Leon Black's Son Reveals $219 Million of Assets in Ethics Filing
(Bloomberg) -- The son of private equity billionaire Leon Black has disclosed hundreds of millions of dollars of personal wealth as he awaits confirmation to lead an obscure federal agency.
Ben Black, President Donald Trump's surprise pick to run the US International Development Finance Corp., reported assets worth at least $219 million, according to a disclosure with the US Office of Government Ethics. They include art, memorabilia and rare books valued at $6.5 million, as well as investments in a comic book publisher, a company that's developing a speed-dating app and Rally Labs, the maker of Blowfish hangover-relief products.
He also disclosed a brokerage account and modest holdings in several funds managed by Apollo Global Management Inc. His father, who co-founded the buyout firm, has an $11.9 billion fortune, according to the Bloomberg Billionaires Index.
A representative for Ben Black declined to comment.
US government nominees disclose the value of their assets within broad ranges, with the top tier being more than $50 million. Ben Black reported three holdings in that range: his Apollo brokerage account and two funds set up under HT Investments LLC, where he was a managing partner. One fund has stakes in energy company Greenfire Resources and mattress retailer Casper Sleep.
The DFC is a small government outfit that makes loans and investments in overseas development projects. If confirmed to lead it, Black will be expected to bring a fresh approach to the $60 billion agency and attract more ambitious deals with Wall Street investors.
If confirmed, Black will step down from Fortinbras Enterprises, an investment firm he founded about five years ago, but will 'continue to have a financial interest' in the firm and receive 'passive investment income from it,' according to his ethics agreement.
Ethics officials also allowed him to retain financial interests in the HT Investments funds as well as in dozens of other entities, including nine associated with Fortinbras.
'I have been advised that I will be responsible for monitoring the holdings of these funds for conflicts of interest and that I will be provided information about particular matters in which I am expected to participate,' Black wrote in the ethics agreement.
Although higher-ranking officials are usually required to divest assets that could pose potential conflicts, some can instead recuse themselves from certain matters.
The disclosure also shows that Black owns shares in blue-chip stocks including Apple Inc., Chevron Corp. and JPMorgan Chase & Co. and is the beneficiary of a discretionary trust that distributed $54 million to him over the roughly 14-month filing period. It didn't include the value of the trust's assets.
--With assistance from Bill Haubert.
More stories like this are available on bloomberg.com
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