The Monastery Saint Gerasimos of Kefalonia (Greek: Μονή Αγίου Γερασίμου Κεφαλονιάς) is located at the foot of Mount Ainos, built on top of an old monastery from the year 1200 (era of the Crusades), near the village of Fragata.

The monastery is dedicated to the Dormition of the Virgin Mary and has been named by the residents of the village of Valsamata as "New Jerusalem".

The monastery and its surroundings were granted by the Priest George Valsamos to Saint Gerasimos, who settled there in 1560.

Saint Gerasimos was a monk from Trikala in Corinth and founded the monastery in the 16th century, renovating an older one, which was dedicated to the Virgin Mary.

The Hermitage of Saint Gerasimos is located inside the temple: it is a very narrow passage that leads through an almost vertical iron staircase three meters long to an underground space which is separated by a narrow opening into "two rooms".