What's the Difference - Opportunistic PC vs Opportunistic HF

Feel like I'm asking a totally retarded question but what is exactly the difference between a group like Ares Hybrid Value, Sixth Street Global Opportunities, or BX Tactical Opportunities vs. a hedge fund like Elliott?

It seems like they both play in private markets these days, especially as the public/liquid opportunity set has shrunk. They also seem to have similarly flexible mandates and can invest across the capital structure. Elliott also does very deal driven situations and can invest in distressed for control, so the distinction isn't totally clear to me.

Besides fund size/structure, what is the main difference between a private credit/cap solutions platform and a hedge fund platform? Is it primarily the deal driven nature, investment horizon, source of opportunities, or something else?

How would you categorize some of the biggest names in this space - Ares Hybrid Value, Sixth Street GO, BX Tac Ops, MGG, Fortress Corporate Credit, Elliott, etc

Is there actually a meaningful distinction between these strategies anymore, or is there just a spectrum from HF to opportunistic/hybrid private capital to private credit?

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