NO.PZ202411040100001904
问题如下：
Q. Discuss how industry expertise factors into the methods by which Northern States may participate as an equity co-investor or direct investor in private infrastructure projects.选项：
解释：
Northern States participates as an equity investor as a limited partner in infrastructure assets in industries in which it has not yet built sufficient expertise to manage the investment process more directly. As it gains sufficient expertise in a specific industry, it is more likely to invest as a general partner or co-investor in infrastructure assets in that industry.
题目想要我们回答什么，考点在哪里。我这样回答可以么： The industry-specific expertise allows Northern States to have better understanding of the project and moniter the project. It also helps to avoid the mangement fee and performance fee paid to GP if Northern States were participating as an LP.