The Managing Partners have been working in the region since the mid-1990s and have managed through the extremes of the post-Soviet Union collapse and recovery. This experience has been key in sourcing investments and uncovering value for the Portfolio. Each Principal is responsible for originating, executing, managing and exiting Investments.          Timur Issatayev, 40, Managing Partner, CEO Timur was previously the Chairman of the Supervisory Board of ATF Bank and prior to that, the Managing Board of the bank where he ran the business and took the strategic decision to exit the bank on behalf of its shareholders. He executed the sale of the bank to Unicredito Italiano achieving one of the highest valuations in a trade sale in the region. He established a track record of investing and exiting investments in Kazakhstan, Kirgizstan, Uzbekistan, and Russia on behalf of the bank’s key shareholders. His career before ATF Bank saw him running ABN and ING Barings in Kazakhstan as well as working with the IMF in Washington DC. Timur graduated Magna Cum laude from the Kazakh State University and is the first Kazakh graduate from Yale University where he completed an M.A. in Development Economics with Honours.           Sanju Vaswani, 42, Managing Partner, joined June 2007 Sanju has over 17 years experience in mergers and acquisitions and capital markets and has worked in London in positions covering countries in the former Soviet Union since 1996.  His coverage of this region began with the position of Senior Associate with Citigroup between 1996-1997 and the coverage of this region continued as Manager and Vice President at ING Barings between 1997-1998, until the Russian currency crisis in August 1998.  During this period he led the team that structured and executed some of the first, non-sovereign securities transactions in Russia and Kazakhstan including the first Eurobonds for the City of Moscow and Kazkommertsbank.  He was part of the team from ING Barings which together with external counsel, created the precedent structures (credit-linked notes) and documentation that was used by other regional borrowers as a basis to begin improving their financial disclosure and corporate governance thereby enabling them to tap the international capital markets.  In the aftermath of the Russian devaluation, Sanju moved internally within ING Barings to become a Vice President in Equity Capital Markets responsible for the coverage of financial sponsors.  In this role, he led the team that structured and executed IPO’s and secondary offerings for private equity groups such as Livolsi & Partners, Kairos, and the Italian Treasury.  Investee companies floated included PCU, DigiBros, and Finmeccanica.  Sanju was a director of HSBC between 2004-2007 in which capacity he ran the debt capital markets team, and subsequently, the investment banking division for Russia, Kazakhstan and Ukraine.  At HSBC, he led various transactions including the structuring and placement of the first regulatory bank capital securities (by VTB of Russia) in the CIS, for which he worked with legal counsel to have the structure approved by the Central Bank of Russia.  He co-led the team the team that achieved the highest ever multiple for a trade sale exit in a USD 500 million to 1 billion CIS transaction selling TAS-Kommerzbank of Ukraine to Swedbank at 7.8 times book value at USD 735 million.  Having built up HSBC’s capabilities in the CIS region, he resigned in June 2007 to join Verny Investments Holding LLP, a former client.  He graduated from York University, Toronto with a BA Honours in Economics and International Business.           Erlan Ospanov, 37, Managing Partner Erlan was previously the Deputy Chairman responsible for Corporate Finance at ATF Group in Kazakhstan where he ran the team that was responsible for the analytics and execution of the Group’s investment activities. He was a key part of the internal team that conducted the sale of the bank to Unicredito Italiano. Prior to joining ATF Bank he was the Deputy Director of the Almaty Investment Group and a Treasurer of the Entrepreneurship Development Fund. He also spent several years with Halyk Bank where he became the Deputy Director of the bank’s treasury operation. Erlan graduated from Moscow State Technical University with a degree in Robotics, the Kazakh Institute of Management with a degree in Economics, and an MBA from the University of International Business in Almaty Kazakhstan.           Garik Mikayelyan, 46, Managing Partner Garik was previously the First Deputy Chairman of the ATF Group where he was responsible for legal and structuring aspects of the group’s investments. Prior to ATF, Garik was head of legal at Alfa Bank and Bank Turan in Kazakhstan. Prior to joining the financial services field towards the end of the Soviet Union and shortly thereafter, Garik was the public prosecutor responsible for the Almaty Region in Kazakhstan. Garik graduated from Kazakh State University with a degree in Law.           Feodor Popandopulo, 46, Managing Partner, CFO, joined March 2007 Feodor was previously Regional Finance Director for a London AIM listed gold mining company, Eureka Mining PLC, where he ran several departments that were responsible for accounting, taxation, and project finance. He took part in the IPO of Eureka Mining PLC and held the position of Regional Finance Director for Celtic Resources Holdings PLC. Prior to this he spent several years with Normandy Mining and GoldBelt Resources where he held the positions of Chief Accountant and Finance Director. Feodor graduated from Moscow Agricultural Academy (University), with an Honours degree in Economics.