Rabobank, a Netherlands-based retail bank, has sold its private equity arm to its management for an undisclosed sum. It comes a day after the division staged a preliminary close on its sixth fund.

The division, Gilde Investment Management, has raised €447m ($558m) for its latest buy-out fund, its third non-sector specific fund, and is aiming to hold a final close in the next few months with total commitments of €600m.