There's another type of PE out there beyond what you've described which is, the owner of a moderately sized privately owned firm (doing somewhere between 10-100

There's another type of PE out there beyond what you've described which is, the owner of a moderately sized privately owned firm (doing somewhere between 10-100 mil revenue a year) wants to retire and sell it off, and PE firms are the only ones who can afford to buy it for the 100mil+ price tag it warrants.