Draft:Benjamin Black
Benjamin Black is an American investor and government nominee currently under consideration to serve as Chief Executive Officer of the U.S. International Development Finance Corporation (DFC). He is the founder and managing partner of Fortinbras Enterprises and the CEO of Osiris Acquisition Corp, with a career spanning roles in private equity, corporate law, and credit investing. Black has held positions at firms including Apollo Global Management, Goldman Sachs, and Sullivan & Cromwell, and has served on the boards of various companies and nonprofit organizations.
A graduate of the University of Pennsylvania, Harvard University, and New York University School of Law, Black has earned multiple advanced degrees. In 2025, he gained attention during the DFC nomination process for his policy views on foreign aid and U.S. development strategy, and for his proposed approach to aligning the DFC’s investment portfolio with U.S. strategic interests.
Education and career
[edit]Benjamin Black holds degrees from several universities. He earned a Bachelor of Arts in history from the University of Pennsylvania, graduating cum laude. He later completed a Juris Doctor and a Master of Business Administration at Harvard University. In 2020, he received a Master of Laws in Taxation from New York University School of Law.[1][2]
In addition to his degrees, Black is an alumnus of Harvard’s John F. Kennedy School of Government.[3] During his confirmation hearing, Senator Tom Cotton noted Black’s academic background, commenting that he had “more degrees than a thermometer”.[4]
Black has worked in credit and equity investing, holding senior roles at financial firms and serving on several boards.[5][6]
Earlier in his career, he worked in private equity at Apollo Global Management, co-founded by his father, Leon Black. He also held roles as an analyst at Goldman Sachs in 2007[7] and as a corporate attorney at Sullivan & Cromwell.[5][6]
Black is the founder and managing partner of Fortinbras Enterprises, a New York-based credit investment fund established in October 2020.[4][5][6] The firm manages $122 million in assets, according to a regulatory filing.[7][2] If confirmed to his nominated position, Black is expected to step down from his role but retain a financial interest and receive passive income from the firm.[8]
Black serves as CEO and director of Osiris Acquisition Corp, a special purpose acquisition company (SPAC).[1][2][4] He was involved in raising capital for the firm.[7][9]
Black previously served as senior portfolio manager at Knowledge Universe Holdings, where he oversaw the credit portfolio.[4][5][6] He was also a principal and co-founder of OCB Partners.[4]
Nomination
[edit]On June 18, 2025, Benjamin Black was nominated by President Donald Trump to serve as CEO of the U.S. International Development Finance Corporation, succeeding Scott A. Nathan following his resignation. The nomination was placed on the Senate Executive Calendar as Calendar No. 194, pending Black’s agreement to appear and testify before any Senate committee if requested.[10]
The nomination drew attention due to his limited background in foreign policy and legislative affairs.[2][9][7]
Substack essay
[edit]Black co-authored a Substack essay with entrepreneur Joe Lonsdale in January 2025 titled “How to DOGE US Foreign Aid,” which attracted attention during his nomination process.[2][11][7][9]
In the essay, he criticized the U.S. Agency for International Development (USAID) for what he described as “mission drift” and questioned funding for initiatives such as gender equity and green energy programs.[7]
He advocated for reallocating portions of USAID’s budget to the U.S. International Development Finance Corporation (DFC) to support pro-market foreign investments that align with U.S. strategic and economic interests.[7]
Black proposed that the DFC take on greater investment risk, attract private capital, and focus on strategic sectors, including infrastructure projects such as ports and mines in locations like Greenland.[12]
In announcing the nomination, President Trump said Black would apply his financial and deal-making experience to advance U.S. interests abroad.[7][13]
Confirmation hearing
[edit]As the nominee to lead the DFC, Black testified before the Senate Foreign Relations Committee about the agency’s future under his potential leadership. Black, managing director of Fortinbras Enterprises and son of investor Leon Black, emphasized the DFC’s dual mandate to support economic development and advance U.S. foreign policy goals, stating that he does not view the two objectives as conflicting.[14]
During his Senate confirmation hearing, Senator Tom Cotton, who introduced him, described him as an “America First patriot” and stated that Black would bring “a wide range of experience and expertise” to the role.[3][4]
In his opening statement before the Senate Foreign Relations Committee, Black stated that, if confirmed, he looked forward to working with Congress to expand the DFC’s capabilities and capacity to fulfill its responsibilities.[3]
If confirmed, Black would lead the U.S. International Development Finance Corporation (DFC), the federal government’s main agency for financing development projects abroad.[3]
Personal filings
[edit]According to his ethics filing, Black reported personal assets of at least $219 million, including art, memorabilia, rare books, and investments in various companies. His holdings include a brokerage account, shares in blue-chip stocks, and interests in funds managed by Apollo Global Management Inc. He is also the beneficiary of a discretionary trust that distributed $54 million to him over a 14-month period.[8]
About DFC
[edit]The DFC is a government agency that partners with the private sector to fund development projects abroad. Its initiatives aim to promote economic growth, advance U.S. interests, and generate returns for American taxpayers.[15]
In 2018, Congress passed the Better Utilization of Investments Leading to Development (BUILD) Act, which merged the Overseas Private Investment Corporation (OPIC) with offices and credit authorities from USAID to create the DFC. The Trump administration has since considered further consolidating U.S. international development and investment programs to more directly compete with China. The DFC serves as the primary U.S. agency for foreign development finance and plays an increasing role in advancing U.S. development policy.[16]
The DFC was established with bipartisan congressional support during the first Trump administration to finance private sector development projects in lower- and middle-income countries, providing an alternative to China’s Belt and Road Initiative. Its first chief executive was Adam Boehler, a close associate of Jared Kushner.[17]
It was established to promote private sector investment in emerging markets, strengthen U.S. global economic leadership, and serve as a counterbalance to China’s influence in strategic regions.[15]
Boards and philanthropy
[edit]Black serves on the boards of several organizations, including Dogpound, Huddle House, and Phaidon.[1] He is also a board member of Peninsula Real Estate, the Melanoma Research Alliance, and the Naval War College Foundation.[5] In addition, he is a member of the Global Advisory Council of the Woodrow Wilson Center and serves on the Advisory Board of Harvard’s Center for Public Leadership.[5][4]
Black and his family established the Black Family Fellowship in honor of his grandfather, Ira Ressler, a decorated World War II veteran. The fellowship supports U.S. veterans and active-duty military personnel attending Harvard Kennedy School, Harvard Business School, and Harvard Law School by providing financial assistance and professional development opportunities.[1][6]
From 2015 to 2020, he was a term member of the Council on Foreign Relations.[1]
See also
[edit]References
[edit]- ^ a b c d e "Ben Black". www.hks.harvard.edu. Retrieved 2025-06-24.
- ^ a b c d e Pequeño IV, Antonio (2025-02-26). "What To Know About Ben Black—Son Of Billionaire Leon Black—Tapped by Trump". Forbes. Retrieved 2025-06-24.
- ^ a b c d Jacobs, Emily (2025-06-11). "Ben Black testifies before Senate as nominee to lead U.S. international finance agency". Jewish Insider. Archived from the original on 2025-06-12. Retrieved 2025-06-24.
- ^ a b c d e f g Senator Tom Cotton (2025-06-10). June 10, 2025: Cotton endorses Ben Black at Foreign Relations confirmation hearing. Retrieved 2025-06-24 – via YouTube.
- ^ a b c d e f "Ben Black | Milken Institute". milkeninstitute.org. 2024-05-06. Retrieved 2025-06-24.
- ^ a b c d e "Naval War College Foundation Announces Two Board Appointments | NWCF". nwcfoundation.org. Retrieved 2025-06-24.
- ^ a b c d e f g h Goldstein, Matthew; Farrell, Maureen (2025-02-26). "What Will Become of U.S.A.I.D.'s Funding? A Billionaire's Son Has Some Ideas". The New York Times. ISSN 0362-4331. Retrieved 2025-06-24.
- ^ a b Allison, Bill; Gyftopoulou, Loukia (2025-06-02). "Leon Black's Son Reveals $219 Million of Assets in Ethics Filing". Bloomberg. Archived from the original on 2025-06-03. Retrieved 2025-06-24.
- ^ a b c Gyftopoulou, Loukia; Deaux, Joe; Halftermeyer, Marion (2025-05-22). "Leon Black's Son Brings Wall Street Vibe to US Foreign Investment Agency". Bloomberg. Archived from the original on 2025-05-22. Retrieved 2025-06-24.
- ^ "PN25-5 - Nomination of Benjamin Black for United States International Development Finance Corporation, 119th Congress (2025-2026)". www.congress.gov. 2025-06-18. Retrieved 2025-06-24.
- ^ Lonsdale, Joe. "How to DOGE US Foreign Aid". blog.joelonsdale.com. Retrieved 2025-06-24.
- ^ Gyftopoulou, Loukia; Deaux, Joe (2025-06-10). "Trump Pick Ben Black Seeks More Risk, Private Investors for Development Agency Deals". Bloomberg. Archived from the original on 2025-06-10. Retrieved 2025-06-24.
- ^ "Trump announced that he has nominated Ben Black to lead the U.S. | Jewish Insider". www.linkedin.com. Retrieved 2025-06-24.
- ^ Igoe, Michael (2025-06-10). "Trump's DFC nominee stresses 'dual mandate' of US development finance". Devex. Retrieved 2025-06-24.
- ^ a b "About Us". www.dfc.gov. Retrieved 2025-06-24.
- ^ Henagan, William. "Reauthorizing DFC: A Primer for Policymakers | Council on Foreign Relations". www.cfr.org. Retrieved 2025-06-24.
- ^ "DOGE targets US foreign aid agency created under first Trump administration". POLITICO. Retrieved 2025-06-24.