Question
How much did Leon Black pay Epstein for financial advice?
Answer
Leon Black, co-founder and then-CEO of Apollo Global Management, one of the world’s largest private equity firms, paid Jeffrey Epstein approximately $158 million in fees between 2012 and 2017 for financial advisory services.
This extraordinary sum — far beyond what any documented financial work could justify — became a significant issue for Black when it came to light fully in 2021. Apollo Global Management commissioned an independent review by the law firm Dechert, which concluded that while the fees had been paid for some legitimate advisory work (including estate planning and tax optimization), the scale of payment was difficult to fully justify on the merits of work performed.
Following the Dechert review’s findings, Leon Black stepped down as CEO of Apollo Global Management in March 2021, though he remained as a non-executive chairman briefly before departing the firm entirely.
Black maintained that the relationship was solely financial advisory and that he was unaware of the full extent of Epstein’s crimes. He stated he had ended the relationship with Epstein in 2018.
Sources
- Dechert LLP independent review of Leon Black’s Epstein relationship, 2021
- Apollo Global Management public disclosures, 2021
- New York Times reporting on the Black-Epstein financial relationship