The New York Times reports that teacher pension funds across the country are taking another look at their investments with Apollo Global Management, headed by Leon Black. Black’s relationship with Jeffrey Epstein has raised concerns. Epstein was convicted of child sex trafficking and supposedly killed himself in jail.
According to the Times, the Pennsylvania teacher pension fund has frozen new investments with Apollo.
The Texas teacher pension fund says that they have been in contact with management of Apollo about future investments.
And California.
Wayne Davis, a spokesman for the California Public Employees’ Retirement System, said the fund called Apollo last week about Mr. Black’s relationship with Mr. Epstein and would continue to monitor the situation. The system expects its outside investment managers “to follow the same core values of integrity and accountability that guide our own investment decision-making,” Mr. Davis said.
But Dave Urbanek, spokesman for the Illinois Teacher Retirement fund told The Times that the trustees responsible for selecting and monitoring outside investment managers had not yet discussed the matter.
Here are some of my previous posts about TRS, Apollo Global and Leon Black:
PENSION INVESTMENT FEES: VERY LITTLE TRANSPARENCY AND IT’S OUR MONEY. June 15, 2015
LEON BLACK, APOLLO GLOBAL AND PUBLIC PENSIONS. October 11, 2016
MORE ON PENSION FEES. SUPPOSE THE REAL ESTATE AGENT WHO SOLD YOUR HOUSE WOULDN’T TELL YOU HOW MUCH IT SOLD FOR? June 15, 2015
WELLS FARGO? WHEN IT COMES TO PUBLIC EMPLOYEE PENSION THEFT, THEY ARE SMALL POTATOES. October 9, 2016
STUMPF, BLACK AND MY RETIREMENT SAVINGS. October 13, 1016
INTERESTED IN APOLLO GLOBAL MANAGEMENT AND TEACHER PENSIONS? GOOGLE FRED BUENROSTRO + APOLLO. October 9, 2016
LEON BLACK, APOLLO GLOBAL AND PUBLIC PENSIONS. October 11, 2016
JEFFREY EPSTEIN, APOLLO GLOBAL MANAGEMENT AND IL TRS INVESTMENTS. August 20, 2019
TRS ASSIGNS $650 MILLION TO MANAGERS. REMEMBER LEON BLACK OF APOLLO GLOBAL MANAGEMENT? August 31, 2020
Fred Klonsky 
Yes, I have been reading this. Are there any descent people left? Have your money with investment firms and no one can be trusted.
Did you see the big downturn in the market. Almost moved money out last week. Dumb on me. I should have. My only hope is a vaccine and the market hopefully goes up. Saw the cases in IL over 6k cases. Afraid to go anywhere with these insane numbers. Stayed home bc of foot and needed to test negative on Covid test.
I am so ready to go somewhere!
Sent from my iPad
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This is without a doubt the best TRS, Apollo, Leon Black blog written. Yes, I read it and the nine blog links. Together, as time and info shifts, it all makes more sense.
What is most damning is what we don’t know – and should know.
I sincerely wish all of these were required reading for all TRS members.
My main point in linking the previous posts is to show that this has been an issue since 2015 but the TRS board of trustees hasn’t discussed it yet. What the hell?