• Margaret Brown

Apollo Faces Canada Pension Review as Stain Outlasts Black

By Benjamin Robertson

June 7, 2021, 2:11 PM PDT Updated on June 8, 2021, 2:16 AM PDT

CalPERS should refuse to invest with Apollo because of poor returns and a lack of accountability and transparency.

One of the world’s largest private equity backers may be pulling back from Apollo Global Management Inc. as the buyout giant struggles to move past the taint of a co-founder’s ties to convicted sex offender Jeffrey Epstein.

The Canada Pension Plan Investment Board, which manages $500 billion, is weighing whether to keep investing with Apollo, according to a person with knowledge of the Toronto-based fund’s deliberations. The CPPIB is disappointed with Apollo’s fund performance and the firm’s handling of former Chief Executive Officer Leon Black’s relationship with Epstein, the person said.