Depends on the PE tbh. We recently got acquired (after being split from our previous owner) and if anything we now have much better leadership, and they seem to focus on R&D more than anything else. It does help that they have clearly stated that they aim for making the corporation public in 5-7 years, which makes it less likely that they'd engage in bleeding the current assets dry for short term gains.

It might be different for startups though for sure, in our case we were spun off from a very old corporation :)