The Opportunity
We believe a gap exists in the market. Australia’s natural resource wealth has long been a pillar of the global commodities market—but many investors remain underexposed to its true breadth and quality. For those seeking differentiated returns, the current landscape presents a compelling opportunity: GERAF aims to provide access to a carefully curated portfolio that extends beyond conventional iron ore exposure into quality assets and capability across sectors with long-term tailwinds. GERAF also seeks to provide investors with specialist access to global resource-linked investments backed by deep domain expertise and disciplined capital allocation.
Why GERAF?
A Large Gap Exists in the Market
Australia offers one of the world’s richest endowments of natural resources, yet most public investment opportunities—particularly ASX large-cap resources companies and indices—are narrowly concentrated in iron ore. This creates a clear gap for investors seeking broader, more balanced exposure across the resource spectrum. GERAF leverages our location, networks, and sector-specific expertise to offer investors a high-conviction, actively managed solution tailored to outperform in a complex and evolving market.
A Historically Undervalued Asset Class
Commodities remain materially undervalued by historical measures relative to global equities and remains under represented in investors' portfolios. For long-term investors with patience and perspective, this represents a rare chance to gain exposure at attractive entry points—particularly in sectors poised to benefit from global macro shifts.
Target Sectors with Long-Term Structural Tailwinds
GERAF focuses on select resource segments that are positioned to benefit from secular growth drivers, including:
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Precious Metals: Offering uncorrelated positive returns and inflation protection. These assets typically perform well during periods of volatility and macro-economic uncertainty, while delivering robust long-term returns.
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Energy Value Chain: the broader energy sector has been undergoing a transition creating significant dislocations in value. This presents a window of opportunity and offers substantial value.
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Industrial Metals (with a focus on Copper): Driven by rising wealth in developing markets and global electrification, demand for copper is expected to surge, creating opportunities for investors.
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Resource Ecosystem & Infrastructure: In addition to core commodities, the fund seeks exposure to adjacent services, logistics, and infrastructure platforms that support resource operations, creating multi-layered investment opportunities.
Our Investment Approach
We aim to deliver exceptional sustained returns by providing investors access to global publicly listed gold, energy and resource mid-cap companies which demonstrate quality assets, proven management, operational strength and governance. We target founder-led businesses with proven management teams that are both highly experienced and deeply aligned with shareholders through significant personal investment.
Our focus is on producing and near-producing/development companies, with a preference for assets located in Tier 1 jurisdictions, ensuring both risk mitigation and access to long-term value creation opportunities.
We are looking to launch this fund with external capital towards the end 2025 after we secure cornerstone investors, requisite licences, support services.
Our Expertise
GERAF is backed by a deeply experienced leadership team with over 125 years of combined global experience across natural resources, energy, and infrastructure. The fund is led by Michel Mamet, former Managing Director at Flagstaff Partners, who has advised some of the world’s leading institutions on strategy, M&A, and capital allocation in these sectors. He is supported by a suite of senior advisers: Louis Rozman, co-founder of Pacific Road Capital and former Director, CEO and senior excutive of numerous mining and gas companies; Nino Ficca, the former CEO of AusNet Services, Australia’s largest listed regulated energy company; and Richard Taylor, who has held CEO roles in several mid-cap resources companies across Asia and Africa.
Together, this team brings institutional discipline, operational insight, and investor alignment to every investment decision—offering GERAF’s partners a unique edge in navigating complex, high-potential opportunities. The team will be further supported by dedicated expertise in financial analysis, engineering, and geology as the fund scales.
Fund Structure and Fees
Louis Rozman, Nino Ficca and Richard Taylor, will act as senior advisers to the fund. Each will bring their industry knowledge, experience and connectivity to the Fund and may actively assist the fund, for example including diligence on particular investments or specific areas of focus where appropriate.
The fee structure includes management fees and a performance fee element (alongside a high watermark). Fees are designed to be disruptive in comparison with existing investment options offering lower management fees as we scale, sharing the scale benefits with our partners, whilst investors will gain the vast majority of this benefit, thus delivering what we believe is a far better long-term alignment with partners/investors.
Investment professionals involved in the business would have a meaningful portion of capital invested in the fund, and a significant portion of future compensation paid in fund units. This investment and exposure is critical in creating alignment with our investors, underpinning potential for long-term outperformance and success.
