Yorktown Energy Partners VIII, L.P. — 13F Portfolio

Yorktown Energy Partners VIII, L.P. (CIK 0001473116) is one of a series of energy-focused private equity funds sponsored by Yorktown Partners LLC, a New York–based alternative investment manager dedicated to the energy and natural resources sectors. Fund VIII represents a specific vintage in the Yorktown fund family, organized as a limited partnership to make long-term, control and significant minority investments across the upstream, midstream, services, and related energy value chain. The fund invests institutional capital—such as that of public and corporate pension plans, endowments, foundations, insurance companies, and other professional allocators—into privately negotiated transactions. These can include backing management teams in exploration and production (E&P), building out midstream infrastructure, funding oilfield and energy services platforms, and selectively targeting power and renewables opportunities where Yorktown sees favorable risk/reward. Yorktown Energy Partners VIII, L.P. appears in U.S. public securities disclosure as an institutional investment manager because it holds, from time to time, U.S.-listed equity stakes in portfolio companies that have gone public or in other listed energy-related securities. Once these positions exceed the Form 13F reporting threshold, they must be disclosed on a quarterly basis. The 13F reports consolidate the fund’s reportable long positions in U.S.-listed equities and certain equity-linked instruments; they do not capture the large body of private, non‑reportable investments that define the core mandate. Within an analytics platform, the fund’s 13F History can be organized into a time series of quarter‑end holdings, forming the basis for a reconstructed 13F Portfolio Composition. This provides a structured, security-level view of how Fund VIII’s U.S.-listed exposures have evolved as portfolio companies reach the public markets and stakes are gradually monetized.

Yorktown Energy Partners VIII, L.P. follows the broader Yorktown strategy of energy private equity investing with a flexible, opportunistic mandate across the capital structure. The fund focuses on: - Backing management teams and platforms in upstream oil & gas, particularly in North American basins where Yorktown has long-standing technical and commercial expertise. - Supporting the development and expansion of midstream infrastructure—pipelines, gathering systems, storage, and related logistics—tied to those upstream resource positions. - Investing in energy and oilfield services companies that supply equipment, technology, and specialized services to producers and midstream operators. - Selectively targeting power, renewables, and energy-transition themes where contractual structures, regulation, and returns are consistent with the firm’s risk criteria. The investment process is fundamentally bottom‑up and asset-intensive. Yorktown evaluates reservoir quality, cost curves, infrastructure access, counterparty strength, regulatory and environmental risks, and management alignment. Capital is typically provided in growth equity, development capital, or restructuring contexts, with Yorktown often taking board representation and working closely with management on strategy, capital allocation, and risk management. As a private equity vehicle, Fund VIII’s holding periods are multi‑year. The objective is to create value through operational improvement, development and de‑risking of reserves or assets, strategic M&A, and ultimately crystallization of value via trade sales, mergers, recapitalizations, or public offerings. The 13F‑visible positions in Yorktown Energy Partners VIII, L.P. usually emerge late in this lifecycle—when a portfolio company has listed publicly and the fund holds registered or restricted stock subject to staged sell‑downs. Consequently, the 13F footprint tends to show a small number of concentrated positions in energy companies—often E&P, midstream, or services issuers—rather than a diversified trading book. Turnover in the reported holdings is generally low; changes reflect lock‑up expirations, secondary offerings, and orderly exits, not continuous active trading. Within a Portfolio Simulator or Backtesting Service, those disclosed holdings can be linked into a normalized Historical Track Record that approximates the capital trajectory of Fund VIII’s public‑equity realizations, distinct from its still‑private book.

Yorktown Energy Partners VIII, L.P. is an energy-focused private equity fund within the Yorktown family, investing across upstream, midstream, services, and select power/renewables opportunities. Its 13F presence under CIK 0001473116 captures a narrow but analytically useful subset of its activity: concentrated holdings in U.S.-listed energy companies that generally represent late‑stage realizations of earlier private investments. By organizing Fund VIII’s 13F History into a detailed 13F Portfolio Composition, allocators can see which energy subsectors and issuers have dominated its U.S.-listed exposures over time and how those positions have been scaled down or exited. Running these reconstructed portfolios through Performance Backtests Online or a similar Portfolio Simulator allows users to build a proxy Historical Track Record for the public‑equity sleeve, from which measures such as Max Drawdown Depth and an indicative Sharpe Ratio on normalized capital can be derived. Taken together, these analytics provide a disciplined, data‑driven view of how Yorktown Energy Partners VIII, L.P.’s disclosed public holdings respond to shifts in commodity prices, energy policy, and capital‑markets conditions. The central diagnostic question for allocators is how this pattern of concentrated, energy‑sector realizations would behave under alternative regimes—for example, structurally lower hydrocarbon prices, accelerated energy transition policy, or extended periods of constrained upstream and midstream capital spending—relative to the historical environment encoded in the fund’s disclosed holdings.

The risk profile associated with Yorktown Energy Partners VIII, L.P., as inferred from its mandate and 13F‑reportable positions, is driven by a blend of energy-sector fundamentals, commodity price exposure, and concentrated post‑IPO holdings. At the fund level (including private assets), risk stems from: - Commodity price volatility in oil, natural gas, and natural gas liquids, which affects cash flows, reserves valuation, and capital spending. - Operational and geological risk in exploration and development programs. - Regulatory and environmental considerations around drilling, emissions, land use, and infrastructure permitting. - Use of leverage at portfolio company level and, in some cases, within fund‑level structures. Within the narrower 13F lens, risk is that of the long U.S.-listed energy equity positions held by Fund VIII. The key dimensions are: - Name concentration: A handful of public holdings can represent a large share of reported market value, so company‑specific outcomes—reserve revisions, drilling results, M&A, regulatory developments, or balance‑sheet actions—can meaningfully influence the reconstructed capital path. - Sector and factor exposure: Positions cluster in energy subsectors (E&P, midstream, services, power), which are sensitive to commodity prices, capital‑markets access, and energy policy. This can lead to higher volatility and cyclicality than a diversified equity portfolio. - Liquidity and exit dynamics: Post‑IPO stakes may be subject to lock‑ups, trading windows, and negotiated secondary transactions, influencing the timing and price realization of exits. Because Form 13F does not show the fund’s private holdings, debt positions, hedging strategies, or non‑U.S. assets, any volatility or drawdown analysis based solely on the disclosed longs should be interpreted as describing an unhedged sleeve of public energy equities. It will generally overstate the day‑to‑day mark‑to‑market variability of the overall fund, which may be partly insulated by private valuations and diversification across structures. Using a reconstructed holdings history, allocators can estimate an indicative Max Drawdown Depth and broader Volatility Profile for Yorktown Energy Partners VIII, L.P.’s U.S.-listed equity sleeve on a user-defined notional. These diagnostics help characterize how the public‑realization component of the strategy has behaved in different commodity and equity market regimes.