Healthcare & Life Sciences IB to PE/HF/Others in the Netherlands

Hey fellow monkeys!

I was wondering whether any of you could share some thoughts about exit opps from Dutch investment banks within the healthcare and biotech industry. I saw Kempen & Co have a whole Biotech IB and ER divisions and was wondering where people go afterwards? Any interesting Healthcare & LS oriented funds in the Netherlands? It seems to be pretty difficult to identify former employees on LinkedIn these days and thus tough to see where they went. Kempen looks cool as career kick off , especially because of Biotech banking, but I don't see myself as a banker for more than 5 years, so I'm seeking for an interesting career path afterwards, maybe somebody got through it themselves? I also read on one of the previous threads that Kempen do not bring the best exit opps, any opinion on that?

Cheers

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Comments (14)

May 26, 2021 - 3:54pm

Interesting to hear more as well. I have completed one IB internship in Amsterdam (i'm not dutch) and what I heard was that Kempen is a smaller boutique advising in smaller deals etc.

May 27, 2021 - 1:46am

True, they have a couple of small industry-focused teams. I think I'm terms of LS & Healthcare in the Netherlands they are doing pretty serious deals though, I think their team is the biggest and most recognizable within the sector. Would you mind sharing which bank you did your internship at being an expat?

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May 27, 2021 - 4:09am

Within the Netherlands Kempen & Co is certainly seen as a decent bank. I think it would definitely be possible to exit to Dutch Healthcare focused PE firms. Abroad, Kempen & Co's name carries less value. I think that other Dutch banks offer better exit opportunities. ING, for example, has a strong TMT & Healthcare group. Dealflow is better, dealsize is also larger, and ING's name is more well-known (also abroad). Last month, for example, they did the sell-side advisory for a Dutch healthcare IT company sold to a French PE firm (deal value around €200M).

Dutch Healthcare focused PE firms that I know of include Gilde Healthcare, Waterland Private Equity and Holland Capital.

May 27, 2021 - 6:10am

Thanks a lot for the answer, also much appreciated that you dropped names of the funds. Do you by any chance know anything about compensation and bonuses differences between the two banks? Maybe something about the culture and atmosphere within the TMT & Healthcare team? Kempen's culture and people of Biotech people seem to be great from my perspective so far, meaning strong mentorship and approachable bankers, including VPs and MD. One big advantage of Kempen is that I see plenty of internationals on the entry level, on the contrary to ING where all of them seem to be Dutch, do you know whether native/C2 Dutch is a requirement?

  • Prospect in IB-M&A
May 27, 2021 - 7:21am

ING pays the highest base salary of the Dutch banks (and also offers nice extra benefits), but bonuses are not that great. At Kempen they are higher, but I am not certain how both banks eventually compare when you look at total compensation. I think it will not differ too much.

Culture is bit more difficult for me to comment on as I have not worked in the TMT & Healthcare team. Culture is of course quite team dependent. But overall ING's culture is considered to be good. There are many people that stay at the bank for a large part of their career. Indeed, I have also heard positive things about Kempen's culture and people so that's definitely a plus.

The only ING team that I know of that requires Dutch is the Mid-Market team. The sector teams are more focused on the larger deals and employ people that do not speak Dutch. For example, the Wholesale Banking Traineeship programme does not require you to speak Dutch at all. There are multiple non-Dutch Wholesale Banking trainees that have done rotations in sector teams like TMT & Healthcare (and even stayed there).

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May 28, 2021 - 12:30pm

Interesting, thanks! I think the base salary of a 2nd year Analyst at Kempen should be around 70k as well. Do you think it is common in the Netherlands to transfer to PE after 2/3 years as an IB analyst? I am still really curious where people from Kempen LS/ING TMT&H team would end up. I checked out the fund you mentioned before and didn't see anybody from none of the firms.

  • Prospect in IB-M&A
May 29, 2021 - 6:27am

Yeah definitely, its quite common. But what you also often see is that people lateral from Kempen/ING etc. to BBs in London or their satellite offices in Amsterdam. And then maybe move to PE from there (gives you more options). But for Dutch funds it is also not unusual to see them hire people straight from university (for analyst positions).

May 31, 2021 - 8:09am

Thanks, lateralling is also an option. Since I would definitely prefer to stay in Benelux and surely wouldn't like to live in England, I think learning Dutch over a year or two at Kempen/ING would be a good way to go!

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