Leon Black

Leon Black is an American financier and art collector best known as a co-founder of the global alternative investment firm Apollo Global Management. A prominent figure in private equity and leveraged buyouts, his career has been marked by both significant financial success and notable controversies. His extensive philanthropy, particularly in medicine and the arts, and his ownership of a world-renowned art collection have also defined his public profile.

Early life and education

Born in 1951, he is the son of Eli M. Black, a businessman who led the United Brands Company. He attended Phillips Exeter Academy before earning a Bachelor of Arts degree in philosophy and history from Dartmouth College in 1973. He subsequently pursued graduate studies at Harvard University, where he earned both a Master of Business Administration from Harvard Business School and a Juris Doctor from Harvard Law School in 1975.

Career

He began his career in investment banking at Drexel Burnham Lambert, working closely with Michael Milken in the high-yield debt department during the 1980s. Following the collapse of Drexel Burnham Lambert, he co-founded Apollo Global Management in 1990 alongside Joshua Harris and Marc Rowan. Under his leadership as CEO, Apollo became a dominant force in private equity, executing landmark deals such as the leveraged buyouts of Harrah's Entertainment, Claire's Stores, and Realogy. He also served as chairman of the Museum of Modern Art in New York City and was a board member of the New York Philharmonic.

Controversies and legal issues

His professional associations have been a source of significant scrutiny. His long-standing financial and advisory relationship with the convicted sex offender Jeffrey Epstein, which continued after Epstein's 2008 guilty plea, prompted an independent review by the law firm Dechert LLP. The review concluded he had paid Epstein millions for legitimate financial advice but acknowledged the relationship was a "mistake." Separately, he faced a lawsuit from Guernsey alleging he defrauded the island's government in a film financing scheme, which was later settled. These controversies contributed to his decision to step down as CEO of Apollo in 2021.

Personal life

He is married to bra Black, a Broadway producer and co-founder of the Skin Cancer Foundation. The couple has four children and resides in New York City. He is an avid art collector, having acquired major works such as Edvard Munch's *The Scream* and pieces by Pablo Picasso and Vincent van Gogh. His collection and acquisitions have frequently made headlines in the art world, including a record-setting purchase of a drawing by Raphael.

Philanthropy

Through the Leon Black Family Foundation, he and his wife have been major donors to medical and cultural institutions. Significant gifts include a multi-million dollar donation to the Memorial Sloan Kettering Cancer Center for cancer research and a substantial contribution to the Metropolitan Museum of Art for its modern and contemporary art wing. He has also provided funding to Dartmouth College, his alma mater Harvard University, and the American Museum of Natural History.