They look for companies which got fat on free money with impossible valuations which are dead ducks. The free money period ended so they can't raise more money and if they do it will be a substantial down valuation so investors won't approve it as it would cristalise a loss on their portfolio.

These companies all pay insanely high silicon valley wages and deliver very little actual product development velocity for the wage costs involved.

The founders don't have the b**s to do the necessary haircuts themselves so they sell. Bending spoons takes the reputation hit that the founder should have taken and makes severe cuts.

BS then rationalises the roadmap, and either keeps it alive or invests into it depending on expected return.

Nothing particularly revolutionary other than they are an execution machine.