PE played a part in manufacturing leaving the US. Often the buyouts were of sick companies, and it was just the optimum way to monetize their death. But without PE not all of them wouldnhave eventually died, and it would have given policy makers more time to react to what was happening.

They're very much yin and yang. PE's operating model is to take businesses that are operating inefficiently, squeeze all the inefficiencies out, sell off assets that would be more productive under other management, and basically strip the company bare. If it kills the company, that creates fertile ground for new startups funded by VC.

Think of PE as the decomposers of capitalism, and VC as its seeds. Most people don't like to think of it that way because they don't like to be reminded that death is a part of life. But if you view capitalism as a living ecosystem and your role within capitalism as someone to accelerate growth and then accelerate death so that new growth can take its place, it all makes sense. And you can probably profit pretty handsomely from it, because most people don't view capitalism like that and instead seek stability in the dying parts.