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.