She worked as a lawyer at Wall Street firm Skadden, Arps and then as a venture capitalist at GE Equity in Hong Kong, leaving in 1999 to run a small responsible-investment private equity fund, Maven International, in the city.

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Alternatively, the investor could invest in a private equity fund, which would allow him access to investment professionals with demonstrated abilities and past success, together with the benefits of increased diversification across a number of investments.

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So, the tax bill's writers added a provision saying any profit from the sale of a hedge fund, a private-equity firm or other investment partnership would be taxed at the higher rates that apply to ordinary income.

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