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Secretive Rhone Group said to hit €2.6bn close for Fund V

Secretive private equity house Rhône Group has reportedly held a €2.6bn close for its fifth buyout fund after just over six months in the market. The firm, which has decided not to embrace a wave of increasing openness exhibited by the private equity community over the past few years, has a single-page website which simply includes its New York and London office addresses and a button for investors to log in. Rhone’s latest fundraise was reported by Financial News, which cited a person familiar with the matter. The vehicle is more than twice the size of the firm’s fourth fund, which closed on about €1.2bn following its 2011 launch, if the report is accurate. Rhone, which was founded in 1996, is slightly more open about its dealmaking activity. Last November the firm agreed a deal to purchase Global Knowledge from New York-based MidOcean Partners. A month earlier it teamed with Goldman Sachs to buy logistics service provider Neovia Logistics from Platinum Equity Partners. One of its bigger deals from the past few years was the €1.05bn buyout of the bakery supplies business of CSM in 2013.