Private Credit’s Problem Isn’t the Media

Marc Rowan, Apollo Global Management Inc.’s chief executive, never misses a chance to blame the media for every misconception and fear about what private credit is and what risks it presents. The main problem with that spin is that it’s wrong.

Rowan’s singular mission to redefine private credit as much bigger and broader than is generally agreed makes sense for Apollo and its insurance arm Athene. But it isn’t helping investors, regulators or politicians get to grips with the specific issues presented by this market. And that matters during a crucial phase when its place in the economy — and in US retirement accounts — will be decided.