Stableton to Strengthen Systematic, Index-Based Investing in Private Blue-Chip Tech Through Morningstar PitchBook Unicorn Index
By Stableton on November 11th, 2025
ZURICH, SWITZERLAND, [11 November 2025] — Stableton Financial AG (“Stableton”), a leading global institutional investor in private blue-chip technology companies, announced that it has transitioned its unicorn strategy to the Morningstar PitchBook Unicorn 20 Index (UI 20).
The move reflects Stableton’s ongoing commitment to delivering transparent, and scalable portfolio solutions through a systematic, semi-liquid, and cost-efficient approach for institutional investors, banks, wealth managers, and family offices.
The UI 20 replaces a similar Morningstar Index, which has served as the foundation for Stableton’s pioneering Stableton Unicorn Top 20 index strategy since 2023. Under the transition, the portfolio will be rebranded as the Stableton Morningstar PitchBook Unicorn 20 Strategy. The strategy will continue to be managed by Stableton, a FINMA-regulated specialist in private blue-chip tech. It is available only for professional investors.
The index is part of Morningstar Indexes’ family of private market indexes. The methodology combines Morningstar and PitchBook data to identify and track twenty of the most valuable privately held technology companies from developed markets with secondary market liquidity.
The UI 20’s valuations are derived from Morningstar’s proprietary mark-to-market based pricing model, which uses data from specialized secondary market data providers to deliver robust and transparent valuations across the portfolio.
The UI20 is subject to Morningstar’s governance and compliance framework and is refined to allow managers to employ the index for institutional strategies—covering key requirements for an investible index and aligning with allocators’ governance standards.
Andreas Bezner, CFA, Co-Founder and CEO of Stableton, commented:
“Institutional investors are no longer asking if private markets belong in their portfolios, but how to integrate them efficiently. Aligning with the Morningstar PitchBook Unicorn 20 (UI 20) Index marks the next phase in our mission to make private markets investable at institutional scale. Morningstar Indexes has been instrumental in setting the data and governance standards that make systematic, index-based exposure possible in this asset class. As innovation increasingly happens outside public markets, Stableton’s role is to translate that opportunity into a systematic, scalable, and semi-liquid strategy that captures the growth of leaders in AI, fintech, robotics, and other transformative technologies. This evolution underscores our position as the institutional benchmark for systematic private blue-chip tech investing.”
Konstantin Heiermann, Co-Founder and CFO of Stableton, added:
“Morningstar’s disciplined approach to index design and oversight has set an important benchmark for how private market exposures can be managed with the same rigor as public market assets. By aligning our strategy with Morningstar’s index framework, we strengthen the operational backbone with frequent NAVs, transparent pricing, and institutional-grade governance. This transition is a continuation of what Stableton stands for: cost-efficiency, discipline, and long-term scalability for our investors and partners."
Why now: A new phase in private market maturity
The private technology market has entered a new stage—large, liquid, and data-rich enough to support systematic, index-based investing.
Scale: Over 1,350 unicorns now represent more than USD 4.7 trillion in combined valuation.
Liquidity: Secondary market volume has surpassed USD 162 billion, improving price discovery and institutional access.
Growth: These “private blue-chips”—founder-led leaders in AI, fintech, space tech, and enterprise software—are generating 60%+ annual revenue growth into 2025.
Shift in value creation: With companies staying private longer, the majority of growth now occurs pre-IPO.
By aligning its strategy with the Morningstar UI 20, Stableton captures this shift, bringing institutional discipline, liquidity, and transparency to a market that has reached sufficient depth, data, and maturity to support index-based investing.
Sanjay Arya, Head of Index Innovation, Morningstar Indexes, added:
“Indexes have long guided public market strategies, and now they provide a systematic way to access private markets. Through the Morningstar PitchBook Unicorn 20 Index, a transparent and investable benchmark for private venture-backed companies, we’re excited to work with Stableton to bring this opportunity to investors.”
With this evolution, Stableton advances its mission to redefine private blue-chip tech investing for institutional investors, banks, wealth managers, and family offices, creating a transparent and data-driven framework for long-term participation in innovation.
About Stableton Financial AG
Stableton is a globally leading institutional investor in private blue-chip tech companies. The Zurich-based firm provides systematic, passive, low-cost investment portfolios into the world's most valuable unicorns, delivering growth equity as a scalable, semi-liquid, and trusted asset class for institutional investors.
Founded in 2018 and regulated by FINMA, Stableton operates from offices in Zurich, Zug, Berlin, and Riga. The firm manages USD 500+ million in assets and has completed more than 140 transactions through partnerships with over 100 sourcing institutions. Stableton holds 20 unicorn cap table positions, including 13 positions in the world's Top 20 most valuable private tech unicorns. Stableton works with over 100 banks, wealth managers, and institutional investors worldwide. For more information on the Stableton Morningstar PitchBook Unicorn 20 strategy, visit their website: stableton.com.
About Morningstar Indexes
As the fastest-growing global index provider for the last five years according to Burton-Taylor International Consulting, Morningstar Indexes was built to keep up with the evolving needs of investors—and to be a leading-edge advocate for them. Morningstar's rich heritage as a transparent, investor-focused leader in data and research uniquely equips Morningstar Indexes to support individuals, institutions, wealth managers and advisors in navigating investment opportunities across all major asset classes, styles, and strategies. From assessing risk and return with traditional benchmarks to helping investors effectively incorporate ESG objectives into their investment process, our range of index solutions spans an investment landscape as diverse as investors themselves. We help investors answer today's increasingly complex questions so that they can more easily reach tomorrow's goals. Please visit indexes.morningstar.com for more information.
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