After years advising energy deals, Jacob Nagy began building businesses for buyers himself. A $1.45 billion asset sale and a new fund exceeding $1 billion show why the Avant co-founder keeps returning to the Permian Basin.

Before co-founding Avant Natural Resources, Skyler Gary worked in the particulars of petroleum land. His career now runs through a $132.5 million royalty transaction, a Delaware Basin asset sale and a fresh fund with more than $1 billion in commitments.