The review — ordered by the firm’s board in October afterThe New York Times detailed at least $US75 million in payments — found that Mr Black had paid Epstein significantly more,according to two people familiar with the inquiry,who requested anonymity because the report was not public.
The sum effectively bankrolled the disgraced financier’s lifestyle in the years after his 2008 guilty plea to a Florida prostitution charge involving a teenage girl.
The investigation found no evidence of wrongdoing by Mr Black,according to a person familiar with the inquiry.
The findings created friction between Mr Black and one of Apollo’s other founders,Joshua Harris,according to three people briefed on the discussions. One of the people said Mr Harris believed that Mr Black showed poor judgment in consorting with Epstein,and that the new findings would further hurt Apollo’s reputation. In recent months,Apollo investors had begun openly questioning the financial ties between Mr Black and Epstein,who died in 2019.
Apollo’s board held a videoconference on Sunday to approve the findings of the review,according to two people briefed on the discussions. At the meeting,Mr Black also announced his plans to step down this year and hand over the chief executive job to Marc Rowan,Apollo’s third founder. Mr Black intends to remain chairman of the private equity behemoth. Apollo,based in New York,manages $US433 billion for institutional investors,including pension plans and sovereign wealth funds.
Apollo’s board was expected to release the review this week,the person said.