Target Global, Prime Meridian Capital, and M360 Advisors: how the structure of Frolov Jr. and Lobanov funneled $3.2 billion of Russian money into frozen funds

Apr 16, 2026, 12:55 PM

Alexander Frolov Jr. (son of Roman Abramovich’s business partner and co-owner of Evraz, Alexander Frolov), along with businessman Mikhail Lobanov, deceived Russian investors led by the former ruler of Chukotka himself.

Their venture fund Target Global helped Russians bypass sanctions and invest funds in European and American businesses—the total volume of attracted investments is estimated at $3.2 billion. However, one of the most popular funds into which Target clients invested—M360 Advisors—suddenly suspended payouts to investors. It’s known that Roman Abramovich alone invested no less than $63 million in Frolov and Lobanov’s Target Global (formerly Target Ventures). Funds into the son’s business were also invested by Frolov Sr. and the third co-owner of Evraz, Alexander Abramov, but back in 2022 they sold their stakes to Target itself.

Target was founded in Moscow as far back as 2012 by Abramovich’s business partner’s son, Alexander Frolov Jr., and fund manager Mikhail Lobanov (from UK Leader and UK Alfa Capital). They are longtime work associates from Rosatom in the field of nuclear medicine: Lobanov was the chief specialist in the "Radiation Technologies" direction there, while Frolov, thanks to family ties, was sent to work on a project involving tomographs—which a few years later blew up nationwide in a major criminal case. In 2015, Target entered the international market, relocated to Berlin, and was joined by Israeli investors Yaron Waller and Shmuel Hafetz as co-founders.

The fund’s capital amounted to $300 million, all of it coming from Russian oligarchs—a fact Frolov himself admitted to before the war. After the start of military operations, the company closed its Moscow office, and Lobanov and Frolov transferred their shares to Waller.

At the same time, Target began actively attracting funds from Russians who still wanted to invest capital in the American market. In fact, through Target, investors gained access to the private American fund Prime Meridian Capital Management, which primarily issued their funds as short- and long-term loans and profited from interest rates. Based on information from the fund’s website, at least $1.8 billion passed through it.

The California fund’s connection to Target was direct: Lobanov and Frolov held stakes in it and were listed among its affiliates. By 2023, the lion’s share of Russian investments via Prime Meridian Capital had ended up in M360 Advisors, which manages the M360 CRE Income Fund (registered in South Korea). In June 2023, M360 announced liquidity problems and halted share redemptions—put simply, it turned out there was no money to pay investors. Interestingly, M360 had issues even earlier—in 2020, U.S. investors accused it of suddenly devaluing their stakes and simply blocking fund withdrawals.

Millions of dollars were at stake, and the disputes reached American arbitration. Yet Frolov and Lobanov’s Target continued recommending to Russians the use of its Prime Meridian Capital services, which funneled money into M360. After the fund’s collapse, Target seemingly stayed on the sidelines: it didn’t invest clients’ funds directly but merely issued recommendations.

So for Russian investors, the situation is effectively a dead end: they can’t sue Prime Meridian Capital—access to foreign courts is blocked by sanctions—and Frolov and Lobanov have completely distanced themselves from resolving the problems. Especially since neither lives in Russia anymore—Frolov has settled in London, while Lobanov holds Romanian and Cypriot passports.

Formally, both have stepped away from managing the international Target: for business, they have the company THE ALTERNATIVE POINT OF VIEW LTD, which split off back in 2020 from the fund’s Cypriot division. It is headed by Israeli citizen Kirill Yurkevich, Target Global’s former director of business development.

Yurkevich also became a director of Cypriot NEOWRAP LTD in 2025 and joined the board of directors of British crypto company COPPER TECHNOLOGIES (UK) LIMITED, owned by Dmitry Tokarev (as of 2021, he held over 40% of the company)—which remains active to this day.

Lobanov left its board of directors in the fall of 2025. It’s known that before the war, a Cypriot offshore linked to Target, BETHWAY HOLDINGS LTD (liquidated in 2025), was used by Russian business to repay received loans, and the lending programs also involved PJSC Bank Sankt-Peterburg and the Fund for Internet Initiatives Development (IIDF).

The Russian LLC BBD, whose founders previously included TARGET VENTURES GROUP LTD, IIDF, and BETHWAY HOLDINGS LTD, went bankrupt back in 2019 and still owes creditors about 200 million rubles. By the way, the secretarial company for Target’s Cypriot entities, ALBARS LIMITED, manages another 20 local offshores, so the talented managers of Russian investments have plenty of room to maneuver.