The Takeaway
As private markets grow in scale and influence, investors are seeking complementary benchmark perspectives to better understand the evolving European equity opportunity set.
Building on the US Modern Market Index, Morningstar Indexes and PitchBook extend a public‑private view of market leadership to Europe through a rules‑based index that combines Europe’s leading public companies with its most significant late‑stage private firms—offering a clearer picture of where value is being created today.
For decades, public equity indexes have served as trusted representations of “the market,” shaping how investors allocate capital, measure risk, and interpret economic change. While these benchmarks remain essential, the growth of private markets has fundamentally expanded the equity opportunity set. Today, companies can raise significant capital, scale globally, and achieve economic relevance without ever going public, reshaping the structure of global capital markets and challenging traditional definitions of market leadership.
In response to this shift, Morningstar Indexes and PitchBook introduced the US Modern Market 100 Index, a rules‑based benchmark designed to reflect how value is created across both public and private companies. The same structural forces are now reshaping Europe, where many of the region’s most innovative and influential companies remain private for longer.
The Morningstar PitchBook Europe Modern Market 50 Index extends the modern market framework to Europe, combining the region’s largest public companies with its most significant late‑stage, venture‑backed private firms to offer a more complete view of European market leadership today.
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