Private equity for public equities

AltAssets reported last month on a new fund that will apply PE techniques to public companies:

"Our approach within the SVG Advisers' public equity team has been to apply similar due diligence and valuation approaches to investment that has served private equity firms so well in recent years. The performance of [the previous fund] to date has demonstrated the validity of this approach."

I understand how due diligence might be more focused than is traditional but I wonder how PE valuation techniques are different from any other valuation techniques. Also wonder whether these guys exert control/work with the management of companies they buy into. That could be an interesting hybrid model. Wonder which other shops are applying this model.

Link: SVG to launch new fund to apply PE investment techniques to public companies