Apollo Global Management has moved to reassure its clients that its top executives did not have a relationship with the disgraced financier Jeffrey Epstein. This comes after the recent release of documents by the Justice Department named several employees, including Chief Executive Officer Marc Rowan.
In a letter to clients, the firm stated that in “select instances,” Rowan and other employees provided information to Epstein. This communication was reportedly connected to tax work Epstein performed for Apollo’s co-founder, Leon Black. The firm has been dealing with the fallout from Black’s deep ties to Epstein since 2019, when Epstein was arrested on federal charges related to the exploitation of underage girls.
“While Mr. Epstein sought to do work with the Apollo co-founders other than Mr. Black, it was declined at every turn,” the firm’s president said in the letter. This statement was issued shortly after two teachers unions asked a federal agency to scrutinize whether a 2021 statement from Apollo about its contact with Epstein could be considered misleading. The unions, whose members have a combined commitment of at least $27.5 billion with Apollo, referenced a previous investigation that found no evidence of a relationship between Epstein and the firm.
That investigation, conducted by a law firm, reviewed tens of thousands of documents and interviewed more than twenty witnesses. It concluded that despite Epstein’s efforts to build connections, no relationship existed with Apollo or its funds, aside from the one with Leon Black.
“Despite the flurry of coverage and certain constituents pushing their own agendas, the facts remain the same,” the firm’s president asserted. “Neither Marc Rowan nor anyone else at Apollo had either a business or personal relationship with Jeffrey Epstein.”
However, the newly released documents show that Epstein did correspond with Black’s colleagues, arranging calls and meetings. Rowan and Epstein exchanged emails over the years, and Rowan arranged to meet with him on multiple occasions. Epstein also considered buying a private jet from Rowan, though the sale was never completed.
“Transparency and accessibility are hallmarks of who we are, and we will not be dissuaded from speaking out,” the firm’s president said. “The facts matter. From an Apollo perspective, there’s nothing new in these documents.”
Previous reports indicated that Epstein’s role for Black extended far beyond tax planning, involving everything from arranging family portraits to providing advice on a valuable art collection.
