Investors are preparing to step up sales of their private credit holdings, as heightened market volatility unleashed by U.S. President Donald Trump's trade wars forces them to find new ways to raise cash, fund managers and executives say. Private credit, the name given to specialised lenders like Apollo Global Management, Ares Management and KKR that finance companies instead of banks, has boomed into a $1.5 trillion industry, drawing in big institutional investors like pension funds who invest in the funds that grant the loans. While so-called "secondary sales" of stakes in private equity funds have soared amid a downturn in dealmaking, assets in private credit seldom change hands.