The scrutiny surrounding Apollo Global Management’s ties to the late Jeffrey Epstein intensified this week, as two major teachers’ unions called for a Securities and Exchange Commission (SEC) investigation into the firm’s disclosures regarding those connections. The American Federation of Teachers (AFT) and the American Association of University Professors (AAUP) allege that Apollo’s communications to investors have presented an incomplete and potentially misleading picture of the extent to which its executives interacted with Epstein, the convicted sex offender.
The unions’ request to the SEC follows recent reporting by the Financial Times detailing extensive discussions between top Apollo executives, including CEO Marc Rowan, and Epstein. These conversations, revealed in documents released by the Justice Department, reportedly covered topics such as tax strategies and potential relocation of the company’s headquarters. The revelations raise questions about Apollo’s previous statements, made in 2020, that the firm “never did any business with Jeffrey Epstein at any point in time.” This investigation into Apollo comes as the firm manages over $900 billion in assets, according to data from the conclude of 2025.
In a letter to the SEC’s enforcement director, Margaret Ryan, the unions expressed concern over what they described as Apollo’s “seeming inability to be forthcoming” about the nature of Epstein’s relationship with the firm and its partners. They specifically pointed to two documents filed with the SEC in January 2021 – a letter from then-CEO Leon Black to limited partners and a report by the law firm Dechert – as being “deficient” in their portrayal of Apollo’s ties to Epstein.
The Dechert Report and Prior Scrutiny
The Dechert report was commissioned after Apollo’s board sought an independent examination of Black’s personal connections to Epstein. Black ultimately stepped down as CEO in 2021 after the report revealed he had paid Epstein $158 million over a five-year period ending in 2017. Dechert stated these payments were for professional services, including advice on trust and estate planning, tax matters, artwork acquisition, philanthropic endeavors, and the operation of Black’s family office.
However, the teachers’ unions argue that the Dechert report “takes pains to minimise Epstein’s ties with other Apollo executives.” The SEC declined to comment on the unions’ request for an investigation. Dechert has not yet responded to requests for comment.
Apollo’s Response and Executive Correspondence
Apollo maintains that, aside from Leon Black, no other executive had a business or personal relationship with Epstein, a claim the firm says was confirmed by an independent investigation in 2021. “There is nothing latest here,” Apollo stated. The firm also asserted that any attempts by Epstein to engage with other Apollo co-founders were rebuffed.
However, documents released by the Justice Department indicate that Epstein corresponded with several other Apollo executives, including John Suydam, then chief legal officer; Sanjay Patel, head of European operations; Gernot Lohr, a partner; and Imran Siddiqui, who played a key role in the firm’s Athene insurance unit before departing. The Financial Times reported that these communications involved Epstein receiving internal Apollo documents and engaging with senior decision-makers.
Pension Fund Implications and Union Influence
The AFT stated that its members have a collective $27.5 billion in capital commitments to Apollo funds through their pension plans. Both the AFT and the AAUP wield influence over teacher pension funds across the United States, as their members serve on the boards of these funds. This gives the unions a potential avenue to push for greater transparency and accountability from Apollo regarding its past dealings with Epstein.
The concerns extend beyond financial implications. The nature of Epstein’s crimes and the potential for reputational risk have prompted a re-evaluation of investment strategies for many institutional investors. The teachers’ unions are seeking assurance that their members’ retirement funds are not exposed to undue risk as a result of Apollo’s past associations.
Lifetouch and the Broader Context
The renewed scrutiny of Apollo’s ties to Epstein has also brought attention to its ownership of Lifetouch, a school photography company. Recent social media posts have raised concerns about Lifetouch’s potential inclusion in the Epstein files, fueled by the fact that Lifetouch’s parent company, Shutterfly, is owned by Apollo. However, Lifetouch has refuted these claims, stating that it is not named in the Epstein files and that student photos were not used in any illicit activities. USA Today reported on the company’s response to the circulating claims.
The SEC’s response to the unions’ request remains to be seen. The agency’s investigation, if launched, could shed further light on the extent of Apollo’s relationship with Epstein and whether the firm adequately disclosed those ties to investors. The outcome of this inquiry could have significant implications for Apollo’s reputation and its ability to attract future investment. The next step will likely be a determination by the SEC on whether to formally open an investigation, a decision expected within the coming weeks.
What we have is a developing story. Readers are encouraged to share their thoughts and perspectives in the comments section below.
