What's REALLY Hidden in Private Equity Investments?

In this episode of The ReForge Podcast, Matthew Chang sits down with Paul Swaney, founder of The Swaney Group and Navy submarine veteran, for real talk on what private equity actually looks like when you're not just flipping companies—you're building them. If you're looking for business advice on the coming capex wave and why manufacturing is about to boom, this conversation delivers the blueprint from two operators who see the deals others don't. Paul W. Swaney III is the founder of The Swaney Group and creator of the Swaney Group Operating System (SGOS), a methodology he has applied to over 30 companies ranging from Fortune 100 enterprises to private equity-backed ventures. A Navy veteran who served as an electrician on submarines from 1998-2005, Paul grew up in a machine shop where his father was a tool maker—learning to read a micrometer at age four. His career spans Amazon, Total SA, McKinsey & Company, and Partners Group before launching The Swaney Group in 2022. He landed his first piece of diligence work within seven hours of updating his LinkedIn profile on Thanksgiving 2022. Paul also founded LeverUp, a community and podcast dedicated to demystifying banking, consulting, and private equity for young professionals—with a core philosophy of educating without gatekeeping. His thesis: the fear of failure is easier to digest than the fear of regret. Chapters: 0:00 - Why Private Equity Has a Dirty Name 3:00 - The McKinsey Advice That Changed Everything 6:00 - Launching The Swaney Group 13:00 - Understanding Fund Vintages 20:00 - Walking Away From Deals at the Finish Line 33:00 - The 2026 Manufacturing Capex Explosion 39:00 - Why Veterans Make Great PE Operators Connect with Paul Swaney: 🔗 Website: paulswaney.com 🔗 X/Twitter: @privateinequity 🔗 LinkedIn: paulwswaneyiii 🔗 Podcast: LeverUp Connect with Matthew Chang: 🔗 Website: changrobotics.ai 🔗 LinkedIn: Matthew Chang About The ReForge Podcast: The ReForge Podcast explores the intersection of advanced manufacturing, technology innovation, and the entrepreneurs reshaping American industry. ⚡ Powered by NXC Podcast Network #thenxcpodcastnetwork #thereforgepodcast #entrepreneurship