On March 11, 2026 Senator Ron Wyden wrote a letter to the DOJ, Treasury, and the FBI concerning Leon Black the founder and CEO of Apollo https://www.finance.senate.gov/imo/media/doc/wyden_letter_to_doj-treasury-fbi_on_epsteinpdf.pdf This in addition to the American Federations of Teachers letter to the SEC on Apollo lying about their ties with Epstein which was followed by legal suits https://www.aft.org/sites/default/files/media/documents/2026/Letter_to_SEC_re_Apollo_Global_Management_February_17_2026.pdf and another letter from the AFL-CIO
Senator Wyden makes a direct link between payments and Epstein trafficking operations “Epstein used the money you paid him to fund his sex trafficking operations.” This was documented in a formal U.S. Virgin Island settlement and created financial linkage between Apollo leadership and Epstein criminal enterprise.
This is now a known, admitted-use-of-funds risk, not a reputational rumor Wyden repeatedly raises:
“extraordinary sums… may not have been exclusively for legitimate services”
Payments far exceeding normal advisory compensation
Lack of adequate explanation
$170 million paid to Epstein
~30x what major law firms were paid for similar work
If disclosures about these relationships were incomplete, this supports securities fraud exposure
Which directly ties to: Stock drop litigation and Ongoing legal liability
Wyden raises Money Laundering issues : Such as the use of Epstein as a “middleman” for payments to women and Payments routed through a “bogus 501(c)(3)” charity to: avoid disclosure and maximize deductions. This introduces: criminal exposure risk tax fraud exposure systemic governance failure.
There is ample Evidence of Concealment and Intent. Like the line Epstein performed tasks that “will need to remain unknown.” Combined with: instructions to avoid public disclosure and structuring payments to hide identity.
Wyden states: his Investigation ongoing for nearly four years. Requests for documents remain unanswered. New DOJ disclosures increase concern. If Leon Black does not respond: It creates a documented fiduciary trigger: Known risk + no mitigation Allegations formally raised No response = no remediation
With Escalating legal exposure to pension plans with a Congressional inquiry, DOJ records ongoing litigation, this clearly Governance failure. With this Apollo connection widely known since 2019 Public pension Board awareness presumed. And no plans with the exception of Pennsylvania have made even a small visible corrective action.
The Pension Fiduciary Problem A pension fiduciary must ask:
- Are risks:
- known? → YES
- material? → YES
- unresolved? → YES
👉 That creates:
A duty to reassess and potentially divest
“Senator Wyden’s letter transforms the Apollo/Epstein issue from a reputational concern into a documented, multi-dimensional risk: securities fraud, tax irregularities, money laundering exposure, and even national security implications. If Apollo leadership fails to respond, public pension fiduciaries are left holding an asset where the risks are known, material, and unresolved—a textbook case for divestment.”
“This is no longer about what Apollo did in the past. It’s about what pension fiduciaries know today—and whether they can justify continuing to hold an investment under active federal scrutiny with unanswered questions at its core.”
List of Plans with Apollo Funds
Alaska Permanent Fund Apollo PE funds
Arizona PSPRS Apollo PE funds
California Public Employees’ Retirement System (CalPERS) Apollo Investment Fund VI and related vehicles
California State Teachers’ Retirement System (CalSTRS) Apollo Investment Funds VI, VII, IX, X; Hybrid Value II
Chicago Teachers Pension Fund 2024 performance confirms Apollo PE/PC as manager
Colorado PERA Apollo Investment Funds III,IV,V,VI, VII, Distresssed DIF
Colorado School Apollo Credit Opp III & DIF
Connecticut Retirement Plans & Trust Funds Apollo Investment Fund VIII
Florida State Board of Administration Apollo PE funds IV, V PC Accord V and VI
Georgia Teachers Retirement System
Idaho PERSI Apollo PE funds
Illinois Teachers Retirement System Apollo PE funds X
Illinois Municipal Apollo Credit Wilshire
Indiana Public Retirement System (INPRS) Apollo Origination Partnership
Iowa Public Employees Retirement System Apollo PE funds Wilshire
Kansas Public Employees Retirement System Apollo PE funds VIII,IX
Kentucky Teachers Apollo REIT & Apollo Stock
Los Angeles City Employees’ Retirement System (LACERS) Apollo PE funds VI
Los Angeles (CA) Water and Power has PE fund X
Louisiana Teachers’ Retirement System of Louisiana (TRSL), Apollo Credit, Natural Resources
Maryland State Retirement & Pension System ?PE funs
Massachusetts PRIM Apollo PE funds
Michigan RS Apollo Investment fund VIII, IX Hybrid Value Funds, Credit/ Opportunistic Credit
Minnesota State Board of Investment Apollo/Athene Dedicated Investment Program II
Mississippi PRS Apollo VIII IX Private Equity funds
Montana Board of Investments Stock holdings?
Nebraska Investment Council India Property Fund II LLC.
New Hampshire Retirement System Apollo PE funds
New Jersey Division of Investment: Stock holdings?
New Mexico State Investment Council Apollo PE VII, VIII PC
New York City Teachers’ Retirement System Apollo PE funds
New York City (NY) ERS PE $500mm 2013
New York City (NY) Police PE fund VI
New York State Apollo PE VIII
North Carolina Retirement Systems Apollo PE funds VI, VII
Ohio Highway Patrol SHPRS: Apollo PE funds
Ohio SERS: “Core Farmland Fund, LP Wilshire
Ohio State Teachers Retirement (STRS) PE Apollo S3 Equity Hybrid Solutions
Ohio Public OPERS Apollo PE funds, Oregon Public Employees Retirement Fund (OPERF), Apollo PE VI, VII, VIII, IX.
Oregon PER recently comitted $300mm to Apollo distressed debt fund as well as earlier funds like Apollo PE IX
Pennsylvania PSERS Apollo PE funds IV $620mm
Pennsylvania SERS Apollo PE funds VI- VIII
Rhode Island Retirement System Apollo PE VIII, IX
San Diego City Employees Retirement System Apollo PE funds
San Francisco (SFERS) San Francisco Employees’ Retirement System Apollo PE funds Wilshire
South Carolina RS $750mm
South Dakota Retirement System Apollo PE funds
Texas County & District PE fund X
Texas ERS Apollo Credit Strategies
Texas Municipal Fund VIII
Texas TRS Teachers’ Retirement Apollo PE funds
Tennessee Consolidated Retirement System Stock holdings?
San Francisco Employees’ Retirement System Apollo PE funds
San Diego City Employees’ Retirement System Apollo PE funds
University of Calfiornia PE VII, VIII Principal Wilshire
Virginia Retirement System Apollo PE funds
Washington State Investment Board (WSIB) Apollo S3 Equity & Hybrid
The CommonSense 401k Project 