With private capital commitments of $500 million-plus, PetroLogistics II LLC’s sponsors said Tuesday they plan to follow the trail of their predecessor company to acquire, develop and operate petrochemical assets in North America.

Houston-based private equity sponsors Quantum Energy Partners and Stonecourt Capital LP formed the entity with founders David Lumpkins, chairman, and Nathan Ticatch, president. The sponsors plan to continue the strategy of former entity PetroLogistics Co. LLC, which sought to acquire, develop and operate petrochemical investments.

The initial PetroLogistics entity, sold to Flint Hill Resources LLC in 2014, developed the first propane dehydrogenation facility in North America with annual capacity of about 1.45 billion pounds of propylene.

With the same management team as today, the first PetroLogistics entity also acquired and expanded a system of pipeline transportation and storage assets through Louisiana-based PL Midstream, which was sold to Boardwalk Partners in 2012.

In a joint statement the founders said “the currently evolving industry environment provides ample opportunity for fruitful investment...We are confident that the unique industry expertise and capabilities of Quantum will be of immeasurable value to us as our partner.”