Goldman Sachs has issued blockchain-native tokens for the LRC Tokenized Real Estate Fund on its GS Digital Asset Platform, marking the first real estate fund to be tokenised on GS DAP and extending the platform's institutional tokenisation capabilities from money market products into alternative asset classes.
The fund is structured as a Luxembourg SICAV-RAIF — a regulated alternative investment fund vehicle — and targets institutional investors across the European Economic Area. The institutional role architecture is clearly delineated: Goldman Sachs issues tokens on GS DAP; Apex Group serves as Alternative Investment Fund Manager, administrator, and depositary; Archax acts as digital custodian; and Ownera provides interoperability infrastructure connecting the tokenised fund to broader digital asset ecosystems.
The four-party institutional structure gives the fund regulatory grounding, operational credibility, and technical connectivity simultaneously. Apex is one of the world's largest fund administrators with more than $3 trillion in assets under administration. Archax is an FCA-regulated digital securities exchange and custodian. Ownera specialises in interoperability between tokenised asset platforms. Goldman Sachs' GS DAP has already demonstrated institutional capability with the BNY tokenised MMF solution launched in Q3 2025.
The Luxembourg SICAV-RAIF structure is significant for European distribution. The RAIF regime — Reserved Alternative Investment Fund — allows marketing to professional investors across the EEA under the AIFMD passport without requiring direct regulatory approval of the fund itself, since the AIFM (Apex) carries the regulatory authorisation. This structure has been widely adopted for conventional alternative funds and its application to tokenised real estate signals that tokenised alternative funds are integrating into mainstream European fund distribution frameworks rather than operating in regulatory parallel.