Private equity giant Ares Management is forming a new company to invest in the upstream sector an kicking off its operations with a $300 million deal to partner with privately held Permian giant Endeavor Energy Resources.
Ares-backed Development Capital Resources (DCR) is headed by Ronnie Scott, who previously served as chief executive of private equity-backed True Oil and Matt Loreman, who was a managing director at consultancy Evercore.
DCR
