Goldman Sachs has partnered with Apex Group, Archax, Ownera and real estate investment manager LRC Group to launch a tokenized property fund on its GS DAP digital asset platform. The initiative fuses a traditional fund structure with blockchain-based issuance, keeping existing governance, administration and regulatory oversight intact.
According to a Thursday announcement, LRC Group serves as fund manager, while Archax acts as custodian for the regulated digital securities and becomes the first distribution partner. Ownera connects market participants and distribution channels. Apex Group provides Alternative Investment Fund Manager services through Fundrock LIS, and Apex Fund Services Luxembourg handles fund administration and depositary services for non-financial-instrument assets.
GS DAP Issues Tokenized Fund Units
Mathew McDermott, Global Head of Digital Assets at Goldman Sachs, said issuing fund units on GS DAP enables more precise investment in real estate assets and creates a pathway for future transferability. The fund tokenizes ownership interests while staying within traditional regulatory and governance frameworks.
The move follows similar efforts by BlackRock and JPMorgan in the tokenized fund space, but with real estate as the underlying asset class. The structure allows investors to hold blockchain-based units without abandoning the legal protections of a conventional fund.
Tokenized Real Estate Gains Traction Globally
Ripple earlier this year partnered with Dubai-based Ctrl Alt to tokenize property title deeds on the XRP Ledger, followed by the launch of the government-backed Prypco Mint platform. That platform lets UAE residents buy fractional real estate stakes starting at AED 2,000 (about $545) and targets $16 billion in tokenized property by 2033.
Dubai's Virtual Asset Regulatory Authority updated its framework in May to formally include real-world asset tokenization, while the Dubai Land Department launched a tokenized property platform with the central bank and Dubai Future Foundation. Data showed tokenized property sales in Dubai reached nearly $400 million in May 2025, representing 17.4% of all real estate transactions that month.
Outside the Middle East, Blocksquare said on July 11 it had surpassed $200 million in tokenized property assets across 66 properties in 29 countries. The company noted that total value locked in tokenized RWAs exceeded $65 billion after an 800% surge during 2025. Blocksquare CEO Denis Petrovcic said the milestone shows tokenized real estate is moving from experimentation to practical adoption through compliant structures.