JPMorgan Chase has launched a new index designed to track mid-sized private companies in the United States, which collectively generate annual revenues totaling $1 trillion. This index is the first in a series of planned tools aimed at offering investors greater transparency into non-publicly traded enterprises.
According to two research reports released this week, the product is intended to furnish general partners, limited partners, corporations, and mid-market companies with an institutional-grade benchmark. The index includes approximately 6,400 firms, each with annual revenues ranging from $10 million to $1 billion.
Analysts, led by Gloria Kim, Global Head of Index Research at JPMorgan, noted in a report that the scale and growing significance of the mid-market segment stand in stark contrast to the current state of its measurement infrastructure.
Since the late 1990s, the number of publicly listed companies has nearly halved, while the population of private enterprises has expanded substantially—a trend frequently highlighted in recent years by JPMorgan CEO Jamie Dimon. This shift has also prompted financial institutions, including JPMorgan, to increasingly enter the expanding private company arena.
The benchmark, named the JPMorgan Private Assets Index (JPAX)—Mid-Market, will function as a diagnostic tool rather than a tradable index. Last year, the bank also extended its research coverage to include individual private companies, starting with OpenAI.
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