# Apollo Real Estate Fund Adviser, LLC

> Apollo Real Estate Fund Adviser, LLC is an SEC-registered investment advisory firm in New York, NY, registered since 2014, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 169120
- Filed as: APOLLO REAL ESTATE FUND ADVISER, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/169120
- AdvisorCensus page: https://advisorcensus.com/firm/apollo-real-estate-fund-adviser-llc-new-york-ny-169120

## Quick answers

**How is Apollo Real Estate Fund Adviser, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Apollo Real Estate Fund Adviser, LLC reports these compensation arrangements: a percentage of assets under its management. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Apollo Real Estate Fund Adviser, LLC located?**
Apollo Real Estate Fund Adviser, LLC's principal office is in New York, NY, according to its Form ADV; the April 2026 filing also lists 27 other offices (Schedule D, Section 1.F).

**Is Apollo Real Estate Fund Adviser, LLC registered with the SEC or a state?**
Apollo Real Estate Fund Adviser, LLC is an SEC-registered investment advisory firm, registered since 2014. Status as filed: Approved. CRD 169120.

**How much does Apollo Real Estate Fund Adviser, LLC manage?**
Apollo Real Estate Fund Adviser, LLC reports $4,269,091,755 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have Apollo Real Estate Fund Adviser, LLC's assets and staff changed since 2021?**
In the Form ADV data for Apollo Real Estate Fund Adviser, LLC: Regulatory assets under management: $3,855,573,764 in the October 2021 data and $4,269,091,755 in the October 2026 data, up 11%. Total employees: 19 in October 2021 and 3,564 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Apollo Real Estate Fund Adviser, LLC serve?**
By number of clients on Form ADV Item 5.D: investment companies (1).

**Does Apollo Real Estate Fund Adviser, LLC report any disciplinary disclosures?**
Reports 4 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation), 11.C(4) (SEC or CFTC order), 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order), and 11.H(2) (pending civil proceeding). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/169120

**What changed in Apollo Real Estate Fund Adviser, LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 842 to 912. Regulatory assets under management went from $5,690,871,269 to $4,269,091,755 (-25%). Changed its office addresses in Amsterdam. Changed its office addresses in Bkc, Bandra (east), Maharashtra. Changed its office addresses in Conshohocken, PA. Changed its office addresses in Irvine, CA. Changed its office addresses in Milan. Changed its office addresses in New York, NY. Changed its office addresses in Seoul. Changed its office addresses in Sydney. Added an office in Riyadh. Added an office in Zurich. No longer lists an office in Carlsbad, CA. No longer lists an office in Gurugram. No longer lists an office in Los Angeles, CA. No longer lists an office in Phoenix, AZ. Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management

### Regulatory assets under management (Item 5.F)
- Total: $4,269,091,755
- Discretionary: $4,269,091,755
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Investment companies | 1 | $4,269,091,755 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)

### Firm details
- Registered since: 2014 (12 years)
- Employees: 3,564 total, 912 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: NY
- Disclosures (Item 11): Reports 4 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(2): Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
- 11.C(4): Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.C(5): Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?
- 11.H(2): Is the firm or an advisory affiliate now the subject of a civil proceeding that could result in a yes answer to any part of 11.H(1)?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/169120

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Abu Dhabi
- Amsterdam
- Bethesda, MD
- Bkc, Bandra (east), Maharashtra
- Conshohocken, PA
- El Segundo, CA
- Frankfurt
- Goregaon East, Mumbai
- Greenwich, CT
- Hong Kong
- Houston, TX
- Irvine, CA
- London
- Luxembourg
- Miami, FL
- Milan
- New York, NY
- Orlando, FL
- Palm Beach, FL
- Riyadh
- Seoul
- Singapore
- Sydney
- Tokyo
- West des Moines, IA
- Woodland Hills, CA
- Zurich

### Websites listed on Form ADV (Item 1.I)
- [apollo.com](https://apollo.com)
- [apollo.com/wealth/strategies/products/apollo-diversified-real-estate-fund](https://apollo.com/wealth/strategies/products/apollo-diversified-real-estate-fund)
- [apolloacademy.com](https://apolloacademy.com)
- [glassdoor.com/Reviews/Apollo-Global-Management-Reviews-E2715.htm](https://glassdoor.com/Reviews/Apollo-Global-Management-Reviews-E2715.htm)
- [griffincapital.com](https://griffincapital.com)
- [ir.apollo.com](https://ir.apollo.com)
- Facebook @apolloglobalmanagement
- Instagram @apolloglobalmanagement
- LinkedIn @apollo-global-management-inc
- LinkedIn @griffin-capital
- LinkedIn @apollo-opportunity-foundation
- TikTok @apolloglobalmgmt
- X @apolloglobal
- YouTube @ApolloGlobalManagement

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $3,855,573,764 | 19 | March 31, 2021 |
| October 2022 | $5,171,764,003 | 2,273 | May 19, 2022 |
| October 2023 | $5,781,194,220 | 2,540 | March 31, 2023 |
| October 2024 | $4,901,000,036 | 2,909 | May 10, 2024 |
| October 2025 | $5,690,871,269 | 3,126 | June 13, 2025 |
| October 2026 | $4,269,091,755 | 3,564 | March 31, 2026 |

Regulatory assets under management: $3,855,573,764 in the October 2021 data and $4,269,091,755 in the October 2026 data, up 11%.
Total employees: 19 in October 2021 and 3,564 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 842 to 912.
- Regulatory assets under management went from $5,690,871,269 to $4,269,091,755 (-25%).
- Changed its office addresses in Amsterdam.
- Changed its office addresses in Bkc, Bandra (east), Maharashtra.
- Changed its office addresses in Conshohocken, PA.
- Changed its office addresses in Irvine, CA.
- Changed its office addresses in Milan.
- Changed its office addresses in New York, NY.
- Changed its office addresses in Seoul.
- Changed its office addresses in Sydney.
- Added an office in Riyadh.
- Added an office in Zurich.
- No longer lists an office in Carlsbad, CA.
- No longer lists an office in Gurugram.
- No longer lists an office in Los Angeles, CA.
- No longer lists an office in Phoenix, AZ.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Apollo Real Estate Fund Adviser, LLC (CRD 169120): Form ADV filing data as of October 2026.