What is GERAF?
GERAF (gee-'raf) provides investors with access to a portfolio of global, publicly listed companies across the gold, energy, and broader resources sectors. Our focus is on high-quality, mid-cap businesses that combine world-class assets with proven management and operational excellence. By investing through listed markets on international exchanges, GERAF offers the benefits of liquidity and transparency, underpinned by strong corporate governance.
Our objective is clear: to deliver sustained alpha over the medium term while preserving capital and aligning with the long-term goals of our investors and partners.
Investment Priorities
DELIVER ALPHA
Deliver sustained alpha (outperformance) over the medium-term – this is the key to creating a successful funds management business and will be the focus for our investments. Investments will focus on returns over a 3-5 year time horizon and we will focus in areas where we have a competitive advantage and in strategies we believe deliver sustained alpha.
PROTECT CAPITAL
A focus on protecting investor capital will be critical. Commodity markets can be cyclical and investing the fund across undervalued businesses, underpinned by long-term tailwinds, with a medium-term time horizon, alongside an approach to investing in quality assets and teams who are aligned, will mitigate this risk.
ALIGNMENT
We believe strong alignment between investors, managers, and portfolio companies is essential to long-term success. Internally, our team will ensure that decision-making is guided by aligned interests at all levels.
Our Team
The team assembled has over 125 years collectively of experience across these sectors and will be led by Michel Mamet, formerly Managing Director at Flagstaff Partners where he spent a career advising clients in these sectors globally. He will be supported by a suite of senior advisers including Louis Rozman who co-founded Pacific Road private equity and was a former Director, CEO and senior executive of numerous mining and gas companies, Nino Ficca former CEO of Ausnet Services, one of the largest listed regulated energy company on the ASX at the time, and Richard Taylor former CEO of several mid-cap resources companies. This is an exceptional team and it will be supplemented with additional sector expertise in financial analysis, engineering and geology over time.
Performance
The portfolio has been operating with self-funded startup capital since inception (October 2024) and to-date performance has been strong. A strategic imperative was to establish a successful track-record of the investing strategies GERAF would put in play prior to offering this to third-party capital.
Due to the fact that this is startup fund, there are two approaches to measuring the returns to date:
*Portfolio IRR (annualised): the internal rate of return (IRR) of capital deployed across the investments to date is >80% pa. This return measures the entry price, any dividends or sales, and the dates upon which these occurred and annualises the returns for each investment and then weights it accordingly by portfolio size.
**(Simple) Return: Another way of thinking about fund returns is to simply look at the current value of the portfolio of invested capital relative to the acquisition price thereof - this is a return of 26%. However, this approach ignores the fact that investments have been made over time and hence returns could be for 3 months nor does it include any value for dividends paid.
As context the fund aims to deliver 15% pa on a sustained basis.
83%
Portfolio IRR* since Fund Inception (October 2024)
15%
Target long-term returns
26%
Return** since Fund Inception (October 2024)
Keep up with the latest from us
Subscribe to receive our latest news, insights and progress regarding our fund launch
