Goldman Sachs is bringing real estate investing onto the blockchain through a new tokenized fund developed with Apex Group, Archax, LRC Group, and Ownera.

The fund will issue shares through Goldman’s GS DAP platform, the bank’s distributed ledger technology for digitizing financial assets. 

The structure creates blockchain based fund interests inside a Luxembourg fund vehicle, combining traditional asset management infrastructure with tokenized ownership records.

LRC Group, which manages about €3.6 billion in assets, will serve as the investment manager for the real estate strategy. Apex Group will act as the alternative investment fund manager while also providing administration, depositary, and banking services.

Archax will serve as custodian for the regulated digital securities and act as the first distribution partner. Ownera will provide connectivity between market participants and distribution channels, helping link the tokenized fund structure with institutional investors and digital asset infrastructure.

The project expands Goldman’s use of GS DAP beyond cash and debt style products into real estate. Goldman describes the platform as blockchain based technology designed to manage assets in real time across their lifecycle, with support for multiple products, workflows, and connections to other networks.

Goldman has already used the platform in traditional finance tokenization. In 2025, the bank partnered with BNY Mellon on tokenized money market funds, with BNY using Goldman’s blockchain technology to maintain a digital record of ownership for select fund shares.

Mathew McDermott, Goldman Sachs’ global head of digital assets, has previously said tokenized fund shares could improve collateral utility and create more seamless transferability over time. 

The real estate fund extends that thesis into a less liquid asset class, where blockchain based records could make ownership, distribution, and eventual transfers more efficient.