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Apollo Global Management Announced Real Estate Leadership Changes

Investors in Apollo real estate funds should note upcoming management transitions as leadership roles shift.

Updated on Sept. 30, 2026 in Commercial

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Apollo Global Management has appointed Bert Crouch to lead Apollo Realty Income Solutions as part of broader leadership changes within its real estate division. AI Illustration. Upload story photo >

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Apollo Global Management has confirmed leadership departures and promotions within its real estate division. The changes affect management for both Apollo Realty Income Solutions and the Apollo Diversified Real Estate Fund.

Why it matters

These leadership transitions come as Apollo continues to restructure its real estate holdings, including the previously announced liquidation of its commercial debt REIT.

Apollo Realty Income Solutions holds $123 billion in assets, while the Diversified Real Estate Fund managed $3.3 billion as of the end of July 2026. The firm previously announced plans to liquidate its debt REIT in June 2026.

The players

Apollo Global Management

A major global investment firm with a significant footprint in real estate debt and equity assets.

Jess Lipsey

The outgoing CEO, president, and director of Apollo Realty Income Solutions.

Bert Crouch

The successor to Jess Lipsey as the CEO, president, and director of Apollo Realty Income Solutions.

Spencer Propper

The departing portfolio manager of the Apollo Diversified Real Estate Fund.

Jonathan Stachel

The newly promoted associate portfolio manager of the Apollo Diversified Real Estate Fund.

The details

Bert Crouch has stepped into the roles of CEO, president, and director at Apollo Realty Income Solutions, succeeding Jess Lipsey who departs in September 2026. Simultaneously, Jonathan Stachel has been promoted to associate portfolio manager at the Apollo Diversified Real Estate Fund, replacing outgoing manager Spencer Propper. Propper will remain with the firm to assist with the leadership transition through March 2027.

Timeline

  1. June 2026: Apollo announced plans to liquidate a debt REIT.

  2. End of July 2026: Assets under management were reported for the Diversified Real Estate Fund.

  3. September 30, 2026: Jess Lipsey is scheduled to resign from his executive roles.

  4. March 31, 2027: Spencer Propper will conclude his transition assistance.

The Home Front

These personnel shifts follow the firm's strategic June 2026 decision to liquidate its debt REIT holdings. This activity reflects a larger effort by the firm to reconfigure its real estate exposure within the current U.S. market.

If you hold interests in these funds, review your portfolio documentation to note the change in fund managers and executive leadership. Investors should consult with a licensed financial advisor to assess how these corporate changes might align with their long-term investment goals.

The takeaway

Leadership changes at major investment firms often signal shifts in how underlying assets are managed and maintained. Shareholders should track these personnel updates alongside official company disclosures to ensure their investment strategy remains consistent with fund goals.

Further reading

For more updates on how institutional shifts impact property markets, visit Commercial.

Source note: This article includes information reported by Bisnow.

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