Bloomberg Talks Morningstar CEO Kunal Kapoor Talks Asset Ratings
May 16, 2025
Kunal Kapoor, CEO of Morningstar Inc., a leader in independent investment research, dives into the company's strategic shift to rate fewer private asset funds. He emphasizes the growing interest in private credit and semi-liquid investments. The discussion touches on the challenges of merging private assets with ETFs and the innovative landscape surrounding them. Kapoor also explores the importance of transparent credit ratings in a competitive market, as private and public investment strategies begin to intertwine.
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Morningstar Expands to Private Assets
- Morningstar is expanding rating coverage to private asset funds due to their growing market share.
- Private asset investments are increasingly accessible to individual investors through semi-liquid vehicles.
Liquidity as Private Market Barrier
- Liquidity challenges have limited private market access compared to public markets.
- Innovations like State Street's mixed public-private ETFs aim to solve this liquidity issue.
Blurring Public and Private Assets
- Future investment products will likely blend public and private assets to capture the best opportunities.
- The lines between public and private asset classes are increasingly blurred, reflecting portfolio realities.