Pensions and Investments is reporting this morning:
CalPERS is pressing Apollo Global Management LLC, one of its private equity managers, over co-founder Leon Black’s relationship with registered sex offender Jeffrey Epstein.
“CalPERS takes this issue very seriously. The actions our general partners take, both in professional and private contexts, impact our assessment of which firms we desire as long-term partners,” said Megan White, spokeswoman for the $376 billion California Public Employees’ Retirement System, Sacramento, in an email.
While CalPERS is the largest pension system in the United States, they are not the only ones doing business with the shady Leon Black and Apollo Global Management.
Other retirement systems making commitments to Apollo within the past 18 months include the $152.5 billion Teacher Retirement System of Texas, $80.4 billion Virginia Retirement System, $29 billion Pennsylvania State Employees’ Retirement System, $20.1 billion Teachers’ Retirement System of Louisiana and $2.6 billion Oklahoma Police Pension & Retirement System. Pension fund representatives either
What about the Illinois Teacher Retirement System?
TRS goes back along way with Jeffrey Epstein’s pal Leon Black and Apollo Global Management.
In fact, I wrote about Leon Black, Apollo and TRS back in 2016.
Illinois Teachers’ Retirement System, Springfield, committed $1 billion total to five managers and allocated an additional $450 million total to four existing managers, confirmed spokesman David Urbanek. The $42.8 billion pension fund committed $500 million to Apollo Global Management to run special situation separate accounts in private equity and fixed income, $250 million each. Apollo currently manages $369 million for TRS.
The thing is that along with palling around with creeps like Epstein, I wrote about Leon Black because Black was fined $53 million for charging investors phony fees.
Is there still a relationship between TRS and Leon Black?
I’m looking, but these things are never very transparent.