Apollo Global Management Real Estate Leaders Resigned
Two senior executives have departed the firm following a reorganization of its real estate leadership team.
Updated on Sept. 30, 2026 in Commercial
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Apollo Global Management has announced the departure of two senior leaders from its real estate division. Jess Lipsey is resigning from his roles at Apollo Realty Income Solutions, while portfolio manager Spencer Propper is stepping down from the Apollo Diversified Real Estate Fund.
Why it matters
The leadership shakeup follows a period of significant strategic transition for the firm. These moves coincide with broader efforts to adjust management structures across Apollo's multibillion-dollar real estate portfolio.
Apollo Realty Income Solutions currently holds $123 billion in assets, while the Apollo Diversified Real Estate Fund manages $3.3 billion in assets as of late July 2026. The firm previously moved to liquidate Apollo Commercial Real Estate Finance Inc. in June 2026.
The players
Apollo Global Management
This is a global alternative asset manager that oversees a wide range of credit, private equity, and real estate investment strategies.
Jess Lipsey
He is the outgoing CEO, president, and director of Apollo Realty Income Solutions.
Bert Crouch
He has stepped into the leadership roles vacated by Jess Lipsey at Apollo Realty Income Solutions.
Spencer Propper
He is the departing portfolio manager for the Apollo Diversified Real Estate Fund who will assist with the transition.
Jonathan Stachel
He is the newly promoted associate portfolio manager of the Apollo Diversified Real Estate Fund.
The details
Bert Crouch has assumed the positions of CEO, president, and director of Apollo Realty Income Solutions, taking over for Jess Lipsey. Meanwhile, Jonathan Stachel has been promoted to associate portfolio manager for the Apollo Diversified Real Estate Fund, serving alongside Stuart Rothstein.
Timeline
Apollo announced plans to liquidate a debt REIT in June 2026.
The Diversified Real Estate Fund held $3.3 billion in assets at the end of July 2026.
Jess Lipsey will resign from his leadership roles on September 30, 2026.
Spencer Propper will conclude his transition assistance on March 31, 2027.
Culture Shift
This leadership turnover follows the firm's June 2026 announcement to liquidate Apollo Commercial Real Estate Finance Inc. These changes mirror a broader industry consolidation trend where asset managers are streamlining their real estate holdings and executive structures.
While these executive changes are internal to the firm, they reflect broader shifts in the management of large-scale real estate assets across the country. Investors in these funds may see changes in portfolio strategy as new leadership teams implement their operational mandates.
The takeaway
Management turnover is a common occurrence during periods of portfolio restructuring and asset consolidation. Investors should monitor how the new leadership team adjusts fund strategies to align with the firm's long-term commercial real estate objectives.
Further reading
For more on the current state of industry assets, visit the Commercial section.
Source note: This article includes information reported by Bisnow.
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