private equity and credit should be approached in the same way as publicly traded stocks and bonds, with a focus on risks, fees, and overall portfolio outcomes, panelists say.

Beneath the surface of the semiliquids market, fees are high, and most of the funds aren’t as compelling as investors expected.

Morningstar’s Manager Research team has cast its gaze on a newer class of funds that aims to widen investors’ access to private markets. We discuss the process the team plies in doing its due diligence on these funds, their prospective risks and rewards, and the overarching objective of the team’s research—sending clear and actionable signals to investors.

As the semiliquid market approaches $600 billion in assets, understanding how funds handle liquidity, fees, and risk may be more important than ever.

Baron Partners Fund made a bundle; returns to the other funds varied.

How SpaceX, Anthropic, and OpenAI will affect the public market.

Alternative investments can create ‘a false sense of diversification,’ according to Morningstar’s Don Phillips.

There have been 11 middle market defaults this year through May 20, compared with 17 in all of 2025.

The payoff hinges on two hard-to-predict variables, the size of each portfolio’s SpaceX stake and how much it appreciates, while also courting hefty risk.

Morningstar’s first fund analyst reflects on investing culture, stewardship, and long-term thinking.

The effects of SpaceX and other big private companies going public won’t be sweeping or come all at once.

Where do investment opportunities live today—public markets, private markets, or somewhere in between?

The inventor of the 4% rule offers advice on how retirees can preserve their capital.

A look at how exploding AI revenues have driven returns, lifted non-tech stocks, added to market concentration, and sent unicorn valuations flying.

A probe of BlackRock TCP Capital could have implications for an entire industry.