‍
For Limited Partners
Select outlines, structures, and thought processes connected to SKGP’s PYA thesis are shared here.
Full investment memos, detailed plans, and strategic rationale are available upon request, along with the complete briefing.
Lpmeetings@skgppartners.com‍

Pre-Yield Assets(PYA) Series
By S.K., SKGP Strategic Partners
© 2025 SKGP Strategic Partners. All Rights Reserved.
Unauthorized use, reproduction, derivative work or distribution of SKGP content, terminology, frameworks, or materials is strictly prohibited.

Pre-Yield Assets (PYA)
Core Topics
What is a Pre-Yield Asset?(PDF)2025 Video
Why early stage assets form value before cashflow(PDF)2025Video
Why pre-yield equals infrastructure, not speculation(PDF)2025 Video
How PYA reclassifies exploration, agri, energy, etc(PDF)2025 Video
PYA vs private equity(PDF)2025 Video
PYA vs venture(PDF)2025 Video
PYA vs credit(PDF)2025 Video
PYA as a structured exposure category
Video

Technical Subtopics
NAV uplift as yield
Probability weighted gate progression
Early stage asset mispricing
Institutional allocability
PYA as sovereign aligned development
Structured Exploration
Core Topics
Structured vs unstructured exploration
Why exploration breaks institutional models
The architectural classification error
How to convert exploration into an asset class
Exploration as a governance and sequencing problem
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‍Technical Subtopics
Gate architecture
Information quality uplift
Technical derisking curves
Classification vs speculation
Exploration to structured asset formation
The Capital Physics System Three
Technical Subtopics
Liquidity Engineering
Offtake structuring
Joint venture transition points
Data sales
Corridor packaging
Royalty and hybrid instruments

Institutional Readiness Scoring
What institutional readiness means
How governance, jurisdiction, records, and gates create readiness
Why PYA can meet pension and sovereign requirements

System Covariance Surfaces
Multi asset covariance behavior
How systems derisk together
Why Pre Yield covariance is structural, not market linked

Gate Compression Dynamics
How gate spacing behaves
Why compression accelerates NAV uplift
How capital velocity increases as gates compress

The Capital Physics System Four
Technical Subtopics
Derisking Pathways
How pathways represent structural options
How each pathway produces its own probability curve
How institutional investors choose pathways

Platform Wide Expected MOIC Model
How MOIC applies before yield
Why uplift events determine MOIC
How system wide MOIC differs from asset level MOIC

Corridor Activation Logic
How corridor formation changes asset physics
How corridor activation transforms uplift curves
Why institutional readiness increases with corridor integration

The Capital Physics System One
Core Topics
How capital moves through systems
The physics of capital velocity
Why capital behaves like energy
System Level capital compounding
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‍Technical Subtopics
Node architecture
Probability weighted valuation
Risk decay
Jurisdiction exposure score
Cross node covariance
NAV surfaces
Recycling and velocity equations
Multi layer exposure design

Expected Shortfall Architecture
How ES maps to early stage assets
Why expected shortfall matters more than volatility
How ES becomes a constraint for allocators
How PYA replaces price based volatility with structure based risk
The Capital Physics System two
Technical Subtopics
Risk Capital Allocation (RCi)
How risk capital assigns weight to node progression
How RCi integrates jurisdiction, gates, and uplift
Why RCi is the correct risk unit for PYA rather than VAR or beta

Supply Demand Timing Variables (φi and CVXi)
How convexity creates timing windows in real assets
Why commodity systems must be timed structurally
How PYA captures convexity without speculating on spot markets

AUM Compounding Model
‍How platform level compounding works
Why uplift reinvests into next cycles
How recycling affects long horizon AUM expansion

‍Recycle Ratio (Rcyc) Framework
‍How Rcyc determines system momentum
How high recycling ratios amplify compounding
Why Rcyc is the backbone of PYA capital physics
Real Asset Systems & Multi Pillar Architecture
‍Core Topics
Mining
Agriculture
Energy extraction (O&G)
Geothermal equals energy mining
Industrial corridors
Processing & mid stream assets
Why these pillars follow the same physics
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‍Technical Subtopics
Logistics leverage
Corridor formation
Resource to market infrastructure
Sovereign alignment
Long cycle industrial systems
Institutional Architecture & Governance
‍Core Topics
‍ Legal control frameworks
Bilateral rights stability
DFI alignment
Governance as risk insulation
Why institutions can’t underwrite early stage assets
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‍Technical Subtopics
MIGA/IFC structures
Multilateral standards
Political interference cost
Governance uplift
Market Architecture & Engineered Liquidity
‍Core Topics
Why liquidity events can be engineered
Data → JVs → offtake → royalty → packaging
Creating liquidity in illiquid systems
Why NAV progression = liquidity

‍Technical Subtopics
Structured exits
Event based realizations
Corridor bundling
Recycling loops
PYA Categories & Deal Types
Core Topics
Core PYA
Second Cycle PYA
Derivative/Special Situations PYA (Opportunistic)
Distressed physical systems
Refinery compression plays
Industrial stress opportunities
Surplus commodity bundles
Processing distress

‍Technical Subtopics
When derivative PYA emerges
How derivative PYA returns form
Risk vs liquidity windows
Short cycle asymmetric opportunities
The SKGP Platform
‍Core Topics
SKGP as a system architect
Platform does now equal fund
Platform does not mean operator
Platform is a capital architecture
How SKGP sits between governments, operators, institutions

‍Technical Subtopics
Exposure architecture
Capital sequencing
Node progression
Real asset design systems
Economics, Scarcity, and National Development
Core Topics
Scarcity as structure
Why national development depends on early stage formation
Pre-yield infrastructure and stability
How sovereigns partner with structured capital
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‍Technical Subtopics
Countercyclical sovereign incentives
Institutional alignment
Jurisdiction quality uplifts
The SKGP Capital System — Institutional Quantitative Architecture for Commodities, Mining & Infrastructure OCT 2025
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This presentation and accompanying video introduce the SKGP Strategic Partners Capital System, a quantitative, allocator grade framework that integrates exploration, jurisdictional diversification, recycling velocity, and governance into one institutional compounding model.It reframes the resource value chain, from pre-yield mineral exposure to operating yield assets as a structured continuum of measurable risk, return, and capital velocity.
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Through a series of formulas, simulations, and practical examples, the framework demonstrates how SKGP uses Expected Shortfall (ES95), Recycle Ratio (Rcyc), Jurisdiction Scoring (Ji, Li), and AUM Compounding Models to create a quantitative investment architecture built for pension funds, endowments, sovereign wealth funds, family offices, and DFIs seeking scalable access to mining, commodities, and infrastructure assets under institutional governance.

Watch Presentation (Video to left) View Slides / PDFView Slide PDF
‍Overview
The SKGP Capital System formalizes the flow of capital across early optionality, development, and yield tranches, replacing subjective cycle timing with quantifiable portfolio physics. It introduces measurable variables such as
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Recycle Velocity (νt) – rate at which realized exits re-enter the system. Expected MOIC (E[MOIC]) – blended multiple across platform nodes. Supply Demand Timing (φi and CVXi) – convexity based commodity entry signals. Risk Capital Allocation (RCi) – node level contribution to Expected Shortfall, Jurisdictional Compounding (gj, σj) – cross country growth and volatility model.
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These tools convert the physical asset cycle of minerals, logistics, and infrastructure into a repeatable financial system capable of producing allocator grade, benchmark comparable performance.
The SKGP Capital System — Institutional Quantitative Architecture for Commodities, Mining & Infrastructure OCT 2025
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View Slide PDF
‍Who It’s For
This framework is designed for institutional allocators and partners wanting exposure to
• Mining and critical minerals (copper, lithium, nickel, graphite etc)
• Energy transition and resource security
• Infrastructure, logistics, and corridor finance
• Permanent capital vehicles and fundless sponsorship
• Private credit, streaming, and offtake structuring
• Development finance institutions (DFIs)
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• Endowments, pensions, and sovereign funds seeking inflation linked real asset exposure with quantifiable governanceInstitutional ValueBy combining data science, portfolio theory, and real asset structuring, SKGP bridges the gap between private market opportunity and institutional readiness.
It allows Limited Partners to Participate in exploration and infrastructure with risk budgets and expected shortfall limits Recycle capital continuously without waiting for fund vintages Measure liquidity velocity and downside risk in one unified platform T

Key terms
institutional mining platform, commodities investing, critical minerals, infrastructure fund, energy transition metals, copper lithium nickel graphite, sovereign wealth fund mining, pension fund alternatives, endowment real assets, DFI infrastructure, family office mining investment, private markets resources, fundless sponsor model, permanent capital engine, expected shortfall, recycle ratio, risk budgeting, compounding AUM, quantitative portfolio construction, ESG governance, mining logistics, project finance, supply demand convexity.
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Early stage Mineral Exposure Through Portfolio Construction
This strategy paper reframes exploration as a distinct, portfolio
structured asset class within institutional alternatives.
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‍It builds on the idea that mineral exposure particularly at the pre-yield stage can be priced, paced, and governed using the same principles allocators already apply in private equity, hedge funds, and early stage infrastructure, Restructuring format. This paper addresses that misclassification and offers a path to institutional integration.
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View Excerpt (PDF)
‍To request  engage around aligned opportunities
‍LPMeetings@skgppartners.com
September 2025 | Public Excerpt | Derisking, Not Discovery‍
This technical memo reframes early stage exploration in overlooked corridors as a structured, allocator aligned exposure. Where geological presence is already indicated, capital exclusion stems not from risk but from a lack of formal structure.
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This is a public excerpt from SKGP’s internal strategy series. The full LP thesis paper includes our capital architecture model, jurisdiction overlays, and structuring frameworks.
View Public Excerpt (PDF)
‍To request full access to LP Thesis paper or Engage around aligned opportunities.LPMeetings@skgppartners.com‍

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August 2025 Pre-Memo | Beyond Perceived Risk
Pre-memo builds on our July 2025 analysis, extending the allocator view from divergence into the frameworks required to unlock capital flows.
View the full pre-memo here (PDF)


July 2025 Market Overview Infrastructure Investment Divergence
in a Post COVID Environment
‍Initial analysis of market divergence across developed
and emerging economies.
View the full analysis here (PDF)
© 2025 SKGP Strategic Partners. All rights reserved.
All proprietary frameworks including Pre-Yield Assets™, Structured Exploration™, Capital Physics™, Node Architecture™, Jurisdictional Exposure Score™, and PYA Intelligence™ are the intellectual property of SKGP Strategic Partners. Unauthorized use, reproduction, or distribution of SKGP content, terminology, frameworks, or materials is strictly prohibited.