*By Chris Tobe,  CFA, CAIA | The CommonSense 401k Project*

As Florida attorney general, Moody was one of just three trustees of the State Board of Administration, alongside the governor and chief financial officer. The Florida Retirement System Pension Plan held approximately $198 billion in June 2024, during her tenure. By June 2025, it held $211.5 billion.

New reporting from Drop Site News scrutinizes her office’s investigation into Jeffrey Epstein’s work-release arrangement and reports campaign contributions from people identified in Epstein-related records. The pension dimension makes the accountability question larger: some of the financial institutions connected to those records also had access to Florida workers’ retirement capital.

Apollo and Blackstone are the obvious starting points. They are not the end of the story.

Follow the pension relationships

The names extend to Carlyle cofounder David Rubenstein, Highbridge cofounder Glenn Dubin, Starwood founder Barry Sternlicht, former JPMorgan executive Jes Staley, JPMorgan asset and wealth management chief Mary Erdoes, KKR cofounder Henry Kravis, TPG cofounder David Bonderman, and Colony Capital founder Tom Barrack.

These connections differ. Some involve confirmed meetings, some extensive correspondence, some financial dealings, and some address-book entries.

The public deserves to know which managers received pension business, what trustees learned about their leadership, and how those facts affected investment oversight.

Carlyle: Rubenstein met Epstein after his conviction

David Rubenstein’s connection goes beyond a name appearing in somebody else’s conversation.

Released correspondence records a November 2012 meeting and an exchange afterward acknowledging it. Rubenstein’s spokesperson described a single, 20-minute meeting at Carlyle’s office about philanthropic proposals he did not pursue. The records also contain discussion of another possible meeting.

Florida’s pension report identifies Carlyle private equity, property, aviation and credit investments. One disclosed position alone—Carlyle Property Investors—was valued at approximately $363.4 million in June 2025.

A separate document, EFTA00665300, shows Boris Nikolic forwarding Epstein older fundraising correspondence headed “Materials at request of David Rubenstein.” It includes communications from Ryan Schwarz about a healthcare fund and its placement memorandum. That establishes that Carlyle-related materials reached Epstein through Nikolic.

The trustee question is straightforward: what did Florida examine about Carlyle’s leadership, controls and disclosures, and where is the written record?

Highbridge: Dubin adds a financial connection

Glenn Dubin cofounded Highbridge Capital Management. His relationship with Epstein involved both personal contact and financial dealings, including Epstein’s investments and reported involvement in Highbridge’s sale to JPMorgan.

Florida’s June 2025 report lists approximately $324.2 million in Highbridge Tactical Credit Fund and $25.6 million in Highbridge Convertible Dislocation Fund—roughly $349.8 million combined. Dubin left Highbridge in 2013.


Starwood: Sternlicht’s dinner was confirmed

Barry Sternlicht’s spokesperson confirmed that the Starwood founder attended an August 2018 dinner at Epstein’s Manhattan home—approximately a decade after Epstein’s conviction.

The spokesperson said Sternlicht attended at Peter Attia’s urging, wanted to meet Woody Allen and Kathryn Ruemmler, left early, and never subsequently saw or spoke to Epstein. A separate purported 2013 meeting was disputed.

Florida’s pension report lists several Starwood real estate funds.


JPMorgan: the governance issue has an established regulatory record

Jes Staley headed JPMorgan’s asset-management business from 2001 through 2009. Florida has a documented history of investing with JPMorgan, and its more recent report lists multiple JPMorgan property funds.

Staley’s Epstein relationship was extensive. The UK Upper Tribunal upheld his regulatory ban after he approved misleading statements about the nature and timing of that relationship.

That is a concrete finding about integrity in financial leadership. Pension trustees should care deeply about it.

Mary Erdoes also belongs in the examination. Reporting documents meetings with Epstein in 2011 and 2013. Other bankers identified in reporting include John Duffy and Justin Nelson. JPMorgan said the interactions involved ordinary client matters, litigation or client introductions, and denied knowledge of Epstein’s crimes.

Erdoes’s relevance to institutional investors is particularly direct because she leads asset and wealth management.

KKR, TPG and Colony broaden the inquiry

Henry Kravis appears in Epstein’s address book, according to William Cohan’s reporting. Florida reports investments in KKR Asian funds. That establishes an address-book overlap with the cofounder of a pension manager.

David Bonderman, TPG’s cofounder, appears in Epstein’s earlier address book, investigated by Business Insider. Florida reports TPG Growth fund holdings.
Tom Barrack’s connection is more substantial. Released records document years of correspondence with Epstein after his conviction. Florida’s December 2016 schedule listed $375 million in commitments across three Colony distressed-credit funds. Its June 2024 schedule still reported approximately $44.9 million in combined remaining value in those funds.


California already demonstrated the danger of weak pension oversight

The CalPERS placement-agent scandal involved Apollo-managed investments, fraudulent disclosure letters and concealed financial relationships. Former CalPERS CEO Fred Buenrostro pleaded guilty and received a 54-month prison sentence. A Trustee committed suicide.

It is also highly likely that Florida used brokerage firm Cantor Fitzgerald owned by Howard Lutnick, but was not disclosed.

Ashley Moodys ties to the Epstein class disqualifies her for Senate.

## Sources

– [Drop Site News: Moody investigation and campaign donors](https://www.dropsitenews.com/p/ashley-moody-epstein-work-release-angie-nixon-florida-senate)
– [Florida SBA 2024–25 Annual Investment Report](https://www.sbafla.com/media/ucznhyvg/2024-2025-air-final.pdf)
– [Florida FRS 2024–25 ACFR, brokerage schedule at printed page 118](https://frs.fl.gov/forms/2024-25_ACFR.pdf)
– [Front Office Sports: Rubenstein meeting and response](https://frontofficesports.com/article/orioles-david-rubenstein-jeffrey-epstein/)
– [Epstein document EFTA00665300, searchable transcription](https://yirah.fi/epstein/en/document/EFTA00665300)
– [Miami New Times: Sternlicht dinner and response](https://www.miaminewtimes.com/news/miami-beach-billionaire-barry-sternlicht-dined-at-epsteins-home-in-2018-40524427/)
– [Reuters: Dubin’s retirement and 2013 Highbridge departure](https://www.investing.com/news/stock-market-news/exclusive-hedge-fund-billionaire-glenn-dubin-retires-from-industry-after-40-years-2067450)
– [Vanity Fair: Dubin’s Epstein relationship and denials](https://www.vanityfair.com/news/2019/09/glenn-dubin-epstein-questions)
– [FCA: Upper Tribunal upholds Staley ban](https://www.fca.org.uk/news/press-releases/upper-tribunal-upholds-jes-staley-ban)
– [Reuters: JPMorgan bankers’ meetings and bank response](https://www.reuters.com/world/us/jpmorgan-bankers-met-with-epstein-after-his-accounts-were-closed-wsj-2023-04-21/)
– [Vanity Fair: Kravis address-book entry](https://www.vanityfair.com/news/2019/07/jeffrey-epsteins-financial-black-book)