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:

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1. demonstrate that the portfolio design and these strategies worked effectively, 

2. do so by putting his own capital at risk, before seeking third party capital, and

3. create a portfolio of 20+ 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 since inception in mid October 2024 to end of December 2025, [14.5] months, of [69]%, including a significant liquidity holdings. This strategy underpins GERAF and will now be available for third party capital for the first time.