MM PC v MF PC fundamentals

Ignore title, currently 1st year in levfin.

Wanted to ask what fundamental differences there are between mm and mf pc's so the following points:

• Direct lending v opportunistic: is this down to internal groups mostly and do MFs do deals that are vanilla direct lending rather than distressed? For context I actually want to be in vanilla DL so want to see how my skillset would be seen at a MM vs a MF.

• Syndication v Hold: So banks obv syndicate HY, do both MF and MM PC syndicate their unitranche positions or do MF's prefer to hold or vice versa? Who leads the syndication process? Does it follow the standard lead arranger/underwrite as in levfin?

UK based so MMs would be Pemberton/Park Square/Kartesia/Tikehau and MFs the standard CVC/Carlyle etc