Private Equity vs L/S Hedge Fund Investing

Currently in private equity and am interested in exploring careers in L/S fundamental equity. What is the main difference in analysis / investing due diligence between PE and L/S?

From my perspective it seems like private equity is more focused on underwriting business quality as their is not really a consensus so the investment thesis is largely focused on business quality versus L/S where the focus is more betting on understanding business change / inflections. Would love to get some perspective on this line of thought or any of the material differences in investment thesis / underwriting 

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