TPH Asset Management, a unit of the Houston-based Tudor, Pickering, Holt & Co. investment and merchant bank for the energy industry, completed a spinout to become a new firm at the close of business on Sept. 6.

Pickering Energy Partners (PEP) will be led by Dan Pickering. All of the funds associated with the unit at Tudor, Pickering, Holt will transition to the new company, along with the investment staff. The two firms are legally separate.

“We’ve got some fresh equity/balance sheet capital to pursue growth opportunities, so it is an exciting time over here despite challenging energy market conditions,” Pickering said in a statement on Sept. 6.

Tudor, Pickering, Holt Chairman Bobby Tudor and CEO Maynard Holt, will join PEP’s advisory board and Pickering will become a senior adviser to the other company.

The original Pickering Energy Partners Inc., founded in 2004, merged with Tudor Capital in 2007 and was rebranded when Holt joined the company in late 2007. It was purchased by New York investment bank Perella Weinberg Partners LP in 2016 and has operated as a subsidiary of that bank.