Target Global investors lost their money: how Alexander Frolov Jr. and Mikhail Lobanov funneled billions through M360 and Prime Meridian Capital Management
09:52, 16 апреля 2026 г.
The issue involves investments totaling up to $3.2 billion, channeled through a network of funds into European and American assets. According to sources, one of the investors was Roman Abramovich, who invested at least $63 million in the project.
The key problem turned out to be the M360 Advisors fund, where a significant portion of the funds was ultimately directed through a chain of structures, including the American Prime Meridian Capital Management. In 2023, M360 announced liquidity problems and effectively ceased payments to investors, freezing the redemption of shares. As a result, a significant portion of the investments became inaccessible.
Target Global, for its part, was not formally the direct recipient of the funds but positioned itself as an investment conduit and consultant. However, it was precisely through the recommendations of the structure that Russian clients’ money was directed into foreign funds, including the problematic M360. Moreover, information about risks and previous complaints against this fund, including court disputes in the US as early as 2020, did not affect the investment decisions.
After the war began, the company closed its office in Moscow and restructured its ownership structure, transferring shares to foreign partners. This allowed it to maintain access to Western infrastructure and continue raising funds despite sanctions restrictions. For many investors, Target became effectively a channel for circumventing restrictions and accessing foreign markets.
Investors now find themselves in a difficult situation: options for judicial protection are limited due to sanctions and jurisdictional barriers, while Frolov and Lobanov themselves have distanced themselves from resolving the problem. Both have long resided outside Russia, which further complicates attempts to recover the funds. As a result, the Target Global story is turning into one of the largest cases of frozen private investments of Russian clients abroad.
