It does both I think.
And DOES take the long view.
It recently sold a contracting company it bought in 2016 for about $154m for $900m Gollada.
https://www.australianmining.com.au/resource-capital-funds-to-sell-ausenco/#:~:text=Private equity firm Resource Capital,US578 million ($900 million).
But Mostly it does NOT own outright as far as I can see.
FWIW I pulled up an old thread where I started some research into it.
cheers
