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CHICAGO-The Wall Street Journal reports that Sam Zell with Equity International and Equity Residential is gearing up to appoint Thomas Heneghan to the position of CEO following the departure of Gary Garrabrant a little less than a month ago. Heneghan is currently chief executive with Equity LifeStyle Properties.

The article notes that the appointment is subject to approval of Equity International’s investors. Furthermore, the investors could make other changes to the fund or shut it down completely. In 2011, Equity International completed the capital raise for its fifth fund, consisting of $650 million in commitments. Half of that amount has been invested or committed, but the Journal article points out that fund guidelines prohibits Equity International from making new investments until the fund receives investor approval.

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