Investing in private equity companies: are you investing in the company managing them and not technically the underlying assets?

Noting various takeovers from private equity I'd like to still get exposure to unlisted companies. If I buy something like iShares Listed Private Equity UCITS ETF (IPRV) which contains companies like: 3i, Brookfield, Blackstone and many more. Would I be getting exposure to the underlying assets or would I simply be getting exposure to the management of those assets and not technically direct exposure?



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