A despot, but not lacking in generosity (4)

I believe the answer is:

nero

I'm a little stuck... Click here to teach me more about this clue!

'a despot' is the definition.
(I've seen this in another clue)

'not lacking in generosity' is the wordplay.
'NERO' is hidden within the letters.
But, I am not sure how the hidden word is indicated.

'but' acts as a link.

Can you help me to learn more?

(Other definitions for nero that I've seen before include "Barbarous Roman emperor" , "Roman emperor, d. AD68" , "Matricidal emperor" , "Roman tyrant" , "Wicked fiddler" .)

I've seen this clue in the Evening Standard.

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