Difference between Private Equity and Merchant Banking?

Sorry if this is a dumbass question, but I would appreciate an explanation. The only parts I could kinda grasp were that Merchant Banks issue shares of portfolio companies while PE firms typically don't. Is that even correct?

 

You may be surprised to hear that a lot of people consider merchant banking and private equity to be virtually the same thing. Merchant banking gets its name from investors putting up money and taking on risk to fund merchant ships. There may be some difference between specific PE firms and merchant banks but broadly speaking it’s the same thing

 

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