Morningstar, a provider of independent investment insights, has introduced the Morningstar Medalist Rating for Semiliquid Funds, expanding its established Medalist Rating framework to the growing segment of semiliquid investment vehicles. As public and private markets converge and product offerings become more complex, the new rating brings greater transparency and due diligence to private markets.
This new rating expands on the Morningstar Medalist Rating — the firm’s ratings methodology used for mutual funds and exchange-traded funds (ETFs) — to a range of vehicles with limited liquidity and/or exposure to private market assets. These include interval funds, tender-offer funds, nontraded REITs and nontraded business development companies (BDCs) in the United States, as well as European Long-Term Investment Funds (ELTIFs), U.K. Long-Term Asset Funds (LTAFs) and certain Australia-domiciled managed investment schemes. Investor interest in semiliquid structures has accele
