June 17, 2022

We like the uniqueness of PitchBook and there seems to be unmet need for evaluating the ESG profile of a private company. What is the opportunity in this business—how penetrated is it? How are you integrating, if at all, ESG analysis into private companies? Are you including private companies in Sustainalytics or are you including ESG data directly into PitchBook?

As we discussed at our Annual Shareholder Meeting, we view the total addressable market for PitchBook to be 114,000 firms. We serve 8,000 firms today. That leaves us with considerable room for growth, especially as we integrate the capabilities of our recently acquired Leveraged Commentary & Data product area.

PitchBook recently introduced Sustainalytics ESG Risk Ratings for public companies to its platform. Morningstar Sustainalytics does offer a pre-IPO ESG assessment service for private companies but does not otherwise proactively rate private companies at this time. We are evaluating opportunities to expand our ESG assessments to private companies.

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