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


Healthcare - The Best Asset in Asia-Pacific Region

Focused on the top businesses of the Asia-Pacific healthcare market, the Lacuna Asia Pacific fund combines innovation, a strong economic development and demographics to promising assets. Changing demographics in the Asia-Pacific region and a newly discovered concentration on working health systems provide a fertile breeding ground for longterm yields. We invest in carefully stock picked shares of undervalued businesses and hidden gems in the Asian-Pacific region. We only chose businesses with an understandable strategy and an invested management.

Fund name

Lacuna Asia Pacific Health

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Global Health


Global Health - Your Investment into Health

Our globally active, specialized fund Lacuna Global Health unites a low-risk value investing strategy with a long investment horizon and shares from a continually growing healthcare market. Pharma, Biotech and Healthservices are a perfect investment opportunity, as they are generally even yield returns in times of troubled markets. We invest in strong managers, undervalued businesses and analysis fit for buying the whole company at once.

Fund name

Lacuna Global Healthcare

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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 has been working for Lacuna since early 2017. After a six month internship within our Equity research team he supports our fund management team as Analyst. He focuses on global healthcare shares, especially in developed markets. Before he started with Lacuna, he had already made some experiences in healthcare as an intern for a daughter of Aenovo Group, one of the major European players in contract manufacturing of drugs, dietary supplements, and cosmetics.

Hendrik Kreilinger has a Bachelor of Science in Economics with specialization in finance from the University of Regensburg. He's currently finishing his M.Sc. specializing in quantitative financial economics and corporate finance.

* 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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