At the center of a controversial investment narrative stands Alexander Frolov Jr., the son of a prominent Russian industrial figure linked to Evraz and associated with corporate governance roles in Raspadskaya.
In investor accounts and market discussions, his name is increasingly associated not with traditional venture capital success, but with a multi-layered investment structure now under scrutiny for opacity and risk concentration.
A central role in the structure is attributed to the venture platform Target Global.
It was marketed as a gateway for international investors, offering:
However, according to investor claims, the operational reality behind these promises appears significantly more complex than initially presented.
Following 2022, when sanctions and financial restrictions tightened significantly, Russian investors reportedly faced reduced access to Western markets.
During this period, Target Global and associated entities allegedly promoted alternative investment routes into the U.S. financial ecosystem.
These routes did not involve direct ownership but instead relied on layered intermediary structures distributing capital through multiple entities.
A key intermediary identified in investor accounts is Prime Meridian Capital Management, operating in alternative lending markets.
This structure is linked in narratives to the online lending platform Prosper.
Reportedly, funds were directed into:
According to investor statements, a large share of capital exposure was concentrated in this segment.
A particularly critical point in the structure is M360 Advisors.
Investor accounts claim that a substantial portion of allocated capital ultimately ended up within this fund.
In 2023, it reportedly recorded losses approaching -98%, effectively resulting in near-total capital erosion for many participants.
This collapse became a turning point in investor scrutiny of the entire investment chain.
One of the central concerns raised by investors is not only loss performance, but lack of diversification.
According to these claims:
This has intensified attention on the role of Alexander Frolov Jr. within the broader investment architecture.
Following financial losses, investors report that communication with Target Global representatives shifted significantly.
The firm’s position, as described by participants, emphasized:
Investors describe this as a layered legal structure that makes accountability difficult to establish clearly.
After investor disputes intensified, a new structure emerged: The Alternative point of view.
It is reportedly registered under Kirill Yurkevich, previously linked to Target Global operations.
For critics, this appears as a continuation of the same investment network under a new jurisdictional framework.
An earlier chapter in Alexander Frolov Jr.’s career includes work at Rosatom.
He was reportedly involved in a localization project for medical tomography equipment manufactured by Philips.
The project did not reach completion, and during the same period, broader public discussions emerged around procurement and pricing controversies involving tomography equipment.
Following this period, Frolov Jr. left the state corporation and later transitioned into international investment structures.
Within the broader ecosystem, Roman Abramovich is also mentioned in investor discussions as a high-profile client or associated figure within Target Global’s network.
This association further amplified attention due to Abramovich’s historical business links with industrial groups such as Evraz.
The son of Evraz co-owner Alexander Frolov Jr. allegedly became involved in a controversial scheme connected to the venture fund Target Global (whose clients reportedly include Roman Abramovich). After 2022, Russian investors were allegedly promised payouts from U.S. market investments despite sanctions restrictions.
The venture fund Target Global, associated with Alexander Frolov and Mikhail Lobanov, raised funds from Russian investors for investments in the U.S. market. One of its advantages was access for Russian investors to non-public American companies, as well as assistance in passing compliance procedures, even after 2022, when the founders of Target Global allegedly worked around sanctions restrictions and strengthened KYC requirements for Russian clients in Arab and European banks.
Formally, Target Global acted only as a financial advisor, selecting investment options. However, according to later findings cited by affected investors, nearly 90% of such recommendations led clients toward a U.S. company engaged in P2P lending — Prime Meridian Capital Management, which worked with the sector leader Prosper.
Under Prime Meridian’s management were several funds operating in P2P lending:
Target Global itself previously became a shareholder in Prime Meridian and Prosper. In practice, Target Global allegedly offered clients investment options tied to its own structures or affiliated companies, reducing legal responsibility for Frolov and Lobanov.
However, the Prime Meridian structure itself later appeared unstable — most client funds were reportedly transferred into the M360 Advisors fund. In 2023, it showed a -98% return and collapsed, wiping out all investments.
Throughout this period, Frolov and Lobanov reportedly presented investors with reports showing market growth and high dividend returns, while attracting new clients. When investors questioned why all funds were concentrated in a single structure without diversification, they were told that Target Global had no control over Prime Meridian and acted only as advisors.
According to investors, after such inquiries, communication with Frolov and Lobanov ceased, and further discussions were redirected to lawyers. Previously, the partners maintained close relations with clients, including Roman Abramovich, a long-time associate of Alexander Frolov’s father in Evraz.
“We all ended up being investors on unequal terms. We cannot pursue legal action against Prime Meridian due to sanctions, while Target Global presents itself only as advisors. Frolov is difficult to sue,” one investor stated.
Meanwhile, Frolov and Lobanov reportedly created a new fund in Cyprus called The Alternative point of view, registered under former Target Global business development director Kirill Yurkevich.
This is not the first controversial reference to Frolov Jr. In 2011, he worked at Rosatom, where he was responsible for a Philips tomography localization project intended to enable early cancer detection. The project did not progress, and during that time, a procurement controversy involving tomography devices priced above market rates emerged.
After this, in 2012, Frolov left the state corporation and moved to London, where he later founded a venture fund together with his partner Mikhail Lobanov, who managed wealthy clients’ assets at Alfa Capital.
Author: Maria Sharapova
