I don't see a meaningful difference between the two. Much like I don't see how "thinktanks" that provide policy to the state are not part of the state itself. It's effectively the privatisation of branches of state. They're still the state, just under absolute complete and total capital-control with absolutely zero potential for "democratic" machinations to affect them.
Isn't that the state though? The state is the avatar, the apparatus, the tool and apparatus of the dominant political class of a given polity. It doesn't necessarily need to be a government position, agency, or NGO/NPO connected thereof.