Black retires at the end of July and is succeeded by Marc Rowan, a co-founder of the private equity firm, as CEO. Black will remain chairman of the firm, Apollo said.
Black says in his continued role as chairman he looks forward to “focusing on strategic planning, growth initiatives, investment opportunities and supporting Apollo, which has been my life’s work, in whatever ways I can.”
In a separate announcement, Apollo said he found no evidence of misconduct in Black’s earlier relationship with Epstein, an accused sex trafficker who hanged himself in jail in 2019.
“The findings of the report are consistent with the statements made by Mr. Black and Apollo about the previous relationship,” Apollo said in a statement.
The investigation conducted by the law firm Dechert LLP, which he said involves the study of more than 60,000 documents and interviews with more than 20 people, found that Black’s payments to Epstein amounted to $ 158 million between 2012 and 2017. It was also found that Apollo never had an deal with Epstein and he never invested in funds managed by Apollo.
Black’s last payment to Epstein was made in April 2017; in 2018, Epstein repaid a portion of two loans that were outstanding to Black but that never repaid the balance, the report said. “Black and Epstein stopped communicating in or around the fall of 2018 ahead of the renewed public revelations of Epstein’s behavior and Epstein’s arrest and suicide.”
“With the benefit of reflection – and the knowledge of everything that came to light more than fifteen years ago about Epstein’s despicable behavior – I deeply regret that I had any involvement with him,” Black said in the letter.
Black said his relationship includes only professional services that include ‘estate planning, taxation and philanthropic endeavors’, as well as occasional meetings in Epstein’s townhouse to do business. Epstein, according to him, did not have a separate office.
In a letter to investors on Monday, Black said he had pledged $ 200 million for initiatives to help survivors of domestic violence, sexual assault and human trafficking – a way he could “start addressing the serious flaw” of a professional relationship with Epstein to maintain. .