This document discusses mezzanine financing opportunities in Russia and provides an example investment case study. Mezzanine financing involves providing debt capital with equity-like returns through interest payments and equity warrants. NewRussiaGrowth Private Equity Advisors seeks to provide $10-50 million in mezzanine financing to Russian companies, targeting a 10%+ annual return on the debt plus equity upside through warrants. The document analyzes a past investment in Begemot, a leading Russian toy retailer, where NRG provided debt financing at an 8-10% rate plus a 10% equity warrant. NRG has successfully invested over $177 million through its first fund and is raising a second, targeting $250 million for mezzanine deals in