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All data as of June 30, 2022 unless otherwise noted

Apollo Diversified Real Estate Fund

Your Public and Private Real Estate Investment

213 East Grand Avenue, Clarion Lion Properties Fund, South San Francisco, CA

APOLLO DIVERSIFIED REAL ESTATE FUND CLASS I SHARE

About Apollo

Apollo is a global, high-growth alternative asset manager. In their asset management business, Apollo seeks to provide clients excess retuat every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid, and equity. For more than three decades, Apollo's investing expertise across their fully integrated platform has served the financial retuneeds of clients and provided businesses with innovative capital solutions for growth. Through Athene, their retirement services business, Apollo specializes in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Apollo's patient, creative, and knowledgeable approach to investing aligns clients, businesses Apollo invests in, Apollo's employees, and the communities Apollo impacts, to expand opportunity and achieve positive outcomes. As of June 30, 2022, Apollo had approximately $515 billion of assets under management.1 To leamore, please visit www.apollo.com.

1. Assets under management (AUM) refers to the assets of the funds, partnerships and accounts to which Apollo provides investment management, advisory, or certain other investment-related services, including, without limitation, capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments. Our AUM equals the sum of: 1. the NAV, plus used or available leverage and/or capital commitments, or gross assets plus capital commitments, of the yield and certain hybrid funds, partnerships and accounts for which we provide investment management or advisory services, other than CLOs, CDOs, and certain perpetual capital vehicles, which have a fee-generating basis other than the mark-to-market value of the underlying assets; for certain perpetual capital vehicles in yield, gross asset value plus available financing capacity; 2. the fair value of the investments of the equity and certain hybrid funds, partnerships and accounts Apollo manages or advises, plus the capital that such funds, partnerships and accounts are entitled to call from investors pursuant to capital commitments, plus portfolio level financings; 3. the gross asset value associated with the reinsurance investments of the portfolio company assets Apollo manages or advises; and 4. the fair value of any other assets that Apollo manages or advises for the funds, partnerships and accounts to which Apollo provides investment management, advisory, or certain other investment-related services, plus unused credit facilities, including capital commitments to such funds, partnerships and accounts for investments that may require pre-qualification or other conditions before investment plus any other capital commitments to such funds, partnerships and accounts available for investment that are not otherwise included in the clauses above.

Apollo's AUM measure includes Assets Under Management for which Apollo charges either nominal or zero fees. Apollo's AUM measure also includes assets for which Apollo does not have investment discretion, including certain assets for which Apollo earns only investment-related service fees, rather than management or advisory fees. Apollo's definition of AUM is not based on any definition of Assets Under Management contained in its governing documents or in any management agreements of the funds Apollo manages. Apollo considers multiple factors for determining what should be included in its definition of AUM. Such factors include but are not limited to: (1) Apollo's ability to influence the investment decisions for existing and available assets; (2) Apollo's ability to generate income from the underlying assets in the funds it manages; and (3) the AUM measures that Apollo uses internally or believes are used by other investment managers. Given the differences in the investment strategies and structures among other alternative investment managers, Apollo's calculation of AUM may differ from the calculations employed by other investment managers and, as a result, this measure may not be directly comparable to similar measures presented by other investment managers. Apollo's calculation also differs from the manner in which its affiliates registered with the SEC report "Regulatory Assets Under Management" on Form ADV Part1A and Form PF in various ways.

Apollo uses AUM, Gross capital deployed and Dry powder as performance measurements of its investment activities, as well as to monitor fund size in relation to professional resource and infrastructure needs.

APOLLO DIVERSIFIED REAL ESTATE FUND CLASS I SHARE

An Opportunity to Invest Like an Institution

Real estate offers the potential for attractive income and capital appreciation, low-to-moderate volatility, and lower correlation relative to the broader markets. It is widely understood that institutional investors and wealthy individuals have utilized real estate for years within their portfolios to generate income. Apollo Diversified Real Estate Fund (the "Fund")2 provides a way for you to invest alongside some of the nation's largest institutional investors by providing access to privately managed, institutional real estate assets in your portfolio. Potentially benefit from a portfolio that delivers:

Exposure

to income-producing, private real estate funds at lower minimums. Typically, the minimum investment for these funds range from $1 million

- $10 million.

Access

to an actively managed blend of both private and public real estate securities that aims to broadly diversify by sector, geography and fund manager.

Experience

of a highly knowledgeable execution team.3 Fund investors benefit from Apollo's vast real estate experience, as well as the expertise and global presence of Aon Investments USA and CenterSquare Investment Management-two leading advisers to institutional real estate investors.

Real Estate as an Alternative Investment Strategy

Apollo Diversified Real Estate Fund is an actively managed portfolio of institutional private and public real estate securities. It is available to you as an alternative investment strategy, which can complement the holdings in your existing portfolio by seeking to generate current income and long-term appreciation.

The Fund focuses on prestigious real estate generally located in major metropolitan areas. These types of properties are regarded as "trophy assets" because they:

Are generally high-quality,multi-tenanted assets in high-demand locations.
Aim to preserve high levels of occupancy.
Generally have premier tenants and high barriers to entry.

Apollo Diversified Real Estate Fund (the "Fund") is a closed-end interval fund. 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. The Fund is only suitable for investors who can bear the risks associated with the limited liquidity of the Fund and should be viewed as a long-term investment.

Effective May 2, 2022, Griffin Institutional Access® Real Estate Fund has been renamed Apollo Diversified Real Estate Fund.
The Fund's investment adviser and sub-advisers collectively have more than 80 years of experience providing portfolio management and consulting services.

APOLLO DIVERSIFIED REAL ESTATE FUND CLASS I SHARE

Properties depicted (clockwise, left to right): Cortland Biltmore, Cortland Growth and Income Fund, Phoenix, AZ; Prologis Oakland 5, Prologis Targeted US Logistics Fund, Oakland, CA; South San Francisco Life Science Portfolio, Ventas Life Science and Healthcare Real Estate Fund, South San Francisco, CA. An investment in Apollo Diversified Real Estate Fund is not a direct investment in real estate and the Fund does not own the properties listed. The properties listed are a representative sample of properties owned by the underlying private investment funds in which the Fund is invested at the time of compilation. Holdings are subject to change without notice.

Access to What We Believe Is a Better-Built Portfolio

The Fund utilizes a research-based approach in which it strategically invests across private institutional real estate investment funds as well as a diversified set of public real estate securities.4 From 1978-2021, a mix of private and public real estate generated only three years of negative returns: 1990, 2008, and 2009. As the following chart illustrates, this approach has historically been less volatile than the broader equities market and performance of the S&P 500 Index. The portfolio is actively managed based on market conditions and potential investment opportunities.

4. The Fund's portfolio will be managed in a dynamic fashion and the allocation of the Fund's assets between private real estate funds and public real estate securities will vary widely. Under normal circumstances, investments in private real estate funds will likely comprise between 50% and 95% of the Fund's portfolio.

APOLLO DIVERSIFIED REAL ESTATE FUND CLASS I SHARE

Blend of Private and Public Real Estate

Comparison to the Broader Market 1978-2021

40%

Dot-com Bubble

30%
20%
10%
0%
-10%	Reagan Recession	Savings and Loan Crisis


-20%		9/11

-30%

-40%																																Great Financial Crisis

1978	1979	1980	1981	1982	1983	1984	1985	1986	1987	1988	1989	1990	1991	1992	1993	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021
													Private and Public Real Estate Blend						S&P 500 Index

Past performance is not indicative of future results. This chart is intended for illustrative purposes only and not indicative of any investment. A combination of 70% private real estate and 30% public real estate was used in the study. "Private Real Estate" is represented by the NCREIF Property Index (NPI). "Public Real Estate" is represented by the FTSE Nareit All Equity REITs Index. Please refer to the Glossary for definitions of the indices used in this chart. An investment cannot be made directly in an index, which is unmanaged and has returns that do not reflect any trading, management or other costs.

Sources: Apollo Real Estate Fund Adviser, LLC and Morningstar Direct. The first annual retudata reported by the NPI was for 1978. Data as of December 31, 1977 to December 31, 2021.

Featuring an Interval Fund Structure

Interval funds are professionally managed, registered investment vehicles that combine attractive features of both closed-end funds and traditional open-end funds. These funds can provide individual investors access to a diversified portfolio of public and private securities. However, one of the main features that differentiates interval funds from open-end funds is the ability to allocate more than 15% of their portfolio to private securities. Institutional investors have combined private and public securities for years to help reduce portfolio volatility, potentially increase income, and possibly lower correlation to the public markets.

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Griffin Institutional Access Real Estate Fund published this content on 30 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 August 2022 13:57:46 UTC.