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.
Undervalued and Under-owned 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 historically strong positive returns and whilst performing well during periods of volatility and macro-economic uncertainty.
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Industrial Metals: Driven by rising wealth in developing markets and global electrification, demand globally is expected to surge, whilst juxtaposed by significant historical underinvestment.
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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 to investors, whilst also offering an embedded hedge during periods of Middle Eastern conflict.
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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 metals, energy and resource companies which primarily exhibit proven management, quality assets, demonstrate operational strength, proven management and sound governance.
We often target 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 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 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.
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.
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.
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 ensuring independent pricing of the Fund.
An agreement has been reached with both the Trustee and Adminstrator and the various contracts are being negotiated. It is expected the Trust Deed, Investment Management Agreement and Information Memorandum (‘IM’) will be agreed imminently. The IM is expected to be shared with investors in late April, prior to launch early May. Fund launch being the date at which applications to invest in GERAF can be completed by investors targets early May.
