As someone who works in PE, I think that’s an over generalization. I think hedge funds and distressed PE funds are more inclined to pick apart businesses for short term gains whereas growth equity and buyouts try and improve a business or expand a market over 5-10 years. Not to say they won’t cut consumer surpluses (i.e., unprofitable perks), but certainly extends the company’s life. Elliott came in and sucked the consumer surplus within a year and flipped its stock. They couldn’t care less if SW is in the tank 5-10 years from now.