Leon Black’s Epstein Links Threaten Apollo’s Fundraising
- Consultant Cambridge tells clients it may not recommend Apollo
- Pennsylvania schools’ retirement plan suspends new investments
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Apollo Global Management Inc. is facing a client revolt that could choke new investments into its funds, as questions persist about co-founder Leon Black’s ties to convicted sex offender Jeffrey Epstein.
Cambridge Associates, an influential consultant to investors including pensions and endowments, may stop recommending Apollo, according to people with knowledge of the matter. Already, the Pennsylvania Public School Employees’ Retirement System has informed Apollo it won’t consider additional investments for now.