I don't have hard evidence but I suspect this is more common than you think, it's just we only read about the failures or the aggressive raiding stories (because they make juicier stories).

These funds make more money if the company they attempt to turnaround is a success, but the turnaround strategy tends to be high risk as they load the company with debt. So we mostly hear about the failures.

Further, I'd observe that most of the companies getting bought by funds for turnaround are.. in need of a turnaround. So many of them were on the path to failing if left to their own devices anyhow.

That said there are structural legal/tax issues that benefit "corporate raiders" in these these take-private deals.