Morningstar (Nasdaq: MORN), a leading provider of independent investment research, today announced that it has acquired a minority equity stake in PitchBook Data, Inc. Based in Seattle, PitchBook offers detailed data and information about private equity transactions, investors, companies, limited partners, and service providers.
Liz Kirscher, president of Morningstar's data services business, will join PitchBook's board of directors. Financial terms were not disclosed.
"Private equity investments represent a significant asset pool and have been attracting increasing investor interest because of their low correlation with the stock market," Kirscher said. "PitchBook's unique research and data collection techniques allow the company to provide private equity information that is difficult to find anywhere else. Investing in the company will allow Morningstar to work with PitchBook to continue to grow and develop its offerings, and it advances our goal of providing comprehensive coverage of the investing universe."
Founded in March 2007, PitchBook's primary products include online and print publications that track and analyze all stages of private equity transactions -- from companies and investors to service providers. PitchBook's research team also investigates and compiles detailed transaction information, including terms and structures, amounts, valuations, and multiples for small-, mid- and large-market deals across all industries. In the coming months, Morningstar expects to incorporate general information about U.S. private equity firms and funds from the PitchBook database into Morningstar Direct(SM), the company's institutional research platform.
"Providing private equity professionals and advisors with innovative tools and intelligence is our goal at PitchBook," said John Gabbert, CEO and founder of PitchBook. "We share a common mission and common values with Morningstar -- providing high-quality, comprehensive information, data, and analysis that allow people to make better-informed investing decisions. Morningstar also has a great deal of experience and expertise in data collection and analysis, which we will be able to leverage as we continue to grow our business."