This chapter offers a ‘realist’ interpretation of the All-Affected Principle, as a democratic principle for distributing political inclusion. This interpretation aims to capture the AAP’s democratic appeal as a basis for political legitimacy in the pluralist institutional landscape of global governance practice. First, it is argued that the distinctive democratic value of the AAP derives from its concern with institutionally empowering those valuable dimensions of individuals’ political agency that are expressed through participation in the practical performance of global governance functions, alongside those expressed through deliberative or aggregative social ‘choice’ procedures. Second, it is argued that this interpretation of the normative point of the AAP supports a pluralist, rather than a cosmopolitan, institutional approach to democratic inclusion: the sites, types, and constituencies of inclusion should vary across institutional contexts, depending on their real-world consequences for the empowerment of individuals’ capacities to advance their interests through institutional collaboration with others. Third, the chapter elaborates the broader ‘realist’ conceptions of global democracy and political legitimacy that are implied by this interpretation of the AAP, and highlights some advantages and limitations of the realist account.