Morningstar unit PitchBook launched Lumonic 12.0 in September 2026, an AI-powered, self-monitoring portfolio platform that uses natural-language workflows to track portfolio governance, data lineage and AI-driven decision trails for institutional investors. Morningstar's latest Asset Owner Perspectives Survey reports higher exposure to U.S. and private markets as investors respond to AI-related opportunities and risks. The company says Lumonic 12.0 puts PitchBook data directly into the workflow of private market teams through natural language prompts and self-monitoring controls, tying into an earlier move to feed PitchBook data into ChatGPT for Financial Services. The survey points to growing allocations to U.S. securities and private markets, where data quality and monitoring are more complex, and Lumonic 12.0 targets that pain point by automating data extraction and tracking governance trails. Morningstar builds data and research tools for investors around the world, and the software and survey work together as an attempt to plug its insights into how large asset owners monitor risk and allocate capital. Signals to watch include disclosed growth in PitchBook and Lumonic client counts, expanded contracts with large asset owners, commentary on AI workflow uptake, and how the firm manages its high debt level while funding further AI and data investments.