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Aims to acquire interests in small and mid-sized private companies in Russia which are focused on the financial, business and consumer service sectors.
A management fee equals to 1.5% of NA of the Company. The Manager will receive a performance fee equal to 20% of the value of any amounts realised on the disposal of such further investments in excess of the amounts so invested. The 20% performance fee would be subject to a hurdle rate which is expected to be at 12% p.a. (the same as the hurdle rate for the Managers incentive arrangements under the Option Deed). The Management Agreement can be terminated by either party giving to the other not less than 24 months notice to terminate.