Apollo’s head of real estate could change role: WSJ

NEW YORK, Tues May 29, 2012 – The head of Apollo Global Management’s real estate fund is talking to the firm’s top management about changing his role, the Wall Street journal reported on Monday, citing people familiar with the matter.

Joseph Azrack has been in charge of Apollo’s real estate team since 2008. The article did not specify what Azrack’s new role would be, but said people familiar with the matter expect he could leave the real estate job.

While a behemoth in buyouts and credit investments, Apollo is still a junior player in real estate. Its competitor Blackstone Group has raised more than $10 billion for its latest real estate fund.

Apollo reached a final fundraising close for its U.S. real estate fund in the first quarter, with commitments from investors totaling $713 million.

An Apollo spokesman declined to comment.