Apollo Global Management is in early-stage discussions with UK asset manager Schroders over a potential private markets product partnership, according to a report by Bloomberg citing unnamed people familiar with the matter. The talks, which remain preliminary, could see Apollo source assets for Schroders’ clients, though no agreement has yet been reached. Its alternatives unit oversaw £71bn at mid-year, with most private markets strategies outperforming benchmarks but still falling short of growth targets. Schroders has previously launched a joint venture with Phoenix Group to channel pension assets into private markets. This month alone, PGIM partnered with Partners Group on alternatives distribution, while Goldman Sachs invested $1bn into T Rowe Price as part of a private-markets collaboration.