Apollo Replaces Nontraded REIT CEO; Interval Fund Portfolio Manager Resigns
Apollo Global Management Inc. named Bert Crouch chief executive officer, president, and a director of Apollo Realty Income Solutions Inc., or ARIS, its nontraded real estate investment trust, replacing Jess Lipsey, who is resigning from all three roles effective Sept. 30, 2026.
Lipsey’s resignation “was not the result of any dispute or disagreements,” according to ARIS, and Apollo said he is staying on for 12 months as a senior adviser to ensure continuity and a smooth transition.
The change is part of a broader leadership turnover across Apollo’s real estate products for wealth-channel investors. On the same day, Apollo Diversified Real Estate Fund said portfolio manager Spencer Propper has resigned from Apollo and will no longer serve as a portfolio manager of the fund as of Sept. 30. Propper will remain with Apollo as a partner through March 31, 2027, to assist with the transition, according to the fund.
Crouch will also become chief investment officer of ARIS Management LLC, the REIT’s adviser, and the adviser’s investment committee will consist of Crouch, Benjamin Israel, and Stuart Rothstein, according to ARIS.
The New CEO
Crouch, 47, joined Apollo in October 2025 as a partner and head of the firm’s real estate equity platform, which includes Bridge Investment Group, the real estate manager Apollo acquired earlier that year. Before joining Apollo, Crouch was head of North America at Invesco Real Estate and chief executive officer of nontraded REIT Invesco Commercial Real Estate Finance Trust Inc. He previously worked at Presidio Investments and in Wells Fargo’s real estate merchant banking group.
Apollo said Crouch’s latest appointments align the leadership of ARIS and Apollo Diversified Real Estate Fund with the broader platform he oversees.
Lipsey became chief executive officer of ARIS at the end of 2024, succeeding Dr. Randy Anderson, who retired. Lipsey had served as co-chief investment officer of the REIT’s adviser since June 2022. He joined Apollo in 2010 to help build its real estate private equity group, after working at Lehman Brothers Real Estate Partners and Wachovia Securities.
About the Funds
ARIS is a nontraded REIT that invests in U.S. commercial real estate and real estate debt. At the end of 2025, it held $2.08 billion in total assets, with 61% in real estate debt, mostly floating-rate commercial mortgages concentrated in multifamily and data centers, and 39% in 14 properties. Its total net asset value reached $1.57 billion as of Jan. 31, 2026, up 40.5% from a year earlier. As of Aug. 31, 2026, total NAV stood at $1.78 billion, up from $1.75 billion a month earlier, with NAV per share ranging from $21.05 for Class F-I shares to $21.71 for Class A-I shares. The REIT launched a $5 billion follow-on offering in mid-2025.
Apollo Diversified Real Estate Fund is an interval fund, a registered closed-end fund that offers to repurchase at least 5% of its outstanding shares at NAV each quarter. It was formerly Griffin Institutional Access Real Estate Fund and took the Apollo name in 2022 after Apollo acquired Griffin Capital’s U.S. asset management business.
The interval fund has been shrinking. It held $3.34 billion in net assets as of March 31, 2026, down about 44% from a peak of $5.99 billion on Sept. 30, 2022, as redemptions have outpaced new subscriptions for three straight fiscal years. In June, the fund said it would move from quarterly to semiannual distributions beginning Oct. 1, 2026.
Fund Management Changes
Following Propper’s departure, Jonathan Stachel, a principal in Apollo’s real estate group, was appointed associate portfolio manager of the interval fund. He joins Stuart Rothstein, partner and chief operating officer of Apollo’s real estate group, as a portfolio manager. Stachel previously worked at Griffin Capital and Research Affiliates.
Crouch and Stachel also join the investment committee of the fund’s adviser alongside Rothstein, while Propper and Lipsey will no longer serve on the committee. Separately, Joseph Durkin, a principal at Apollo since 2025 and former chief accounting officer of MidCap Financial, will be appointed the fund’s chief accounting officer, a new role for the interval fund.
All of the changes take effect Sept. 30.
Visit the AltsWire directory page.
