Hedge Fund Corp Strat / Biz Dev

Perhaps it's a bit naive of me to generalize that all HFs would be similar in this capacity, but what function does corporate strategy and business development serve for these institutions? Specifically, what are the responsibilities and day-to-day undertakings of someone who would do that job post b-school? How might this differ from traditional corporate strategy / business development, say, for Disney, Google, BB bank, etc.?

Disclosure: I'm job hunting and have come across a handful of these opportunities, but I'm not entirely sure what to make of it.

Thanks, in advance!