There are very few companies owned by PE that come out with stronger talent than the day they were acquired. The best leave for the highest paying, most dynamic places. Some will be part of the ongoing layoffs. The rest stay because they either don't have good options, don't like change or are in a small club of employees that have been put on golden handcuffs to keep the place running.
There are always exceptions of course, and PE's modulate their zeal depending on the growth and progress of the company. Some do proctology exams every week, while others leave the company to grow, with a lighter touch... until there are some hiccups, when the proctology exams return. Their game is to buy low and sell high so they need the employees. Just not as many.
The best company leaders behave like benevolent PE's, running a tight ship, not making too many mistakes and always looking for the best talent, not just loyalists who are sending sunshine up. But when intellectual corruption and cronyism becomes rampant. (like promoting in FLL, bringing your buddies from SAP, or circling yourself with friends who like to drink with you) , the system starts decaying and the vultures come in.
Good luck for those who stay. Good news is that PE are very objective... Bad news is that what they see as value is likely not what you do.
Good info posted by @1kuw+1fMOUaYJ.