Corp Dev vs PE

Incoming ib intern here, looking through MM/LMM PE firms. I see a lot of them with portcos that brand themselves as PE and venture capital on LinkedIn, but they just do roll-ups and I'm guessing the roles at these "PE-backed investors" are actually corp dev? Some of the people who work at these firms have PE analyst/PE associate titles, even though the companies just buy and integrate something like software service businesses. Am I wrong to think there's a difference between MM/LMM PE and these roles?