Goldman Sachs has launched a blockchain-native real estate fund built with Apex Group, Archax, LRC Group, and Ownera, putting fund shares directly on-chain in one of the clearest moves yet to bring an illiquid asset class into regulated tokenized structures.
Goldman Sachs GS DAP Platform Powers Tokenized Real Estate Fund
The fund tokenizes its shares using GS DAP, Goldman Sachs' blockchain platform, with partners handling administration, custody, and distribution. Apex Group, which services more than $3.5 trillion in assets and has spent the past year scaling its own tokenized-fund infrastructure, framed the launch as evidence that managers and investors want blockchain-native products that sit inside existing regulatory frameworks. Apex provides Alternative Investment Fund Manager services through Fundrock LIS, fund administration and depositary services through Apex Fund Services Luxembourg, and bank account services through EDB. LRC Group acts as fund manager. Archax serves as custodian for regulated digital securities and as the first distribution partner. Ownera's interoperability infrastructure handles connectivity between participants and distribution channels.
Four-Party Structure and Regulatory Compliance
The structure pairs blockchain-native issuance with established fund models, designed to improve operational efficiency and transparency while enabling potential future transferability and preserving governance and regulatory oversight. Mathew McDermott, Global Head of Digital Assets at Goldman Sachs, said: “Issuing blockchain native fund units on GS DAP enables investment in real estate assets with precision while unlocking more seamless transferability in the future.” The fund's lifecycle—onboarding, transaction processing, investor servicing, and regulatory reporting across jurisdictions—is handled by Apex's platform.
Why Real Estate: From Pilots to Live Issuance
Real estate has lagged other asset classes in tokenization, particularly on scalable distribution and ongoing servicing—two challenges the partners say the structure addresses. The wider category of tokenized real-world assets passed $25 billion earlier this year as institutions moved from pilots into live issuance. Goldman Sachs cast the launch as part of a longer arc for its digital assets business. GS DAP has been positioned as the core of the bank's digital assets strategy, with plans to spin it out as an independent, industry-owned platform. In July 2025, Goldman collaborated with BNY to tokenize money market fund records, with participation from BlackRock, Fidelity Investments, and Federated Hermes.