Finance

Morningstar Enhances Investment Portfolio with Strategic Acquisitions of Lumonic and DealX

Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, has announced the acquisitions of Lumonic Inc., a platform for private credit portfolio monitoring and management, and Dealview Technologies Limited (DealX), a provider of standardized data for U.S. commercial mortgage-backed securities (CMBS) and global collateralized loan obligations (CLOs). These acquisitions will strengthen Morningstar’s offerings in private credit and structured finance, providing advanced solutions aimed at enhancing efficiency, transparency, and decision-making for institutional investors and asset managers. The Lumonic acquisition was finalized on March 3, 2025, while the DealX acquisition was completed on March 1, 2025. Financial details for both transactions were not disclosed.

"PitchBook shares our dedication to addressing real customer needs through innovative technology. Together, we will accelerate our vision, while maintaining the high product quality and customer satisfaction that has defined Lumonic since its inception."

Lumonic’s proprietary platform is specifically designed for private credit lenders, automating covenant compliance, financial tracking, and AI-driven portfolio analytics. This acquisition expands PitchBook, a Morningstar company, into the growing portfolio monitoring space, allowing private credit professionals to manage and analyze portfolios alongside PitchBook’s industry-leading private capital data. Lumonic will operate as a subsidiary of PitchBook, gaining access to expanded support and resources while continuing to deliver innovative solutions that modernize credit portfolio workflows.

DealX brings significant expertise in providing clean, standardized data for U.S. CMBS and global CLO markets, enhancing Morningstar’s structured finance analytics capabilities. Already a strategic partner with Morningstar Credit, DealX contributed to the development of CRE Analytics, a platform offering centralized insights into loan and bond trends across CMBS and commercial real estate lending, supported by Morningstar’s credit assessments. Now fully integrated, Morningstar anticipates that DealX will enhance its position as a leader in CMBS analytics and extend its reach into the private credit and leveraged loan markets.

TECH

Amid Rising Trade Tensions, China Accelerates AI and Tech Advancements

The underlying theme of China’s annual parliamentary meetings this week is the ongoing U.S. trade tensions and how Chinese technology is helping to mitigate the impact of those pressures.

This year’s largely ceremonial gathering of delegates in Beijing coincided with U.S. President Donald Trump’s address to Congress, where he announced new tariffs on Chinese goods. These tariffs have taken a toll on exports, while Chinese companies have faced even stricter restrictions on accessing advanced technologies, such as high-end semiconductors.

"Internationally... an increasingly complex and severe external environment may have a greater impact on China in areas like trade, science, and technology," said Chinese Premier Li Qiang in his annual work report at the opening of the National People’s Congress on Wednesday, according to an official English translation.

It was an unusually somber assessment compared to the seven previous parliamentary meetings I’ve attended. However, I also noticed a greater openness to supporting the private sector, particularly in areas like tech innovation, exemplified by Chinese AI company DeepSeek.

"We will promote the healthy and well-regulated development of the platform economy and leverage its potential to inspire innovation, expand consumption, and stabilize employment," Li stated in the work report.

This marked the latest indication that Beijing is shifting its stance, now seeking to support the private sector after previously adopting a more restrictive approach, which included imposing hefty fines on tech giants such as Alibaba and Tencent, often referred to as "platform" companies in China. Historically, many sectors in China have been heavily controlled by the state.

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CRYPTO

Internal Struggles Persist as Crypto Struggles to Find Unity

Cryptocurrency is enjoying a moment of prominence in Washington, with lawsuits fading away, a surge of industry-backed lawmakers entering Congress, and a digital asset czar in the White House.

Yet, crypto may be its own biggest obstacle. Internal factions within the industry are clashing over strategic, commercial, and ideological differences.

Nic Carter, a founding partner at the crypto-focused venture capital firm Castle Island Ventures, summed up the crypto community candidly.

“They all hate each other,” Carter said, adding, “But they hate outsiders more.”

After years of negotiation, there’s growing optimism that crypto-friendly legislation could make its way through Congress, as leading firms advocate for rules tailored specifically to digital assets. You’d think that with all the positive momentum, passing a law would be straightforward.

But I’m starting to question what, if anything, will actually make it across the finish line.

The least contentious of the major crypto bills aims to regulate stablecoins, a form of privately issued digital currency pegged to the U.S. dollar. However, even this seemingly straightforward legislation has become entangled in crypto-versus-crypto drama.