The Takeaway
The rise of private markets has fundamentally altered the structure of global capital markets.
Globally, the growth of modern, knowledge-based economies has been accompanied by a surge in private market activity.
To navigate this new landscape, investors need better tools—ones that capture the expanding opportunity set of the investable equity universe, across both public and private companies.
The rise of private markets has fundamentally altered the structure of global capital markets. The traditional model, where companies largely relied on public markets as their primary source of growth capital, no longer represents economic reality. Increasingly, companies can access substantial funding at scale without ever going public, reshaping the composition and relevance of traditional benchmarks.
Globally, the growth of modern, knowledge-based economies has been accompanied by a surge in private market activity. Many of today’s most dynamic companies—particularly in areas like artificial intelligence, biotech, and fintech—are choosing to remain private longer, driving innovation and economic expansion not fully reflected by conventional indexes.
To navigate this new landscape, investors need better tools—ones that capture the expanding opportunity set of the investable equity universe, across both public and private companies.
The launch of the Modern Market 100 marks an important first step toward redefining how we track, measure, and access the expanding scope of the US equity market. By leveraging advancements in data and technology, we can now capture a more comprehensive, real-time view of market behavior—one that reflects both public and private market leaders in a unified framework.
©2025 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Morningstar has not given its consent to be deemed an "expert" under the federal Securities Act of 1933. Except as otherwise required by law, Morningstar is not responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. References to specific securities or other investment options should not be considered an offer (as defined by the Securities and Exchange Act) to purchase or sell that specific investment. Past performance does not guarantee future results. Before making any investment decision, consider if the investment is suitable for you by referencing your own financial position, investment objectives, and risk profile. Always consult with your financial advisor before investing.
Indexes are unmanaged and not available for direct investment.
Morningstar indexes are created and maintained by Morningstar, Inc. Morningstar® is a registered trademark of Morningstar, Inc.