Morningstar, a provider of independent investment research, completed its previously announced acquisition of Leveraged Commentary & Data (LCD), a provider of news, research, data, insights and indexes for the leveraged finance market from S&P Global.

LCD provides leveraged loan data, news, analysis and indexes, providing coverage across the full lifecycle of loans. The leveraged loan market data provider will integrate with Morningstar’s PitchBook Platform, which delivers data, research and technology covering the breadth of the private and public equity markets. The S&P/LSTA Leveraged Loan Index — the flagship benchmark for this asset class — and related indexes will become part of the expanding fixed-income capabilities from Morningstar Indexes.

“LCD is the standard for private credit and leveraged loan data and research. By integrating LCD’s data, news, and analysis on leveraged loans into PitchBook, we’ll be able to address two major investor needs. First, provide transparency into every metric of the leveraged loan market, including structure, pricing, yield, volume, along with secondary market performance and leveraged buyout/private equity activity. Second, create a centralized tool for private capital and debt markets. We’re looking forward to partnering with LCD to deliver even greater value to our customers,” John Gabbert, founder and CEO of PitchBook, said.

Nearly 60 LCD employees will join Morningstar as part of the PitchBook team and the Morningstar Indexes group. The transaction was funded through a combination of cash on hand and Morningstar’s five-year multi-currency credit facility.