Goldman Sachs, Apex Group, and Archax Build Institutional Tokenized Real Estate Fund

Goldman Sachs has launched a blockchain-native tokenized real estate fund on its GS DAP platform, partnering with Apex Group, Archax, LRC Group, and Ownera to bring regulated onchain share issuance to European real estate investors.

• Key Takeaways:
• • Goldman Sachs issued the first blockchain-native tokens for the LRC real estate fund on April 27, 2026, via its GS DAP platform.
• • Apex Group, servicing over $3.5 trillion in assets, handles AIFM, administration, and depositary roles for the Luxembourg-domiciled fund.
• • The structure targets institutional investors across the EEA, with no retail access or secondary market trading announced yet.

The fund, formally structured as the LRC Tokenized Real Estate Fund SCSp, SICAV-RAIF, is domiciled in Luxembourg and distributed across the European Economic Area. Its first token issuance took place on April 27, 2026, with public details emerging around June 4.

A Full Stack of Regulated Players

Each partner holds a defined institutional role. Goldman Sachs operates GS DAP, its permissioned distributed ledger technology platform built on the Canton Network using DAML smart contracts. The platform handles issuance, settlement, custody, and transfer of digital assets and has previously been used for tokenized money market funds and a European Investment Bank digital bond.

LRC Group, a London-based real estate investment manager founded in 1995, serves as the fund manager. The firm has acquired and managed over 10 billion euros in real estate assets since its inception and currently manages approximately 3.6 billion euros, focusing on the UK and pan-European residential sectors.

Apex Group, which services more than $3.5 trillion in assets across 52 countries, acts as an Alternative Investment Fund Manager through its Fundrock LIS entity. It also provides fund administration, depositary services, and banking through its Luxembourg operations. Archax, a regulated digital asset platform operating across the UK, EU, U.S., and UAE, serves as custodian for the digital securities and acts as the fund’s first distribution partner.

Ownera supplies the interoperability layer through its open-source FinP2P technology, connecting participants across networks and blockchains, with the company reporting $5 billion in monthly trading volume orchestrated through its infrastructure.

What the Structure Does

The fund issues blockchain-native shares directly on GS DAP within a regulated Luxembourg vehicle, combining onchain ownership records with traditional fund governance, depositary oversight, and regulatory reporting. No details on the fund’s current assets under management, underlying portfolio composition, or performance metrics have been made public.

Mathew McDermott, Global Head of Digital Assets at Goldman Sachs, stated that issuing blockchain-native fund units on GS DAP enables precise investment in real estate assets while opening a path to more seamless share transferability in the future, calling it another step in the firm’s progress toward onchain markets for digital assets.

Agnes Mazurek, Global Head of Digital Assets at Apex Group, said tokenization at an institutional scale depends on trusted, regulated infrastructure, adding that real estate is a natural starting point and that this structure shows how onchain issuance can be integrated into established fund models without compromising governance or investor protections.

Where This Fits in the RWA Market

Real estate has historically lagged behind tokenized treasuries and money market funds in institutional adoption, largely because of distribution complexity and ongoing servicing requirements. This structure addresses both by assembling a full-service provider stack within existing regulatory frameworks rather than routing around them.

The fund is currently aimed at institutional and professional investors. No secondary market trading details or retail access have been announced.

The launch adds to a growing list of real-world asset tokenization moves from major financial institutions, as firms including Blackrock have advanced tokenized fund and bond products through 2025 and into 2026.