When a label no longer reflects a consistent underlying reality, it stops being useful. “Private credit” has reached that point. The term covers such a wide range of strategies that it often hides more than it explains.

The backbone of the U.S. economy isn’t Wall Street – it’s the 200,000-plus middle market companies quietly driving one-third of American jobs and 40% of its GDP. These businesses form the engine room of American growth, and now investors can tap directly into their momentum.

Most assume their existing super fund will take care of everything, and for many, that’s exactly what happens. They leave their money where it is. But is that the best strategy for reliable income and risk-adjusted returns in retirement? Evidence suggests otherwise.