Leon Black and the $158 Million in Advisory Payments
Leon Black, the co-founder and longtime CEO of Apollo Global Management — one of the world’s largest private equity firms — had the largest documented financial relationship with Jeffrey Epstein outside of the Les Wexner connection.
The Relationship
Black and Epstein became acquainted through social and financial circles. Epstein provided tax and estate planning advice to Black, who paid him approximately $158 million in advisory fees between roughly 2012 and 2017.
This relationship was documented and became public after Epstein’s death when Apollo’s board commissioned an independent review — conducted by Dechert LLP — that confirmed the $158 million figure.
The Nature of the Advisory Work
Epstein’s claimed advisory services centered on:
- Tax reduction strategies for Black’s complex estate
- Trust and estate planning structures
- Investment advisory input
The scale of the fees — $158 million for five years of advisory work — is extraordinary by any professional standard. The Dechert review found no evidence that Black received corresponding value justifying this level of payment, leading to questions about whether the extent of the relationship was fully captured in the “advisory” characterization.
Black’s Statements After 2019
After Epstein’s 2019 arrest and death, Black initially declined to comment extensively. After the Apollo board’s independent review was published in early 2021, Black announced he would retire as Apollo CEO. His statement acknowledged the payments and expressed regret about the relationship.
Black has stated he was unaware of Epstein’s criminal activities and has not been charged in any criminal proceeding related to Epstein.
Why This Matters: Post-2008 Relationship
The Black relationship is particularly significant because the payments ran from 2012 to 2017 — years after Epstein’s 2008 conviction and sex offender registration. This is one of the strongest documented examples of a major institutional business figure maintaining active financial engagement with Epstein after his criminal history was fully public.
Apollo’s Response
The Apollo board’s decision to commission the Dechert review and make its findings public was characterized as transparency, though critics noted the review was commissioned by the same board that had overseen the relationship without apparent objection during its operation.
Apollo continued to operate successfully as a firm following the controversy. Black remained a controlling figure in the firm’s structure despite his transition from CEO.
Related: Epstein financial connections; Les Wexner relationship; post-conviction relationships with elite figures