For years, private credit firms have focused on financing private equity buyouts or closely held companies that had limited access to capital. Now, they are zeroing in on their next frontier: Large public companies that want to diversify their funding mix.

Wineries, booze distributors and distilleries are turning to private credit for financing, especially as tariffs and a decline in drinking habits bring more risk to the alcohol industry.

Blackstone Inc. has won approval from the US Securities and Exchange Commission to launch its newest private credit fund, one of the latest efforts to give individuals access to assets that are mostly backed by institutions.