Apollo Real-Estate Head Could Change Roles

May 29 2012 | 8:29am ET

Apollo Global Management's real-estate chief apparently wants out of that increasingly thankless role.

Joseph Azrack is in talks with the New York-based alternative investments giant about taking on a new post at the firm, The Wall Street Journal reports. Such a move could see him exit the job of head of real estate, which he has held since Apollo decided to jump back into that space four years ago.

It's not clear what sort of role Azrack—a 30-year veteran of the real-estate business—could move into, or when any switch might occur. Azrack formerly worked as head of AEW Capital Management and of Citigroup's real-estate investment funds.

Apollo spun-off its real-estate division in 2000, but re-entered the business in 2008. But the $105 billion firm hasn't found much traction; it bought Citi's real-estate business when it found fundraising difficult—but it's still having trouble winning over investors. Its flagship real-estate fund closed at just $713 million—one third of which is conditional—and its deployed about half that capital in just three deals.

All told, Apollo's real-estate division has about $8.6 billion in assets.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of