David Rapp

A new $2.5m wealth threshold for investment in private equity and hedge funds would dramatically reduce the number of US investors considered accredited.

Lawton Fitt, who became the first female partner in Goldman Sachs’ equity division in 1994, has been hired by distressed-investment firm GSC Partners as a senior advisor and as a member of the firm’s board of advisors.

Private equity firm American Capital has agreed to provide $21m to bankrupt New York art gallery Berry-Hill, a loan secured by the gallery’s art inventory and real-estate assets.