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

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...