Today’s guests are Morningstar’s Brian Moriarty and Jack Shannon. Brian is a principal, fixed-income strategies, for Morningstar. Before assuming his current role in 2015, Brian was a client solutions consultant for Morningstar Office, a practice and portfolio management system for independent financial advisors. Before joining Morningstar in 2013, he was a research assistant for DePaul University’s religious studies department. Brian holds a bachelor’s degree in political science from Michigan State University and a bachelor’s degree in Islamic world studies from DePaul University.

Jack Shannon is a principal, equity strategies, for Morningstar. He focuses on actively managed equity strategies and is the lead analyst for MFS and Artisan Partners, among other firms. Before joining Morningstar in 2020, Jack worked in commercial banking and was a consultant providing subject-matter expertise on complex financial litigation. Jack holds a bachelor’s degree in economics and history from James Madison University. He also holds a master’s of business administration in investments and corporate finance from the University of Notre Dame’s Mendoza College of Business.

00:00:00 Introduction

00:02:06 What are Private Markets, and What Investment Opportunities Do They Provide?

00:03:13 Do Semiliquid Funds Provide Easier Access to Private Markets?

00:05:57 Applying Morningstar Processes to Evaluate Private Markets

00:09:50 Managing Liquidity in Private Market Investments

00:18:48 Valuation and Transparency: Putting Private Assets Under the Microscope

00:24:07 Payment in Kind as a Valuation Concern

00:28:02 Public vs. Private Markets: Understanding Risk, Language, and Infrastructure Differences

00:39:28 Building Methodology to Explain Private Asset Fees and Incentive Structures

00:44:22 What Morningstar Medalist Ratings Signal for Semiliquid Funds

Morningstar’s Guide to Public/Private Investing

Private Equity Funds Step Into the Spotlight

Private Credit Pricing: Are Prosecutors Opening Up Pandora’s Box?

If you have a comment or a guest idea, please email us at [email protected].

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.