About

Specialized investor in public biotech / life sciences companies. Long term track record, transparent and consistent.

Why choose Aescap Funds?

The Aescap funds offer investors access to high-quality, publicly listed biotech and life-sciences companies. Our strategy focuses exclusively on growth companies with a healthy risk/reward profile.

  • Outperformance relative to the informal benchmark across both funds.
  • Strict selection criteria and buy and sell discipline.
  • Skin in the game: the team invests more than €40 million in the funds.
  • Fund manager regulated by the AFM and DNB.
  • Enabling / financing development of better treatments
Why choose Aescap Funds?

High-conviction investments in life-sciences innovators

The Aescap investment team invests only when there is compelling evidence of strong management, highly distinctive products and patents, significant growth potential, undervaluation on the stock market and a solid balance sheet.

Our approach is based on three pillars:

  • Fundamental valuation: calculating rather than speculating
  • Diversification & optimisation of risk/reward
  • Intensive monitoring and ongoing dialogue with management
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High-conviction investments in life-sciences innovators

Track record & involvement

Our investment team consists of experienced biotech and finance professionals with a proven track record. Portfolio Manager Patrick Krol and his team personally invest more than €40 million in the funds.

10+
Years of outperformance
€40M+
Team's personal investment
~20
High-conviction positions per fund

Our investment team

The investment team comprises experienced biotech and finance professionals with in-depth sector knowledge. In addition, the team is overseen by the Investor Advisory Committee, which consists of four experienced investors who also hold stakes in the Aescap funds.

Patrick Krol
Patrick Krol
Founder & Portfolio Manager
Victor Bakker
Victor Bakker
Head of Investor Relations
Paolo del Bufalo
Paolo del Bufalo
Investment Manager
Pien Kiliaan
Pien Kiliaan
Senior Analyst
Ludovico Dragoni
Ludovico Dragoni
Analyst
Lincoln Lukose
Lincoln Lukose
AI & data science specialist
Sam Frenay
Sam Frenay
Quantitative Analyst
Undisclosed
Undisclosed
AI Engineer
Undisclosed
Undisclosed
Data Scientist
Bo Jesper Hansen
Bo Jesper Hansen
Portfolio Advisor
Gert Hoogland
Gert Hoogland
Portfolio Advisor
Maarten Hendriks
Maarten Hendriks
Portfolio Advisor
Peter Hintzen
Peter Hintzen
Portfolio Advisor
Patrick Krol
Patrick Krol
Founder & Portfolio Manager

Patrick joined Aescap when it was founded in 2005 as an investment partner of the Aescap Venture Fund. In 2009, he was appointed managing and general partner. In 2013, a study comparing the returns of two types of biotech funds – investing in private versus listed biotech companies – showed that investing in listed companies yields a better return on average. Consequently, he decided to make the transition to the public market with Aescap and achieved a return of 130% over two years (2014–2015) during the run-in period of the Aescap Life Sciences Fund. Consequently, the Aescap Life Sciences fund was launched in 2016, to which a second biotech fund, Aescap Genetics, was added in 2022.

Patrick has served as a non-executive director at 10 biotech and medical diagnostics companies and is currently a non-executive director at the oncology company Sairopa B.V. From 1995 to 2004, Patrick was managing director of Firm United Healthcare B.V., a consultancy firm in the biotech/life sciences sector. Over these 10 years, he built the company into a market leader in Europe and, with a team of over 30, advised around 60% of the top 50 companies in the industry. The focus was on bringing specific medicines to market and growing their turnover. Today, he uses his experience and expertise to successfully select and mentor Aescap’s portfolio companies. Patrick studied physiotherapy, followed by business administration. Later in his career, he completed an Executive MBA at LMS, followed by courses in genetics and patents.

Victor Bakker
Victor Bakker
Head of Investor Relations

Victor Bakker holds a Master’s degree in Entrepreneurship in Life Sciences from VU University Amsterdam and subsequently gained over six years’ experience at a boutique consultancy specialising in strategic financing for life sciences companies. There, he set up a specialist department that assisted dozens of biotech and medtech start-ups in raising capital, including financial modelling, market analysis and matching investors.

As Head of Investor Relations at Aescap, Victor is responsible for all investor relations activities: from transparent reporting to fund investors to the onboarding of new investors.

Paolo del Bufalo
Paolo del Bufalo
Investment Manager

Paolo joined Aescap as an Analyst in 2018 to become an investment manager in 2023. He obtained a Bachelor’s degree in Chemistry at La Sapienza University of Rome after which he completed two Master tracks at Leiden University, one in Chemical Biology Research and one in Science Based Business. Throughout his academic research career he had a keen eye on medicinal chemistry. During his business studies, he learned to combine his scientific background with business aspects, such as finance, with a focus on valuation and investing.

 

Pien Kiliaan
Pien Kiliaan
Senior Analyst

Pien studied College of Pharmaceutical Sciences at Utrecht University. During her studies, she performed academic research on allergies and followed a minor in entrepreneurship. Following her bachelor, she completed a master in business and research at Leiden University. As part of the research program she conducted research at the Leiden Academic Centre for Drug Research, where she focused on aging and atherosclerosis. Additionally, she investigated a medicine candidate for Alzheimer’s disease at Harvard Medical School in Boston.

 

Ludovico Dragoni
Ludovico Dragoni
Analyst

Ludovico obtained a Bachelor’s degree in Biotechnology and a Master’s degree in Medical Biotechnology with a specialization in Bioengineering at La Sapienza University of Rome. Following his academic training, he gained four years of professional experience in consulting, working with pharmaceutical companies on strategic and operational projects. In parallel, he co-founded Hibernium, a biotech startup, contributing to its early development and strategic direction. To further strengthen his financial and investment expertise, he completed an Advanced Master in Financial Markets and Corporate Finance at Solvay Brussels School of Economics and Management. He subsequently worked at Newton Biocapital, one of the leading biotech venture capital funds in Brussels, where he was exposed to biotech investment analysis and deal evaluation.

 

Lincoln Lukose
Lincoln Lukose
AI & data science specialist

Since joining Aescap, Lincoln has developed various AI-powered tools to support due diligence, company valuation, measuring a company’s momentum among investors, and ESG reporting. He holds a Master’s degree in Bioinformatics and Systems Biology from the University of Manchester and a Bachelor’s degree in Biomedical Technology. He then studied artificial intelligence in healthcare at MIT. Lincoln is a specialist in automating workflows in the investment sector and combines in-depth technical expertise with a passion for practical innovation, with the aim of significantly improving the efficiency and accuracy of the investment process.

Sam Frenay
Sam Frenay
Quantitative Analyst

Sam holds a BSc in Medicine from Leiden University, earned his Master’s from Cornell University (US), where he specialized in applying machine learning to financial businesses, and completed the CEMS Master’s in International Management with a Finance specialization at the London School of Economics.

At Aescap, he develops proprietary investment strategies combining his medical, finance and AI background.

 

Undisclosed
Undisclosed
AI Engineer

Given the hunt for AI specialists we do not disclose the name of this person. Having a background in applied mathematics, data science and the banking sector he is constantly improving our AI Agents to speed up and improve internal processes and investment decisions.

 

Undisclosed
Undisclosed
Data Scientist

Given the high demand for AI specialists, we are not disclosing this person’s name. With a background in computer science, applied statistics and data science, he possesses all the skills required to develop software to enhance the investment team’s trading activities. He has previously done this for the Bank of New York Mellon.

Bo Jesper Hansen
Bo Jesper Hansen
Portfolio Advisor

Bo Jesper, M.D., Ph.D. was the Executive Chairman of the Board of SOBI AB (Swedish Orphan Biovitrum AB) until 2016 and was appointed Deputy Chairman of the Board in 2022. SOBI is a biotech company listed on the Swedish stock exchange and had a market capitalization of around € 6 billion as the end of 2022. He is Chairman of Karolinska Development AB and also Chairman of the biotech company Orphazyme ApS. Bo Jesper served as CEO and President to the Board of Swedish Orphan International (1998-2010) until the merger with Biovitrum, forming Swedish Orphan Biovitrum. He then became the company’s executive chairman. He also was non-executive Director of Gambro until its acquisition by Baxter, as well as of Zymenex, until its acquisition by Chiesi. Bo Jesper was the Executive Chairman of Ablynx until its acquisition by Sanofi, as well as of Topotarget and in this role led the merger with BioAlliance forming OnXeo. He founded Scandinavian Medical Research during which he served as Medical Advisor for the multinationals Synthélabo, Pfizer, Pharmacia and Yamanouchi Pharmaceutical. He has also been a board member with the companies TopoTarget A/S, CMC AB, MipSalus Aps, Kontrast AB, Hyperion Therapeutics, Inc. Newron Pharmaceuticals S.p.A, Novagali Pharma S.A. and Vivolution A/S.

Dr Hansen has extensive expertise in the design of clinical trials, regulatory affairs, pharmacovigilance and business development. He holds an M.D. in urology and obtained his PhD from the University of Copenhagen. Mr Krol and Dr Hansen met in 2012 whilst serving as non-executive directors at the biotech company Orphazyme SpA and have been working together ever since.

Gert Hoogland
Gert Hoogland
Portfolio Advisor

Gert, M.D., MBA (INSEAD) is a pharmaceutical executive with deep operational experience. He began his career in 1982 as Medical Advisor to Organon NV in Oss, The Netherlands, followed by CEO positions for Schering AG in New Zealand and South Africa. He then founded Pharmaplan Pty Ltd in Johannesburg, which became the leading specialty pharma distributor in Africa representing biotech companies like Biogen, Bracco, Recordati, Ipsen, Genzyme and Shire. After the sale of this company to the Canadian Specialty Pharma company Paladin Inc. Gert relocated to Zurich to start HealthCrest AG, a healthcare investment and consulting company. He has initiated investments in many private and public healthcare companies, geographically encompassing Europe, India, China, the US and Africa and is Board Member of many of these portfolio companies. Patrick and Gert first met in 2013 as investors in i-Optics BV.

Maarten Hendriks
Maarten Hendriks
Portfolio Advisor

Maarten Hendriks has worked for over twenty years in the medical department of the pharmaceutical multinational Boehringer Ingelheim. Most recently, based at the head office in Germany, he was responsible for regional management of the European markets. Prior to that, he was Medical Director for China, Taiwan and Hong Kong, based in Shanghai, and before that Head of Medical Affairs / Medical Director for emerging markets, based in Singapore and Dubai.

Maarten began his career at Boehringer Ingelheim in the Netherlands, where he led the medical team, Compliance and Legal Affairs, as well as Health Economics. Prior to that, he worked for Roche in the Netherlands for five years and held short-term positions at AstraZeneca and Pharma Bio Research.
Maarten studied pharmacy in Utrecht and obtained a PhD in cardiovascular pharmacology from the University of Amsterdam.

Peter Hintzen
Peter Hintzen
Portfolio Advisor

Peter Hintzen trained as a surgeon at the University Medical Centre Utrecht and subsequently specialised in gastrointestinal surgery at the Amsterdam Medical Centre. He also completed further training as a thoracic surgeon.

Peter has gained extensive experience in lung and gastrointestinal conditions and also acquired expertise in venous vascular surgery at various private clinics. He subsequently spent three years as CEO of Surgis, an initiative focused on establishing private clinics in collaboration with hospitals. Over the past ten years, he has once again been working as a surgeon in France and the Netherlands.

Impact & sustainability

The Aescap funds invest in publicly listed biotech and life-sciences companies with the mission to support medical product innovation and deliver above-average returns.

All Aescap funds are Article 8 funds and publish annual ESG reports.

Impact & sustainability

Cure-Finder service

Our Cure-Finder service supports our investors in finding new treatment options when their healthcare professional no longer offers any options.

You can download a document with all information about our free Cure-Finder service here.

Download Cure-Finder PDF
Cure-Finder service

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