About the Fund

About the Fund

Apollo Diversified Real Estate Fund (the “Fund”) is a closed-end management investment company that is operated as an interval fund. The Fund is an actively managed portfolio of institutional private and public real estate securities.

Objective

Apollo Diversified Real Estate Fund’s investment objective is to generate a return comprised of both current income and capital appreciation with moderate volatility and low correlation to the broader markets.


Strategy

The Fund strategically invests in an actively managed combination of large, established private real estate funds and public real estate securities.


Potential Benefits

Institutional Access

Access to an institutional investment strategy, including both public and private real estate investments.

Experience

Fund management by an experienced institutional real estate adviser and sub-advisers.

Pricing Transparency

Daily pricing transparency and quarterly liquidity.¹


Investment Management Team

The Fund is advised by a highly experienced execution team that brings decades of hands-on experience, complementary skill sets, and robust execution capabilities together to deliver a powerful investment product customized for individual investors. The Fund’s adviser and sub-advisers’ roles and descriptions are listed below.


Apollo Real Estate Fund Adviser, LLC

Adviser and Portfolio Manager

Apollo Real Estate Fund Adviser, LLC, a subsidiary of Apollo Global Management, Inc., serves as the Fund’s investment adviser and oversees all investment activity. Apollo Real Estate Fund Adviser’s primary role involves strategy development, manager selection and ongoing investment monitoring.


Aon Investments USA Inc.

Sub-Adviser – Private Real Estate Funds

Aon Investments USA Inc. (“Aon”), an Aon Company, provides research and advisory services to the portion of the Fund’s investment portfolio that is allocated to private real estate funds. Partnering with Aon, a global leader within the institutional advisory services space, provides Apollo Real Estate Fund Adviser with the same level of research and due diligence as the nation’s top endowments, universities and pension funds.


CenterSquare Investment Management LLC

Sub-Adviser – Public Real Estate Securities

CenterSquare Investment Management LLC (“CenterSquare”) manages the portion of the Fund’s investment portfolio that is allocated to public real estate securities. CenterSquare has been managing real estate securities portfolios since 1995, across multiple strategies and market cycles.

Ticker(3)

Class A: GIREX

Class C: GCREX

Class L: GLREX

Class I: GRIFX

Fund Inception DateJune 30, 2014
Structure1940 Act continuously offered closed-end interval fund
Management Fee1.5%
Min. Investment

Class A, Class C, Class L:

Non-Qualified Accounts: $2,500
Qualified Accounts: $1,000

Class I: $1,000,000

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Our People

Our People

Portfolio Managers
Randy-Anderson
Randy I. Anderson
Portfolio Manager
Spencer-Propper
Spencer J. Propper
Portfolio Manager

Independent Board of Trustees
Robb-Chapin
Robb W. Chapin
Member of the Board of Trustees
Ira-Cohen
Ira P. Cohen
Member of the Board of Trustees
Nathan-Headrick
Nathan P. Headrick
Member of the Board of Trustees

Resources

Resources

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Interested in Learning More?

Interested in Learning More?

Contact Our Team

To get in touch with one of our team members, please provide us with the following information.

If you already have a relationship with Apollo, please reach out to your Relationship Manager. If you are an Investor, please connect with your Financial Advisor. 

Contact Our Team

To get in touch with one of our team members, please provide us with the following information.

If you already have a relationship with Apollo, please reach out to your Relationship Manager. If you are an Investor, please connect with your Financial Advisor. 

Explore Other Real Assets Funds and Strategies

Explore Other Real Assets Funds and Strategies

Apollo Real Assets Overview
Apollo Realty Income Solutions

1. Apollo Diversified Real Estate Fund is an interval fund and designed for long-term investors. Unlike many closed-end investment companies, the Fund’s shares are not listed on any securities exchange and are not publicly traded. There currently is no secondary market for the shares and the Adviser does not expect that a secondary market will develop. Limited liquidity is provided to shareholders only through the Fund’s quarterly repurchase offers for no less than 5% of the Fund’s shares outstanding at net asset value. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer.

2. The Fund is actively managed and its characteristics will vary. Active portfolio management could result in underperformance. Diversification does not eliminate the risk of experiencing investment losses. 

3. The Fund offers multiple different classes of shares. An investment in any share class of the Fund represents an investment in the same assets of the Fund. However, the purchase restrictions, ongoing fees, expenses, and performance for each share class are different. For more information on the differences in share classes, refer to the applicable prospectus, which can be found at www.apollo.com.

4. Returns do not reflect maximum sales charges for Class A and Class L shares nor do returns reflect the contingent deferred sales charge for Class C shares. The maximum sales charge is 5.75% for Class A shares and 4.25% for Class L shares. Class C shareholders may be subject to a contingent deferred sales charge equal to 1.00% of the original purchase price of Class C shares redeemed during the first 365 days after their purchase. Investors may be eligible for a reduction in sales charge.

5. Represents the percentage increase/decrease in the net asset value from the prior trading day.

6. Inception date for Class A is June 30, 2014; inception date for Class C and I is August 10, 2015; inception date for Class L is April 24, 2017.

This material is neither an offer to sell nor a solicitation to purchase any security. Investors should carefully consider the investment objectives, risks, charges and expenses of Apollo Diversified Real Estate Fund (the “Fund”). This information and other important details about the Fund are contained in the prospectus, which can be obtained by visiting www.apollo.com. Please read the prospectus carefully before investing.

This website must be read in conjunction with the Fund's prospectus in order to fully understand all the implications and risks of an investment in the Fund. This website is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the prospectus which can be obtained by visiting www.apollo.com.  Prior to making an investment, investors should read the prospectus, including the “Risk Factors” section therein, which contain the risks and uncertainties that we believe are material to the Fund. The Fund offers multiple different classes of shares. An investment in any share class of the Fund represents an investment in the same assets of the Fund. However, the purchase restrictions, ongoing fees, expenses, and performance for each share class are different. For more information on the differences in share classes, refer to the applicable prospectus, which can be found at www.apollo.com.

Past performance is not indicative of future results. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Investing involves risk, including loss of principal. Performance includes reinvestment of distributions and reflects management fees and other expenses. Fund returns would have been lower had expenses not been waived during the period. Unless noted otherwise, the Fund return does not reflect the deduction of all fees, including any applicable Fund share class sales load, third-party brokerage commissions or third-party investment advisory fees paid by investors to a financial intermediary for brokerage services. If the deduction of such fees was reflected, the performance would be lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or all of your investment. The ability of the Fund to achieve its investment objective depends, in part, on the ability of the Adviser to allocate effectively the assets of the Fund among the various securities and investments in which the Fund invests. There can be no assurance that the actual allocations will be effective in achieving the Fund’s investment objective or delivering positive returns. Current performance may be lower or higher than the performance quoted. The most recent performance is available at www.apollo.com or by calling 888.926.2688.

The Fund is a closed-end management investment company that is operated as an interval fund. The shares have no history of public trading, nor is it intended that the shares will be listed on a public exchange at this time. No secondary market is expected to develop for the Fund’s shares. Limited liquidity is provided to shareholders only through the Fund’s quarterly repurchase offers for no less than 5% and no more than 25% of the Fund’s shares outstanding at net asset value. There is no guarantee that an investor will be able to sell all the shares that the investor desires to sell in the repurchase offer. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Due to these restrictions, an investor should consider an investment in the Fund to be of limited liquidity. The Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the Fund and should be viewed as a long-term investment. Investing in the Fund is speculative and involves a high degree of risk, including the risks associated with leverage and the risk of a substantial loss of investment. There is no guarantee that the investment strategies will work under all market conditions. You should carefully consider which class of shares to purchase.

Investors in the Fund should understand that the net asset value (“NAV”) of the Fund will fluctuate, which may result in a loss of the principal amount invested. The Fund’s investments may be negatively affected by the broad investment environment and capital markets in which the Fund invests, including the real estate market, the debt market and/or the equity securities market. The value of the Fund’s investments will increase or decrease based on changes in the prices of the investments it holds. This will cause the value of the Fund’s shares to increase or decrease. The Fund is “diversified” under the Investment Company Act of 1940. Diversification does not eliminate the risk of experiencing investment losses. Holdings are subject to change without notice. The Fund is not intended to be a complete investment program.

The Fund will not invest in real estate directly, but, because the Fund will concentrate its investments in securities of REITs and other real estate industry issuers, its portfolio will be significantly impacted by the performance of the real estate market and may experience more volatility and be exposed to greater risk than a more diversified portfolio. The value of companies engaged in the real estate industry is affected by: (i) changes in general economic and market conditions; (ii) changes in the value of real estate properties; (iii) risks related to local economic conditions, overbuilding and increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation losses; (vii) variations in rental income, neighborhood values or the appeal of property to tenants; (viii) the availability of financing and (ix) changes in interest rates and leverage. The value of securities of companies in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general. By investing in the Fund, a shareholder will not be deemed to be an investor in any underlying fund and will not have the ability to exercise any rights attributable to an investor in any such underlying fund related to their investment. The Fund’s investment in Private Investment Funds will require it to bear a pro rata share of the vehicles’ expenses, including management and performance fees. Also, once an investment is made in a Private Investment Fund, neither the Adviser nor any Sub-Adviser will be able to exercise control over investment decisions made by the Private Investment Fund. The Fund may invest in securities of other investment companies, including ETFs. The Fund will indirectly bear its proportionate share of any management fees and other expenses paid by investment companies in which it invests, in addition to the management fees (and other expenses) paid by the Fund.

The Fund's inception date was June 30, 2014. Per the Fund's prospectus dated April 7, 2023, the total annual expense ratio is 1.98% for Class A shares, 2.73% for Class C shares, 1.71% for Class I shares, 2.21% for Class L shares, and 2.47% for Class M shares, The Adviser and Fund have entered into an expense limitation and reimbursement agreement under which the Adviser has contractually agreed to waive its fees and to pay or absorb the ordinary annual operating expenses of the Fund (including offering expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) to the extent that they exceed 1.91% for Class A shares, 2.66% for Class C shares, 1.66% for Class I shares, 2.16% for Class L shares, and 2.41% for Class M shares. The expense limitation agreement will remain in effect at least through February 1, 2024, unless and until the Fund’s Board approves its modification or termination,

The Fund’s distribution policy is to make quarterly distributions to shareholders. Shareholders should not assume that the source of a distribution from the Fund is net profit. A portion of the Fund’s distributions includes return of capital. Please refer to the Fund’s most recent Section 19(a) notice for an estimate of the composition of the Fund’s most recent distribution, available at www.apollo.com, and the Fund’s semi-annual or annual reports filed with the U.S. Securities and Exchange Commission (the “SEC”) and available on the Fund's website for additional information regarding the composition of distributions. The Fund’s distributions may be affected by numerous factors, including but not limited to changes in Fund expenses including the amount of expenses waived by the Fund’s Adviser, investment performance, realized and projected market returns, fluctuations in market interest rates, and other factors. There is no assurance that the Fund’s distribution rate will be sustainable in the future nor are distributions guaranteed.

The Fund is advised by Apollo Real Estate Fund Adviser, LLC (“AREFA”). AREFA is registered as an investment adviser with the SEC pursuant to the provisions of the 1940 Act, as amended. AREFA is an indirect majority-owned subsidiary of Apollo Global Management, Inc. The Fund’s private real estate funds allocation is sub-advised by Aon Investments USA Inc. (“Aon”), an Aon Company. Aon is registered as an investment adviser with the SEC pursuant to the provisions of the 1940 Act. The Fund’s public real estate securities allocation is sub-advised by CenterSquare Investment Management LLC (“CenterSquare”). CenterSquare is an investment adviser registered with the SEC pursuant to the provisions of the 1940 Act. Registration with the SEC does not constitute an endorsement by the SEC nor does it imply a certain level of skill or training.

AGS and Griffin Capital Securities, LLC (“GCS”), Members of FINRA and SIPC, are subsidiaries of Apollo Global Management, Inc. AGS conducts Apollo’s capital markets business and certain of its fund marketing and distribution and GCS is a wholesale marketing agent for Apollo sponsored products. ALPS Distributors, Inc. (1290 Broadway, Suite 1000, Denver, CO 80203, Member FINRA) is the distributor of Apollo Diversified Real Estate Fund. Apollo Global Management, Inc. and ALPS Distributors, Inc. are not affiliated.

 

| Not a deposit | May lose value | No bank guarantee |

Not insured by FDIC, NCUA or any other government agency.