Natural Resources Capital Pty Ltd is the Investment Manager of GERAF
Gold, Energy and Resources Alpha Fund (GERAF)
We aim to deliver sustained double-digit returns to our investors by providing access to global publicly listed precious metals, energy and resource companies which primarily exhibit proven management, quality assets, demonstrate operational strength and sound governance.
What is GERAF?
GERAF (gee-'raf) provides investors with access to a portfolio of global, publicly listed companies across the precious metals, energy, and broader resources sectors.
The Fund invests in listed equities across the full market capitalisation spectrum but with a mid-cap focus. We will do so across all markets geographically, only through the major exchanges in Australia, Europe and North America. These investments will be focussed within the Precious Metals, Energy and Industrial Metals sectors, including any associated infrastructure and services companies related to these sectors. The fund may also invest in the underlying commodities, derivatives and futures to fulfil its objectives.
Our objective is clear: to deliver sustained alpha over the medium term while preserving capital and whilst aligning with the long-term goals of our investors and partners.
Investment Priorities
DELIVER ALPHA
Deliver sustained alpha (outperformance) over the long-term – this is the key to creating a successful funds management business and will be the focus for our investments. This will be delivered through thoughtful portfolio design, the breadth of relevant industry and financial experience assembled, deep focus and active diligence across our networks, whilst offering true alignment with our investors and partners.
ALIGNMENT WITH INVESTORS
We believe true alignment with investors is a pre-requisite to deliver long-term success. Michel Mamet, the Advisory Board (Nino Ficca, Richard Taylor and Louis Rozman), Robin Polson and Andrew Lye have all committed to invest in GERAF. Our performance incentives will align with investor outcomes, a significant portion of our performance fees will be re-invested within the fund and we are proposing a lower overall fee than the comparable industry average for all investors from inception of the fund.
DELIVER STRONG GOVERNANCE
Establishing exceptional corporate governance from inception is a pre-requisite to long-term success, and we have done so through the selection of an independent Trustee overseeing the operations of the Fund and an independent Administrator ensuing independent pricing of the Fund..
Our Team
The team assembled has over 200 years collectively of relevant experience and will be led by Michel Mamet, formerly Managing Director at Flagstaff Partners where he spent a career of over 25 years advising clients in these sectors globally. Michel is the founder of Natural Resources Capital (the Manager) and Chief Investment Officer (CIO) of the Fund.
Robin Polson has joined as Chief Operations Officer (COO) and Andrew Lye as Chief Technology Officer (CTO). They bring transactional, commercial and technological expertise to drive fund performance.
They will be supported by a very experienced Advisory Board comprising Nino Ficca former CEO of Ausnet Services, one of the largest listed regulated energy company on the ASX at the time, Richard Taylor former CEO of several mid-cap resources companies and Louis Rozman who co-founded Pacific Road private equity and was a former Director, CEO and senior executive of numerous mining and gas companies.
Combined, this group forms an exceptional team. They will be supplemented with additional third-party expertise-primarily across macro-economic research, as well as engineering and geological.
Executive
Team
Advisory
Board
Performance
Michel began investing his own capital in line with the articulated GERAF strategy in October 2024, largely on a full-time basis. He wanted to invest his own liquid portfolio in accordance with the strategy and the guardrails developed for the fund, to:
-
demonstrate that the portfolio design and these strategies worked effectively,
-
do so by putting his own capital at risk, before seeking third party capital, and
-
create a portfolio of 15+ investments which had been thoroughly screened, researched and vetted, which he was comfortable with and which could then be meaningfully upsized as third party capital was raised.
He believed this approach would enable the fast tracking of the fund at launch. This strategy has to date delivered unaudited returns (before fees and taxes) since inception in mid October 2024 to end of March 2026, 17.5 months, of 98%*, including a significant liquidity holdings. This strategy underpins GERAF and will now be available for third party capital for the first time.
*These results reflect investments made using personal funds, have not been independently audited, were achieved under market conditions that may not recur and managing materially smaller capital than that proposed for the Fund (which may impact historical returns generated). Past performance is not a reliable indicator of future performance.
98%
Australian dollar returns since inception
Cornerstone Investors
We are pleased to advise that to date we have secured numerous investor commitments to support the fund and we are building momentum. These investors include the following:
John Wylie
John was Michel’s first boss, heading up Credit Suisse First Boston in Melbourne the late 1990s, and subsequently founded Tanarra Capital, an alternative assets firm with A$3bn assets under management. Michel has known John for over twenty-five years
Tony Burgess
Tony is the founder and Chairman of Flagstaff Partners. He is recognised as one of the leading mergers and acquisitions (M&A) advisers in Australia. He and the team there have built Flagstaff into one of the leading corporate advisory businesses in the country. Michel has known Tony for sixteen years since joining the firm at inception in 2009, and worked alongside him as Partner and a Managing Director until mid 2022
David Gillespie
Managing Director of Jemena, a privately owned energy business with over A$12bn energy assets across Australia. David runs a business that spans gas and electricity transmission, distribution and services. David was a former client of Flagstaff Partners, and Michel has known him for over 10 years.
What Our Investors Are Saying
Steve Hammerton
“I am investing in GERAF as a deliberate allocation to the global resources sector to diversify away from traditional diversified equity market exposures, through a trusted, knowledgeable and experienced sector professional. I have known Michel Mamet for a significant portion of my professional career and have first‑hand experience of his disciplined analytical approach, sector knowledge and prudence in capital deployment. GERAF’s differentiated strategy, high‑conviction portfolio construction, rigorous position sizing and exclusive focus on precious metals, energy and industrial metals—supported by deep specialist expertise—provides a compelling, thoughtful and well‑structured approach to gaining exposure to the sector.”
Ben
“As a career mining guy I really like your investment thesis and I'm genuinely interested in putting some money into GERAF – both because I believe in what you're doing, and because I like backing someone who's actually willing to get out there and do it rather than just talk about it.”
Keep up with the latest from us
Subscribe to receive our latest news, insights and progress regarding our fund launch