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 sustained double-digit returns to our investors by providing access to global publicly listed precious metails, energy and resource companies which primarily exhibit proven management, quality assets, demonstrate operational strength, proven management and sound governance.
We often 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 or development companies, with a preference for assets located in Tier 1 jurisdictions, ensuring both risk mitigation and access to long-term value creation opportunities.
Our Expertise
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 of over 25 years advising clients in these sectors globally.
He will be supported by a suite of senior advisers including 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. They will provide advice to the Investment Team buy bringing their industry knowledge, experience and connectivity.
Andrew Lye brings technological expertise, focusing on innovative Artificial Intelligence to drive fund performance.
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
The Fund has been structured as an open-ended unit trust, with no fixed maturity date, and will be open to applications monthly. The Fund is suited to wholesale investors with a long-term investment horizon.
The fee structure includes management fees and a performance fee element (alongside a high watermark). Fees are designed to offer a more attractive share of the value creation than the industry average, thus delivering what we believe is a far better long-term alignment with partners/investors.
Michel Mamet, the Advisory Board (Nino Ficca, Richard Taylor and Louis Rozman) and Andrew Lye have all committed to invest in GERAF, our performance incentives will align with investor outcomes, and a significant portion of our performance fees will be re-invested within the fund. This investment and exposure is critical in creating alignment with our investors, underpinning potential for long-term outperformance and success.
Natural Resources Capital Pty Ltd (NRC, Investment Manager) has been appointed as a Corporate Authorised Representative (CAR), selected an independent Trustee, legal, and tax advisers. The Trustee will be Bennelong Funds Management Ltd (Bennelong). Bennelong are very well known in the investment markets, have been in operation for over 19 years, and is currently responsible entity to a number of retail funds, through its six boutique fund managers[1], several third party distribution agreements in place and over forty employees in the business.
The Trust Deed, Investment Management Agreement and Information Memorandum are being drafted and reviewed. The IM is expected to be shared with investors in Q1 2026, prior to launch. Fund launch (being the date at which applications to invest in GERAF can be completed by investors) continues to target Q1 2026.
[1] Note: none of these boutique funds have a dedicated focus on natural resources globally. They do have two funds who are specialists in property and infrastructure respectively, operating in listed markets globally. Further information can be found on https://www.bennelongfunds.com
