Leon Black, Jeffrey Epstein, Apollo and Illinois teacher pensions.

Apollo Global’s Leon Black bankrolled Jeffrey Epstein with $150 million. How much came from our pension investments?

According to a report in today’s NY Times Leon Black is out at Apollo Global Management. Apollo is a huge investment management firm that specializes in institutional investments including pension funds. Those institutional investments include those of my Illinois Teacher Retirement System.

The founders of Apollo Global Management, one of the world’s biggest private equity firms, engaged in a brief power struggle this weekend over control of the firm, a rift that opened up after an inquiry revealed that one founder — Apollo’s chief executive and chairman, Leon Black — had paid more than $150 million to the convicted sex offender Jeffrey Epstein.

On Monday, Mr. Black announced his plan to step down as chief executive this year. “I have advised the Apollo board that I will retire as C.E.O. on or before my 70th birthday in July and remain as chairman,” he said in a statement.

The review — ordered by the firm’s board at Mr. Black’s behest in October, after The New York Times detailed at least $75 million in payments — found that Mr. Black had paid Mr. Epstein $158 million in a five-year period ending in 2017. He had also lent Mr. Epstein more than $30 million, only $10 million of which was paid back, the report found.

Mr. Black’s payments effectively bankrolled the lifestyle of Mr. Epstein — whom Mr. Black viewed as a “confirmed bachelor with eclectic tastes,” according to the report — in the years after his 2008 guilty plea in Florida to a prostitution charge involving a teenage girl.

I’ve been following Leon Black’s relationship with the Illinois Teacher Retirement System (TRS).

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

2 thoughts on “Leon Black, Jeffrey Epstein, Apollo and Illinois teacher pensions.

  1. Thanks for this information, Fred. Do you suppose any of this is connected to the departures of the TRS Exec. Director & others?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s