What is a “private equity mandate”?

I am trying to understand what is a private equity mandate. Is it having your own property as a private person? Having your own life? Having your own values? Making up your own mind? How would it compare to “non-private equity, ie, public equity”? What the heck is public equity? Somebody else bullying you, telling you their values are the only ones that count?

Im remembering that equity isnt equality.

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