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If you want to be specific that general idea could be elaborated as "private ownership by people that only need the C-suite salary, instead of needing a C-suite plus a fat % RoI on the company's entire valuation because that's how much they just put down as a sunk cost."

In that regard "bought by PE firm" (or most any prospective buyer, really) is functionally equivalent to an IPO. Selling out is, in fact, selling out.

>>blarge+(OP)
Furthermore, PE ownership generally means (a) achieving ROI as quickly as possible (including by dismantling the company and/or mortgaging its assets), (b) installing leadership who has no ties to the business, and (c) cutting costs to the bone.

It's not just functionally equivalent to an IPO... it's an IPO if all the buying new shareholders were sociopaths.

(Yes, there are the PE companies who run businesses better like Berkshire, but that's far from the most common type of PE)