Notice of restricted marketing authorizations for the Lacuna Asia Pacific Health Fund and the Lacuna Global Health Fund

The following information and documents are intended exclusively for interested parties who are domiciled in Germany, Austria or Luxembourg. Only in these countries are the funds shown approved for distribution. The information and documents are not intended for publication in other countries. In particular, citizens of the United States of America are not entitled to access the following contents.

The following information and documents may only be disseminated in the countries in which the funds are distributed.

Asia Pacific Health Fund


Healthcare in Booming in Asia-Pacific Region

Focused on the top businesses of the Asia-Pacific healthcare market, the Lacuna Asia Pacific fund combines innovation, strong economic development and demographics to promising assets. Changing demographics in the Asia-Pacific region and a newly discovered concentration on health systems provide a fertile breeding ground for longterm yields.

Fund name

Lacuna Asia Pacific Health

Performance (5 years) *

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Global Health Fund

Krank Zuhause


Global Healthcare: Homecare Instead of Hospital

During the last years, more and more hospital beds were cut and outpatient treatment was promoted. Homecare is a growing market that needs service staff like mobile nurses and doctors as well as medtech. Lacuna follows this trend and invests in pharma, biotech and health services around the world.

Fund name

Lacuna Global Health

Performance (3 year) *

See the fund

Team Fund Management

Werner Engelhardt

Fund manager

Founder and owner Werner Engelhardt sees himself as entrepreneurial investor. During his student years, he founded his first company and has since built the FRONTERIS business group from scratch. All in all, it has around 300 employees today. With this in mind, it's only consistent to use entrepreneurial investing as the philosophical base for the Lacuna fund management.

Werner Engelhardt used his early days as an investor to be the first to bring US REIT funds to Germany. The Lacuna Biotech fund, which followed shortly afterwards, set the groundwork for what would become the FRONTERIS business group. After years of purely entrepreneurial work, Werner Engelhardt returned to his roots and fund management in 2015. Although the funds were initially only meant for the Family Office, the results show convincing work: Find out more about the Lacuna Wachstum TGV

Manuel Kohl

Managing Director & Fund Manager

2014, while finishing his masters degree in finance, Manuel Kohl started supporting the sales division at Lacuna.

After graduation, the banking and business economist now supports Werner Engelhardt at our Family Office. He is responsible for the active management of the group's intern assets.

Manuel Kohl supports the fund management since 2017 with his broad knowledge of capital markets, which was consolidated during his work at a capital management company in Luxembourg.

Since then, his main focus is on the Lacuna Health Care funds. Constantly in contact with our analysts all over the world and in close consultation with Werner Engelhardt, Manuel Kohl is responsible for the daily operations.

In 2019 he takes over the management of Lacuna GmbH.

Pawan Kaul

Senior Analyst

Pawan Kaul is a senior analyst at Lacuna. His main responsibility lies in global equities, particularly in the healthcare sector. Prior to Lacuna, he was at Kempen & Co. where he focused on healthcare M&A transactions. Previously, he was at Lighthouse Advisors, an Indian mid-market private equity fund, where he was responsible for sourcing, underwriting and managing deals within healthcare, consumer, media and entertainment sectors with a value investing philosophy. He started his career at KPMG in its Audit and Assurance Services Practice.

Pawan Kaul is a qualified Chartered Accountant and MBA from the London Business School with a specialization in Strategy and Change Management. He is a volunteer business mentor for the Cherie Blair Foundation where he advises women entrepreneurs in emerging markets.

Hendrik Kreilinger


Hendrik Kreilinger joined Lacuna 2017. During his graduate program, he already began supporting the Lacuna fund management team as analyst.

After completing his studies in early 2020, he started out as junior portfolio manager and analyst for the Lacuna Family Office. The focus of his work is primarily on the analysis of international small and mid-cap stocks and the final selection of suitable investment candidates for the funds managed within the Family Office. Previously, he concentrated mainly on the analysis of global healthcare stocks in developed markets for the Lacuna Healthcare funds. Before starting at Lacuna, he was able to gain first experience in the healthcare sector as a student trainee in the finance department of a subsidiary of the Aenova Group, one of Europe's leading contract manufacturers of medicines, food supplements and cosmetics.

Hendrik Kreilinger holds a Master's degree in Business Administration with major in Quantitative and Corporate Finance from the University of Regensburg. Additionally, he is currently about to complete the Chartered Financial Analyst (CFA) program.

* Past performance is not a reliable indicator of future development. The price performance shown does not take into account any of the investor's expenses such as the sales charge and consulting/sales fees. Exchange rate fluctuations may affect the value of foreign investment.

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