Apollo Management could sell a minority stake in itself to the investment arm of the Abu Dhabi government ahead of the US buyout firm's pending flotation. It echoes a similar move by rival Blackstone, which sold an almost 10% stake in itself to the Chinese before it went public.

Apollo founder Leon Black, who could be the beneficiary of half the proceeds from any sale, is in Abu Dhabi negotiating the deal, The Wall Street Journal reports. The deal could involve up to 10% of the company being sold for about $1.5bn (€1.1bn).