The head of Apollo Global Management's real estate fund is talking to the firm's top management about changing his role, according to a report.
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.
Further details as to what Azrack might do next were not given. He is a 30-year veteran of the real estate business and previously worked as head of AEW Capital Management and of Citigroup's real-estate investment funds.
Apollo reached a final fundraising close for its U.S. real estate fund in the first quarter, with commitments from investors totaling $713 million.
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.