Ben Black, the son of Apollo Global Management Inc. co-founder Leon Black, has been appointed by President Donald Trump to lead the U.S. International Development Finance Corp. (DFC). Despite lacking formal experience in Washington and having a limited background on Wall Street, Ben Black is poised to influence significant White House policy through his new role.
The selection of Black, who holds law and business degrees from Harvard, suggests a shift in strategy for the DFC. The organization, which plays a crucial role in financing development projects in emerging markets, will now focus on taking bigger risks to achieve higher returns. This pivot aims to engage major Wall Street investors in larger, more ambitious deals.
Before this appointment, Ben Black had a brief professional tenure at Goldman Sachs Group Inc. His new position at the helm of the DFC represents a substantial leap in responsibilities and offers him a notable platform to demonstrate his leadership capabilities. The move aligns with broader administrative ambitions to revitalize the agency’s functions and impact in the context of U.S. foreign development initiatives.
For further details, you can read the full article on Bloomberg.