Europe's top soccer clubs have drawn in big money from some of the world's richest investors over the past decade, as the game attracts more fans in lucrative markets such as Asia, the USA and the Middle East.
Egon Durban, Managing Director of Silver Lake, will represent the USA backers on the CFG board as part of the deal.
The Silver Lake deal will leave CFG's founder Sheikh Mansour, the billionaire businessman and member of the Abu Dhabi royal family, with a 77 per cent shareholding.
While it is a little unclear exactly how much of the holding company Manchester City represents.
Man City this month reported record high 2018-19 revenue of 535.2 million pounds (RM2.8 billion) in a fifth consecutive year of profitability.
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Silver Lake, which is known for technology-related investments in giants like Dell, Broadcom, and Skype, said it would invest $500m (£388m) in the company, becoming the second major outside investor in the group.
The deal covers a shareholding of just over 10 per cent and gives the Abu Dhabi-based CFG a valuation of $4.8bn.
CFG, which as well as the Premier League soccer champions also owns Major League Soccer (MLS) side New York City FC, Australian outfit Melbourne City FC and four other clubs, said it will use the investment to fund global business growth opportunities and develop its technology and infrastructure assets.
Egon Durban, managing director of Silver Lake, says CFG "is redefining football globally" and is looking forward to driving "the next phase of CFG's growth in the fast-growing premium sports and entertainment content market".
The team, managed by former Barcelona manager Pep Guardiola, won an unprecedented domestic treble last season - the Premier League title, the FA Cup and the EFL Cup.
And an investigation by European soccer's governing body UEFA into alleged breaches of Financial Fair Play rules could potentially see the team barred from the competition. The group is also close to purchasing a stake in Indian Super League side Mumbai City FC.