Pension Funds Scrutinize Apollo Over Epstein Files

Several public pension funds are continuing their review of ties between Apollo Global Management and Jeffrey Epstein following the latest document releases under the Epstein Transparency Act, according to Pensions & Investments.¹

The asset management firm has faced scrutiny over co-founder Leon Black’s financial relationship with Epstein. Black served as Apollo’s CEO until 2021, when he stepped down amid questions about payments he made to Epstein for tax and estate planning advice.¹

Multiple state pension systems are conducting due diligence on their investments with Apollo in light of the newly released documents, Pensions & Investments reported.¹ The report did not specify which pension funds are conducting reviews or what the documents contain regarding Apollo or Black.

Black’s Epstein Payments

Black previously acknowledged paying Epstein approximately $158 million between 2012 and 2017 for tax and estate planning services, according to an independent review commissioned by Apollo’s board in 2021. That review, conducted by law firm Dechert LLP, found no evidence that Black was involved in Epstein’s criminal activities but noted the payments were higher than initially disclosed.¹

Apollo has maintained that Black’s relationship with Epstein was entirely professional and related to financial advice. The firm’s board stated that Black did not introduce Epstein to Apollo clients or facilitate any business relationships between Epstein and the company.¹

Black resigned as Apollo’s chairman in March 2021, months after the Dechert review was completed.¹ He retained a role as a senior advisor to the firm until 2023.

Epstein Transparency Act

The Epstein Transparency Act, signed into law in December 2024, required federal agencies to declassify and release documents related to Epstein’s criminal activities and associates. The law passed the House by a vote of 382-26 and the Senate unanimously before being signed by President Trump.¹

The latest batch of documents was released in February 2026, though the specific contents regarding Apollo or Black have not been publicly detailed in available reporting.¹

Epstein died in federal custody in August 2019 while awaiting trial on federal sex trafficking charges. He had previously been convicted in 2008 on state charges of soliciting a minor in Florida, serving 13 months in a work-release program under a controversial plea agreement.¹

References

1. Pensions & Investments — “Pension funds continue Apollo due diligence following latest release of Epstein files”