Tax Equity Private equity firms

Help me understand these. I have seen some tax equity firms that call themselves private equity but it is really a capital markets group pairing developers with investors and it does not seem like they invest their own money in these projects. I think of private equity as raise a fund and then deploy it with leverage where as the tax equity is really just a capital markets group. is it worth entertaining a role in tax equity or will I get shut out from traditional banking?

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