The digitization of fund distribution and fund management is one of the most important trends in the FinTech sector. Since December 4, 2025, investors have been able to invest in sustainable GLS funds purely digitally via GLS Crowd, the crowd investing platform for sustainable investments. This is the first time that portagon's “Private Markets Depots” has been used. GÖRG provided comprehensive advice on the legal structuring and implementation of both products.
The five GLS funds initially included (GLS Bank Equity Fund, GLS Bank Climate Fund, GLS Bank Bond Fund, Children's Perspective Fund, BAUM Fair Future Fund) stand for active, value-oriented fund management based on the strict sustainability approach of GLS Bank, the cooperation partner of GLS Crowd. Around €1.6 billion in capital has been invested through GLS funds into companies, projects, and countries that pursue ecological and social goals for the future.
In addition, investors have invested more than €100 million in over 80 forward-looking projects and companies through GLS Crowd since 2017.
The team led by GÖRG partner Dr Tobias Riethmüller has advised GLS Crowd since its launch on capital market and regulatory issues as well as on process and contract design, and has accompanied a large number of issues, most recently Haferkater's financing campaign for the transition to responsible ownership.
The relaunch of GLS Crowd marks the first use of the “Private Markets Depots” software developed by portagon, another long-standing client of GÖRG. This investment account allows all private market products to be held in a central digital securities account. Portagon thus solves one of the biggest challenges for fund distributors: the secure, standardized, and automated processing and custody account booking of private market products. Alternative investments – from ELTIFs to RAIFs, AIFs, Part II, and other asset investments – are securely processed and held in a central custody account.
The GÖRG team led by Dr Tobias Riethmüller and Patrick Wambold provided portagon with comprehensive advice on the implementation of the project, including the legal implementation of the distribution structure, the MiFID- and AML-compliant structuring of fully digital processes, the digital distribution channel for UCITS and ELTIFs, including robo-advice functionality for suitability testing and ESG sustainability preference queries, and the drafting of contracts with all parties involved to enable efficient cooperation and scaling.
Advisors GLS Crowdfunding GmbH and portagon GmbH
GÖRG Partnerschaft von Rechtsanwälten mbB
Dr Tobias Riethmüller (Lead, Partner, Corporate Law annd Capital Markets Law, Digital financing platforms, Frankfurt am Main)
Patrick Wambold (Associated Partner, Corporate Law annd Capital Markets Law, Digital financing platforms, Frankfurt am Main)
Kathrin Müller (Senior Associate, Corporate Law annd Capital Markets Law, Digital financing platforms, Frankfurt am Main)