NO.PZ2018053101000025
问题如下：
In comparison to other alternative investment approaches, co-investing is most likely:
选项：
A.more expensive. B.subject to adverse selection bias. C.the most flexible approach for the investor.解释：
B is correct. Co-investing may be subject to adverse selection bias. For example, the fund manager may make less attractive investment opportunities available to the co-investor while allocating its own capital to more appealing deals.
A is incorrect because co-investing is likely not more expensive than fund investing since co-investors can co-invest an additional amount alongside the fund directly in a fund investment without paying management fees on the capital that has been directly invested.
C is incorrect because direct investing, not co-investing, provides the greatest amount of flexibility for the investor.
B选项是说合伙投资中，合伙的外部投资经理很可能把合伙人的资金投向不好的项目，而把自己的资金投向优质资产。
