A tiny two-year-old hedge fund that focuses on small-cap Australian gold miners has emerged as a rival to Wilson Asset Management's high profile bid to acquire soon-to-be liquidated telecom firm Amaysim.

The hedge fund, which is called RAMCap and has just $16 million assets under management, this week made an informal scrip offer to acquire Amaysim for between 85¢ and 90¢ per share.