Private Market Data TAM Could More Than Double by 2030, UBS Says
Demand for private market data is expected to continue growing, which could more than double the segment's total addressable market by 2030, UBS Securities said in a Tuesday note.The brokerage predicts the private market data TAM to reach $25 billion to $35 billion by 2030, from an estimated size of $11 billion to $15 billion currently. This reflects a 131% surge at the mid-point of the two ranges, according to' calculations.Among information services companies, Morningstar (MORN), MSCI (MSCI), and S&P Global (SPGI) are best positioned to capitalize on this momentum, UBS analysts, including Alex Kramm, wrote."Interest in private market assets has increased substantially in recent years as more investors look to diversify their holdings, increase their returns, and reduce exposure to market volatility," Kramm said.The size of assets under management in private funds totaled roughly $15 trillion in 2025, with a compound annual growth rate of 13% over the past two decades, UBS said. Private markets AUM could exceed $30 trillion in the next five years."As capital continues to flow to private markets, we believe investment offerings will increase in size, number, and scope," Kramm wrote in the note. "This should drive increased demand for data and solutions that enable deal sourcing, valuation, monitoring, reporting, transparency, comparison, and distribution."Morningstar has "the most scale" in private markets and would benefit the most from overall industry demand, Kramm said.Morningstar's Pitchbook, which tracks public and private equity markets, reported a revenue slowdown in 2025 and the first quarter of 2026, but "a new go-to market strategy and cyclical upside in corporate M&A could re-accelerate growth," according to the UBS report.While MSCI's private assets segment accounts for a small portion of overall revenue, "outsized growth could help drive MSCI's total organic subscription run rate growth back above 10%," Kramm said.Similarly, upside in private market solutions could accelerate growth at S&P Global's Market Intelligence segment, Kramm said.Price: $184.87, Change: $+3.36, Percent Change: +1.85%