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

Creating An Offshore Hedge Fund Dream Team: The Seven Key Players

Jun 26 2015 | 6:47am ET

If you want to set up an offshore hedge fund, like any great team, you’re only...

Lifestyle

Hedgies Set to Compete in Wall Street Decathlon

Jun 8 2015 | 12:37am ET

The Wall Street Decathlon — a 10-event physical challenge that will crown “Wall...

Guest Contributor

6 Essential Principles To Balance Your Investment Risk

Jun 26 2015 | 10:07am ET

In this article, financial expert Greg Silberman explores how to hedge a private...

 

Editor's Note