Morningstar has acquired a minority equity stake in PitchBook Data, a provider of data on private equity transactions, investors, companies, limited partners and service providers.

Liz Kirscher, president of the data service business at Morningstar, will join the company’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 offering, and it advances our goal of providing comprehensive coverage of the investing universe,” Kirscher added.

PitchBook CEO and founder John Gabbert said he decided to partner with Morningstar because the two companies are committed to “providing high-quality, comprehensive information, data and analysis that allow people to make better-informed investing decisions.”

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