Who is the billionaire Leon Black and how is he tied to Jeffrey Epstein?

Leon Black’s name surfaced again when the U.S. Virgin Islands expanded its probe into Jeffrey Epstein’s financial network. The private equity co-founder had already drawn scrutiny for payments made to Epstein, and the territory’s attorney general moved to subpoena his companies. That early investigation has since produced a settlement, fresh document releases, and new litigation that keep the connection under review.

Billionaire Black

Leon Black co-founded Apollo Global Management in 1990 after the collapse of Drexel Burnham Lambert. He had started on Wall Street at Drexel after Lehman Brothers rejected him, rising to head of mergers and acquisitions before the firm folded. With Joshua Harris and Marc Rowan he launched Apollo, which now manages between $785 billion and $908 billion in assets. Black stepped down as CEO and chairman in March 2021 for health reasons; Marc Rowan took over. He retains roughly seven percent of the firm and holds an estimated net worth between $13.8 billion and $18.5 billion.

Black & Epstein sitting in a tree

Black maintained a relationship with Epstein that stretched across decades. Epstein served as a trustee of the Leon Black Family Foundation, and records show Black paid Epstein between $158 million and $170 million from 2012 to 2017 for tax and estate advice. Black later stated he regretted the association. In a 2019 letter to Apollo investors he wrote that he had been unaware of the conduct that led to Epstein’s federal charges. Court filings released in 2025 and 2026 include emails in which Epstein pressed Black for additional payments and detail Epstein’s role in structuring certain charitable vehicles and art financing. Black settled potential claims with the U.S. Virgin Islands for $62.5 million in January 2023 and was released from liability.

Black’s business

Apollo Global Management is headquartered in New York and remains one of the largest alternative asset managers. Black no longer runs day-to-day operations, yet the firm continues to disclose his ownership stake. In 2026, shareholders filed a class-action suit alleging that Apollo and its executives concealed the extent of Black’s Epstein ties in regulatory filings. Apollo responded that only Black had a relationship with Epstein and that the firm itself never conducted business with him. The 2023 Virgin Islands settlement resolved the territory’s civil claims against Black and his related entities.

A Black art collection

Black has long been recognized for his holdings, which include one of the four versions of Edvard Munch’s The Scream, Raphael’s Head of a Young Apostle, and Picasso’s Bust of a Woman. A 2016 appraisal valued the collection between $2.6 billion and $3 billion, with later document releases noting major Van Gogh works as well. Black secured a $484 million art-backed loan, and files indicate Epstein participated in certain tax and loan arrangements tied to the collection. Black stepped down as chairman of the Museum of Modern Art board in 2021 but remains a trustee.

Legal Aftermath and Settlements

The 2020 subpoenas issued by Virgin Islands Attorney General Denise George sought financial statements and tax returns from Apollo, Black’s art entities, and vehicles that held portions of his fortune. Those requests were resolved when Black paid $62.5 million in January 2023. The settlement ended the territory’s civil claims. Separate litigation continues: a 2026 shareholder class action accuses Apollo of failing to disclose Epstein-related risks, and the Senate Finance Committee has referred findings on tax structures and payments to the House Oversight Committee for further review.

Epstein Document Releases and New Revelations

Files unsealed by the Department of Justice between 2025 and 2026 contain inventories of Black’s art holdings, correspondence about a $484 million loan, and internal notes on charitable structures. Emails show Epstein urging Black for further compensation. Reports from the Senate Finance Committee describe allegations of surveillance tied to certain Epstein properties and outline questions about how payments were characterized for tax purposes. These materials were not available when the original subpoenas were drafted in 2020.

Post-Apollo Career and Philanthropy

After leaving Apollo leadership in 2021, Black retained his stake and sold shares in 2024. The Debra and Leon Black Family Foundation has continued grant-making, including support for Harvard fellowships. Black also owns Phaidon Press, the art and design publisher. These activities occur outside Apollo’s operations and have not been linked to the firm’s funds.

Ongoing Congressional Scrutiny

Senator Ron Wyden’s office has conducted a multi-year review of Black’s Epstein payments and related tax arrangements. In June 2026 the committee referred its findings to the House Oversight Committee. Black is scheduled to testify before House Oversight later that month. Questions center on the scale of payments, the use of offshore structures, and the adequacy of IRS oversight of high-net-worth advisory relationships.

Black’s early career at Drexel and the founding of Apollo remain unchanged facts. The subsequent record now includes a settlement payment, updated ownership figures, expanded art details, and active congressional review. Those developments place the original 2020 subpoenas in a clearer timeline without altering the core biographical record.