Investing in Tomorrow’s Health

NCL Investment Management invests transformational equity capital in entrepreneurs who have truly innovative technologies.

Our Investment Philosophy

The Modernisation of Healthcare will be one of the Greatest Growth Drivers of the 21st Century.

NCL is a specialist healthcare investor.  We create value by identifying companies who are at the forefront of transformational change.  By applying the capital and human skills required to navigate this rapidly evolving sector, we prepare our companies to succeed both clinically and commercially.

Our focus is on the pioneers. Companies that are actively using innovation and technological advancement to help prevent, treat and cure a wide range of conditions.

Our mission is to address the challenges of our future health needs, whilst creating the next generation of valuable businesses.

Our Team

Our Management team spans three generations of venture stage investing, entrepreneurship and business management.


Jerry Biggs - Managing Partner

Jerry is an experienced investment professional & entrepreneur who has deep insight into how emerging technologies can drive change across the healthcare system.

In 2015, Jerry founded NCL Investment Management to capture the opportunity arising from the technological evolution of global healthcare. Alongside co-managing NCLs institutional funds Jerry focuses on capital raising and developing partnerships with other prominent healthcare institutions. Prior to NCL, Jerry established the investment arm of a UK Multi Family Office. He has also held senior positions at BOS Investments, HSBC Investment Bank & Northern Trust Global Investments, where he was responsible for a broad range of alternative fund strategies. Jerry started his working life as a British Army Officer.


Jonathan Synett - CIO / Managing Partner

Jonathan has over 20 years’ experience working with and investing in early stage, high growth businesses. As well as being the founder of a high growth health and wellness business, he has managed investment portfolios for two Ultra High Net Worth's, investing across a variety of sectors, including technology, renewables and healthcare.

Jonathan has been with NCL Investment Management since 2015 and is now a Managing Partner, managing both of NCL's technology funds and sitting on the Board of a number of venture stage businesses. He holds a degree in Economics and History from Manchester University and an INSEAD MBA.

Pat O’Neill 2-ai

Pat O’Neill - Managing Partner (US)

Patrick is an entrepreneurial Financial Executive, Investor and Board Member with over 30 years of senior leadership experience in the US, Asia and Europe with experience across both asset management and operating companies. Patrick Joined NCL in 2019 as head of US markets. From 2000-2015, Patrick was a Co-Founder, CFO & COO of KOM Capital, a global $1.2Bn fund focused on Life Sciences with public and private portfolios. In his earlier career he was co-founder and President of Stewart & Company, a listed US equities fund; sold to a private bank. Former Senior Managing Director, Head of Private Placement for CIBC Investment Bank NY; former Co-Head Americas, Metzler Bank. Patrick has also held positions of controllership and corporate finance at Pitney Bowes, Olin Corporation and auditing with EY. Patrick is a Certified Public Accountant (inactive)


Francis Chen - Lead Scientific Advisor

Francis W. Chen has more than twenty years of management experience in the healthcare industry and more than fifteen years as an entrepreneur and investor in high-tech and bio-tech start-ups. He is the founder and Chairman of SinoAmerican Partners Limited that provides advisory services for transactions in life sciences, information technologies and financial services. Francis is formerly Vice Chairman of WI Harper Group, a venture capital firm focusing on early-stage investments in Silicon Valley, China and Taiwan. WI Harper Group is one of the pioneers in cross-border technology investments between US and Greater China. Francis was also active in the formation of the first Sinovation Ventures fund (formerly known as Innovation Works) founded by Dr. Kai-Fu Lee and WI Harper, with notable unicorns including Megvii, Meitu, and Zhihu. Francis has served as a director of several technology-based companies and has been an independent board member of Stealth BioTherapeutics (Nasdaq: MITO) since its founding by Morningside Group in 2006. He currently advises Arrive Bio, Donisi Health, Innodem Neurosciences, Nanomedic Tehnologies and Sanolla. He began his career in operating management positions with Becton Dickinson, Baxter Healthcare and Hygeia Sciences where he was one of the senior executives that took the Company public on Nasdaq and ultimately its acquisition by Tambrands. Francis was also a co-founder and Chief Operating Officer of Scotgen Biopharmaceuticals – one of the first generation biotech companies in the commercialization of genetically-engineered antibodies for therapeutic applications.

He served as a trustee of several non-profit organizations: San Francisco Opera Association, Groton School and Sanford Burnham Prebys Medical Discovery Institute. Francis holds a Ph.D. in immunology from Harvard University and an M.S. and a B.S. in chemistry from Tufts University


NCL is headquartered in London

NCL Investment Management Ltd, 1 Warwick Street, London. W1B 5LR

Satellite offices:


One Century Tower 8th Floor,
265 Church Street,
New Haven CT 06510 USA.

Email correspondence:

Registered / Mailing Address:
NCL Technology Ventures Ltd,
The Business Terrace,
King Street,
ME15 6AW