PE Style Pitch vs. HF / Stock Pitch?

Hi all, might be a simple question, but how would you differentiate a PE style vs. HF style pitch?

Presumably you still look for strong industry / business fundamentals, barriers to entry, competitive positioning, historical / forecasted financials, signs of strong cash flow generation etc.

Is there difference just in leverage? I.e., in PE, you're focused on catering the pitch around a hurdle rate and using leverage? 

Do you still look for "catalyst" opportunities in PE pitches? Or is that more bespoke for stock pitches