PitchBook, the leading private capital market intelligence provider, today announced that Lumonic, the portfolio monitoring platform it acquired in 2025, will become PitchBook Lens. The change follows a year in which the business unit released several product updates, including an MCP server and a new platform architecture that created the industry’s first self-monitoring portfolio offering. PitchBook Lens will remain a standalone product, and customer data will remain separate from PitchBook.

Why It Matters

Private credit has grown into a multitrillion-dollar asset class, with global private debt assets under management topping $2.5 trillion, and expected to approach $5 trillion by 2030, driven by more complex structures such as asset-based finance and NAV lending, according to PitchBook.

As the market has grown, monitoring has become painstaking. Lenders and investors receive thousands of documents every month from borrowers and portfolio companies, each in its own format and reporting schedule. Monitoring teams must extract, verify and reconcile all reporting against covenants and other requirements to answer questions from limited partners, lenders and investment committees. Headline metrics can also mask stress: payment-in-kind interest has doubled since 2021 and now accounts for almost 9% of total interest, according to PitchBook LCD analysis. With portfolio reviews commonly quarterly, covenant breaches or missed budgets can go unaddressed for weeks, even when borrowers report monthly.

PitchBook Lens was built for private credit, the most complex monitoring environment, and has since expanded to serve leading institutions across the private market landscape. The platform was designed to standardize portfolio monitoring, help users manage proactively and trace figures back to their source documents. Today, its self-monitoring platform takes that approach further, speeding up monitoring workflows while keeping every figure accurate and auditable.

PitchBook Lens Growth and Milestones

PitchBook Lens has more than doubled its customer base year-over-year since the PitchBook acquisition. This year, the third quarter was the strongest in the company’s history, adding more new annual recurring revenue than the first two quarters combined. New customers include the company’s first large commercial bank, one of the world’s largest hedge funds and its largest customer to date. The platform now supports more than 5,000 portfolio companies across private credit, private equity and venture capital.

Growth has been driven by notable product releases this year, including:

  • PitchBook Lens Self-Monitoring Platform (September): This platform update enables firms to direct PitchBook Lens-developed AI agents using natural language instructions. It begins with data extraction, which converts documents from portfolio companies and borrowers into structured data traceable to the exact cell or page in the source document. Every action on the platform is recorded in an auditable log. Within two weeks of the September launch, nearly 40 customers had opened Ask Lu, the platform’s AI agent, and 43% of data extractions required no edits as of mid-October. PitchBook Lens continued to add capabilities throughout the year, including chart builders, dashboards that build from a prior quarterly review, borrower onboarding from a single credit agreement, and workflows that run recurring jobs on a schedule or when events occur in a portfolio.

  • PitchBook Lens MCP server (July): PitchBook Lens made its Model Context Protocol server generally available to all customers. The server connects Claude, ChatGPT and any assistant that supports MCP that a firm has approved to its workspace, with read access to periodic financials, covenant status, reporting status and tracked KPIs. The server has been in production since early 2026, with firms using it daily. Half of the customer workspaces using the server now have multiple active users, and multi-user workspaces have nearly tripled since early August.

“When Lumonic joined PitchBook, we said we would keep the product quality and customer focus that have defined us from day one. What changed is how much we could take on at once,” said Kevin Hsu, CEO of PitchBook Lens. “With PitchBook behind us, we invested in an MCP server, a new platform architecture, data visualization, dashboards and workflows without slowing down for the customers already relying on us. As a result, those customers are leaning on the platform more deeply than ever before. As PitchBook Lens, our job stays the same: build the tools our customers need and keep making their work easier.”

PitchBook Lens and PitchBook’s Product Roadmap

PitchBook acquired Lumonic in 2025 to give investment professionals a way to manage and analyze their own portfolios alongside industry benchmarks from PitchBook. The platform started in private credit, and as the need for portfolio monitoring has spread across private markets, it has expanded to serve private equity firms, venture capital firms and banks. Since the acquisition, 70% of new customers were already PitchBook clients, and adding PitchBook Lens has grown those clients’ annual recurring revenue with PitchBook by nearly 60%. The results point to strong demand for the product and to the trust existing clients place in PitchBook to serve more of their business. As a standalone workflow product, PitchBook Lens is the first of PitchBook’s broader vision to deliver purpose-built workflow solutions that address core parts of how investors work.

“In just about one year, Lumonic went from a private credit portfolio monitoring platform to a fully agentic, self-monitoring platform serving the entire private market landscape, while maintaining the deep customer knowledge and hands-on service its clients have come to rely on,” said Nizar Tarhuni, EVP of Research and Market Intelligence at PitchBook. “That pace of innovation and focus on customers is why PitchBook Lens has been able to achieve such impressive growth and customer expansion. As PitchBook evolves how it delivers its offerings, PitchBook Lens will serve as the standard that future workflow solutions follow and continues to impress us as the pre-eminent system of record in private markets.”

For current customers, the transition to PitchBook Lens will not affect how they use the platform. PitchBook Lens will continue to be offered as a standalone product, with the same capabilities, security and privacy practices customers rely on today. Existing customer contracts will remain in place, and there will be no changes to the terms of those agreements. Customer data in PitchBook Lens will remain separate from PitchBook; it will not be integrated with PitchBook’s platform or data.

For more information about PitchBook Lens, click here.

About PitchBook, a Morningstar company

As the pulse of private capital markets, PitchBook delivers trusted, real-time data, research, and technology to help investors, dealmakers, and innovators make decisions with confidence. Its products provide comprehensive information on companies, investors, funds, deals, and people, along with tools that help professionals analyze market activity and make informed decisions. Founded in 2007, PitchBook today serves more than 100,000 clients worldwide and is recognized as the leading source of private capital market intelligence. PitchBook has grown to over 3,000 employees across offices in Seattle, San Francisco, New York, London, Singapore, Mumbai, and other global locations. Since 2016, PitchBook has operated as a subsidiary of Morningstar, Inc.

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