The Private Equity Podcast, by Raw Selection

Building a Value Creation Machine & Scaling a Private Equity Firm

4 snips

Feb 17, 2026

Chris Sznewajs, founder and managing partner of Pacific Avenue Capital, builds value through complex carve-outs and investments in businesses owned by 'unnatural owners'. He discusses expanding into Europe with a people-first approach. He outlines proprietary corporate sourcing, the mechanics of a TotalEnergies carve-out, and why a dedicated ops team of generalists drives cross-border integration and EBITDA growth.

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ADVICE

Prioritise And Align Around Few Critical Goals

Agree on the two or three things that will create the most value and focus the team on them.
Align incentives so people who execute the strategy are rewarded accordingly.

INSIGHT

Expand Where Your Core Model Translates

Geographic expansion should follow where your capability and deal type naturally translate.
Europe was chosen because similar carve-out opportunities and check sizes matched Pacific Avenue's model.

ADVICE

Hire Leaders First And Cross-Pollinate Teams

Build the overseas team around the right leader and commit to cross-pollinating people.
Send core resources, run rotations, and ensure frequent interaction to preserve culture.

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🎧 Episode Summary:
In this episode, Alex Rawlings speaks with Chris Sznewajs of Pacific Avenue Capital Partners about building a private equity firm focused on complex corporate carve-outs and businesses owned by “unnatural owners.” Chris shares how Pacific Avenue identifies overlooked assets, drives value through operational focus, and recently expanded into Europe with a team-first approach.

He dives into the lessons from building out their Paris office, the firm’s unique deal sourcing strategy, and a case study involving a complex carve-out from Total Energy. Chris also unpacks their value creation model, why they invest heavily in operational talent, and how they maintain culture across borders.

⏱️ Timestamps:

00:00 – Intro to Chris & Pacific Avenue
01:28 – Key mistakes in PE & portfolio strategy
03:52 – Why Europe? Lessons from expansion
05:47 – Building and integrating cross-border teams
10:57 – Defining “complex transactions”
12:24 – Total Energy carve-out case study
15:17 – Proprietary sourcing via corporate relationships
17:25 – Investing in ops: value creation strategy
20:16 – How their ops team is structured
22:45 – Chris’s interests & offer to connect

💡 Key Takeaways:

Focus on carve-outs and “unnatural owners” enables deep value creation.
Expansion to Europe was led by people, not just strategy.
A proprietary sourcing approach is key in competitive processes.
Ops team = generalists with deep business acumen who partner with management.
Carve-outs require patience, resources, and a consistent strategy.

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/

🌐 Visit Raw Selection: www.raw-selection.com

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