@anamur--what @fify wrote is true for regular private equity but for fund arrangements, the investors and management team are separate.
The investors or shareholders are the people who put in the money and they receive most of the profit of the company. And then there are the investment managers who manage the company but don't really invest any money. If they do invest, it's super minuscule. They still receive part of the profits but much less than what the investors receive.
A fund arrangement in private equity is great for investors who want to have a share in a company but don't want to deal with management.