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.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.
What the Structure DoesMathew 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 MarketThe 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.
