Vincent Germyns leads Marktlink Capital’s expansion into Belgium: a new horizon for private markets

Introduction: a strategic step for Marktlink Capital

Dutch investment firm Marktlink Capital is taking a significant step in its growth ambitions by expanding into Belgium. The company, specializing in non-listed investments, recently raised 520 million euros for its latest private equity and venture capital funds in the Netherlands, sourced from affluent entrepreneurs and families.

To spearhead this expansion into Belgium, Marktlink Capital has appointed Vincent Germyns as a partner. With two decades of leadership experience at BinckBank and Saxo Bank after its acquisition of BinckBank in 2019, Germyns was responsible for the international rollout of BinckBank and the growth of Saxo across Europe.

Marktlink Capital makes private equity and venture capital accessible to private investors through its fund-of-funds and feeder funds model. Since its founding in 2020, the company has raised over 3.5 billion euros in committed capital, almost entirely from Dutch entrepreneurs and wealthy families.

"Belgium has roughly half as many entrepreneurs as the Netherlands, but that still represents enormous potential”, says Germyns. “The large number of family offices in Belgium creates a very interesting market, with few comparable providers offering such a broad range of services as Marktlink Capital. Just as stock trading was 20 years ago, private equity and venture capital are still an ‘underserved’ asset class in Belgium and that’s what we want to change."

"Just as stock trading was 20 years ago, private equity and venture capital are still an ‘underserved’ asset class in Belgium"

Always right on time for the next big thing

Vincent Germyns’ career is a story of entrepreneurship, vision, and impeccable timing. "I actually started at BinckBank more than 20 years ago", he recalls. "Before that, I worked at KBC Asset Management. Then the wave of online investing arrived. I could feel it coming: this was the next big thing."

His entry into BinckBank wasn’t accidental but the result of a keen eye for opportunity. "I was looking into it, and a headhunter approached me for a role in private banking. While I was on the phone with him, I checked BinckBank’s website. Then I said, ‘If you’re offering me this role at BinckBank, I might just come in for a talk.’" Soon after, he was involved in setting up BinckBank Belgium alongside Nick Bortot, who later founded trading app Bux.

His role expanded rapidly. After establishing offices in Belgium, France and Italy, he was asked in 2014 to join the executive board in Amsterdam. Thus, he became CEO – a position he held for 11 years. During his tenure, BinckBank was delisted and sold to Saxo Bank, after which Germyns became part of Saxo’s executive team in Denmark. By early 2024, he reflected: "I could do this for another 20 years, or embark on a whole new adventure."

It became the second option and his focus shifted to private markets, the new frontier in investing. "Private markets, that’s the next big thing", says Germyns. "Drawing on our brokerage experience, there’s also an underserved segment in private markets where clients can be served properly."

After leaving Saxo Bank in January 2025, he sought the right partner to bring his vision to life. "I spoke with almost every player in Belgium. To everyone, I said, ‘I’m going to do this. Either with you or with another firm’.” Ultimately, he found his match in Marktlink Capital, a natural fit given their growth ambitions and alignment with his own plans.

Marktlink Capital’s approach for the Belgian Market

Marktlink Capital provides access to private equity and venture capital funds through its fund-of-funds and feeder funds model. This is a concept previously reserved mainly for institutional investors. Germyns’ approach in Belgium focuses on local embedding of these services. "First, I mapped out the Belgian market and looked at what we could do and how we could build it properly. It always comes down to understanding local fiscal regulations", he explains.

A crucial factor is building a local network, particularly among family offices. "In Belgium, if you’re targeting family offices, you need a substantial network to find people you can approach with the question: ‘Would you like to join one of our funds?’"

Fortunately, Germyns can draw from his extensive experience and contacts. "I know quite a few people simply because I’ve been active in the sector for 25 years. Many people knew BinckBank or Saxo Bank and me along with them. That makes introductions much easier." Still, he emphasizes that networking is an ongoing process: "It goes without saying that you have to keep building your network every day."

The initial focus is on family offices. "What you need is building trust that we deliver quality. And I must say, it’s being very well received", says Germyns.

Now, it’s up to him and his team to further expand this foundation and establish Marktlink Capital in Belgium as a trusted player in private markets.

"It goes without saying that you have to keep building your network every day."

A deep dive into Marktlink Capital’s operations: the fund-of-funds model

Marktlink Capital distinguishes itself through its fund-of-funds model, investing in a broad range of private equity and venture capital funds. "Where we stand now is that I have the advantage of being able to rely on a mature business that already exists in the Netherlands", explains Germyns. "When I first spoke with Marktlink Capital, they had 45 to 50 employees. Now, they’re over 70, so growth has been rapid." This allows him to focus on the commercial rollout in Belgium while logistics are handled from Amsterdam.

The company’s offering is diverse: from fund-of-funds in private equity and venture capital to co-investment funds, feeder funds, and private credit. "The great thing is that we’re fairly unique in the Belgian market with this range", emphasizes Germyns. "Some family offices want to reduce complexity and opt for a fund-of-funds approach. That can be in private equity, but also in venture capital." For others, a co-investment fund is more appealing, allowing them to invest alongside general partners (GPs) in specific companies.

The selection of funds is a critical part of their strategy. "With data, you can get quite far. There are about 40,000 funds available. Using data and your own parameters, you can make an initial selection", explains Germyns. "But ultimately, it comes down to access. Often, there’s more demand than supply and not the other way around."

Over the years, Marktlink Capital has built a vast global network to gain access to the best GPs. "Size matters. We’ve been in the Netherlands for five to six years and have over 3.5 billion euros in committed capital. That makes us a significant player", says Germyns. This network, combined with thorough due diligence, ensures they only invest in funds that meet their strict criteria.

Challenges in private markets: risks and opportunities

Private markets come with their own set of challenges, such as illiquidity, concentration risks, and market volatility. However, Germyns emphasizes that Marktlink Capital actively manages these risks. "What often happens is that everything gets lumped together. You have private equity, and then you have private equity", he says. "The way we approach private equity is through fund-of-funds. We work with renowned, major players." By investing in funds that already have broad diversification, Marktlink Capital minimizes risks for its clients.

Another challenge is the exit strategy. "If you look at the larger funds, they’re struggling to exit. We know what the IPO market is doing – it’s been quite locked up", says Germyns. "But since we’re in general not in those largest funds – we’re not in EQT, Blackstone, or KKR – we stay away from that. We’re in a segment below, where the size is sufficient and exit opportunities are still ample." By focusing on lower- to mid-market deals and broad diversification, they avoid one-sided risks.

Germyns also sees opportunities in the current market conditions. "I think the GPs who do good work are now doing their homework very carefully, knowing that you can only spend each Euro once. It’s a healthier time", he states. "So I think what’s being bought and invested in now could very well turn out to be better vintages than those we’ve seen in recent years." The key lies in diversification, both within and between funds, but also across regions, sectors and investment strategies.

"I think the GPs who do good work are now doing their homework very carefully, knowing that you can only spend each Euro once."

Synergy with Marktlink M&A: a powerful combination

While Marktlink Capital and Marktlink Group are legally separate entities, there is a clear synergy between the two. "We are related in terms of legal structure. Marktlink is still a major shareholder in Marktlink Capital. But we do have Chinese walls", explains Germyns.

Yet, there is a natural overlap in clients and knowledge. "If Marktlink M&A has helped a company, acted as a sell-side advisor, and become a trusted advisor to that client, then later that client might say, ‘I had a good experience with Marktlink M&A; maybe I’m also interested in private equity’," says Germyns. Conversely, clients of Marktlink Capital also get to know Marktlink M&A, which strengthens the visibility and credibility of both entities.

Outlook for the coming years

Germyns’ ambition for Marktlink Capital in Belgium is clear: making private equity and venture capital accessible to a broader audience. "I think what I mentioned earlier: you see that family offices have private equity well integrated, with 25 to 30 percent of their portfolios allocated to it. I hope we succeed in integrating it into the portfolios of entrepreneurs and private individuals in the same way", he states. "If we do that, we’ve done a great job."

He doesn’t measure success by ‘committed capital’, but by the impact Marktlink Capital can make. "For me, it’s about making something accessible that was previously only available to institutional players", says Germyns. "Lowering the barriers to private market investing: that’s what it’s all about." He believes in the power of private markets as a cornerstone in a diversified portfolio, provided they are well-managed and with the right safeguards in place.

Finally, he emphasizes the importance of entrepreneurship and succession. "There’s still a lot to be done, but often, if you can give clients access to great companies in the SME segment – and there are some real gems there – it’s a win-win", says Germyns.

"Ultimately, you see that economies thrive where capital markets are transparent and accessible. Where they’re closed off or difficult, things get stuck. I think it’s a wonderful development that we can offer something like this."

With this vision, he hopes not only to establish Marktlink Capital in Belgium but also to make a lasting contribution to the Belgian entrepreneurial landscape.