New reports suggest that Apollo CEO Leon Black may have funneled as much as $75 million to disgraced financier Jeffrey Epstein before supposedly cutting ties in 2018.

The initial report published by the New York Times uncovers a number of alleged payments from Black to Epstein made through several companies.

A company that owned Black’s yacht wired $22.5 million to a company in 2017 that managed Epstein’s private jet – a move that raised questions at Deutsche Bank, the report said.

Other transactions passed through Black-owned businesses, according to the report, including a company that Black used to buy much of his billion-dollar art collection. The total amount of money that Black may have funneled to Epstein is around $75 million, which may have allowed Epstein to continue building wealth following his first criminal case.

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APO APOLLO GLOBAL MGMT 44.97 -1.54 -3.31%

Black owns roughly 23% of Apollo Management Group, according to a Forbes profile on the financier. He also chairs the New York Museum of Modern Art and serves as a member of the Council on Foreign Relations.

Since the initial subpoena of Black in August, Apollo’s stock has steadily declined, falling from around $54 a share to around $42 a share in late September. The stock started to rally over the past couple of weeks, but these revelations may rock the stock’s value again.

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Apollo accordingly moved swiftly to distance both Black and itself from Epstein’s dealings.

“Apollo never did any business with Mr. Epstein,” a spokesperson for Black said in a statement to FOX Business. “We understand that the

Oct 1 (Reuters)An affiliate of private equity giant Apollo Global Management Inc APO.N is looking to raise $750 million through an initial public offering for a new blank-check company.

Apollo Strategic Growth Capital said on Thursday it would offer 75 million units at $10 apiece. (https://refini.tv/3l97JKh)

Each unit would represent one ordinary share and one-third of a warrant. One whole warrant would give the holder the right to buy an ordinary share at an exercise price of $11.50 per share.

A blank-check company, also known as a special purpose acquisition company (SPAC), is a shell company that uses capital raised through an IPO to buy a private company, typically within two years. The deal then takes the private company public.

A number of high-profile investors such as Bill Ackman, Chamath Palihapitiya and Michael Klein have raised billions through their SPACs this year. Ackman’s Pershing Square Tontine Holdings Ltd PSTH.N raised $4 billion in its IPO in July, making it the largest SPAC IPO.

Reuters also reported in September that Riverstone Holdings LLC, one of the oil and gas sector’s largest private equity investors, is planning a blank-check acquisition company that will buy a business in the clean energy industry.

Apollo Strategic’s units would be listed on the New York Stock Exchange under the symbol “APSG.U”.

The SPAC is being backed by APSG Sponsor LP, an affiliate of Apollo Global Management.

Citigroup Global Markets, Credit Suisse and Goldman Sachs are the underwriters for the offering.

(Reporting by Niket Nishant in Bengaluru; Editing by Maju Samuel)

((Niket.Nishant@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Joshua Harris, Apollo Global Management Co-Founder speaks during the 2020 Delivering Alpha conference on Sept. 30th, 2020.

CNBC

A notable private equity investor said Wednesday that the boom in special purpose acquisition companies was not just a passing fad.

Apollo Global Management co-founder Joshua Harris said at the Delivering Alpha conference presented by CNBC and Institutional Investor that SPACs were filling a needed role for companies that were closing in on going public. Apollo has both raised its own SPACs and exited its position in companies through the blank check vehicles, Harris said.

“The SPAC part of the IPO market is a part of the market that’s here to stay,” Harris told CNBC’s Leslie Picker.

There has been a rush of SPACs in recent months, outpacing traditional IPOs in money raised in July and August, according to Refinitiv. The companies have raised more than $30 billion so far this year. Harris estimated that SPACs have gone from 3% of the market to 20% during the recent surge. 

The investment vehicles work by going public through their own IPOs, then using their cash to do a reverse merger with a private firm. The publicly traded shares of the SPAC then become the shares of the formerly private company.

Harris said that there is a desire for a quicker process to go public than traditional IPOs and an opportunity for established investment firms like Apollo to make a company more valuable by partnering with them.

“There’s a real need for quick, confidential capital and price certainty and for sponsorship in the markets. And most of the SPACs that have been done have been more emerging growth SPACs, less cash flow more growth. And what we see is the opportunity for sponsorship,” Harris said. 

The private equity veteran said SPACs are filling a