The Team

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Board Of Directors


Naina Lal Kidwai
Naina Lal Kidwai
Chairman & Independent Non-Executive Director

Ms.Naina Lal Kidwai is Independent Non-Executive Director of Altico Capital. Ms.Kidwai retired as Executive Director on the Board of HSBC Asia Pacific and Chairperson of the India, after a 13-year stint. Before joining HSBC, she was Vice Chairperson and Head Investment Banking at JM Morgan Stanley and was responsible for directing the operations of the Investment Bank in India.

Ms.Kidwai has completed her MBA from Harvard Graduate School of Business Administration Boston, Massachusetts. Ms.Kidwai is on the Boards of Larsen & Toubro Limited, Advent Private Equity, Nestle SA., Cipla Limited, Max Financial Services Limited and Chairperson of South Asia Harvard Business School. Ms.Kidwai is currently involved with several Industry Associations and has been a past President of FICCI.

Robert Petty
Robert D. Petty
Non-Executive Director

Rob Petty is the Non-Executive Director of Altico Capital India Limited. He is the Co-Founder of the Clearwater Funds and Co-CEO and Co-CIO of Fiera Capital (Asia). Since founding the Clearwater Funds in 2001, Rob and his partner Amit Gupta have invested profitably across cycles, sectors and geographies, building an Asia-focused business that is one of the largest credit investing firms in the region today. Over his career, Rob has focused on Asia-dedicated credit investments, with broad expertise in direct lending, secondary credit and special situations strategies.

Rob’s principal responsibilities at Clearwater encompass portfolio management, origination and overall management of the Firm. Prior to founding Clearwater, Rob worked as a capital committer in Asian credit for fifteen years at Lehman Brothers and Peregrine Fixed income, before moving to the investment side of the business working for Marc Lasry at Amroc Investments for three years.

Rob sits on the Board of three Clearwater portfolio companies and also serves as Chair of the Boards of two non-profit organizations, The Emerging Markets Private Equity Association (EMPEA) and EngenderHealth. Rob holds a bachelor of arts degree in Political Science from Brown University and is based in Hong Kong with his wife and they have three adult children.

Amit Gupta
Amit Gupta
Non-Executive Director

Mr.Amit Gupta is Co-Founder of Clearwater Capital Partners as well as Co-CEO and Co-CIO of Fiera Capital Asia and is a member of the Firm's Investment and Management Committees.Mr. Gupta is Non – Executive Director of Altico Capital. Throughout his nearly 26-year investment career,Mr. Gupta has been on the forefront of credit analysis and deal execution in Asia.

Prior to founding Clearwater in 2001,Mr.Gupta garnered experience while holding positions at Goldman Sachs (Asia) LLC where he was an Executive Director, at Peregrine Fixed Income Ltd. and at ICICI Ltd. Mr.Gupta sits on the Board of two Clearwater portfolio companies.

Mr.Gupta holds a post graduate diploma in management from the Indian Institute of Management, Calcutta and a bachelor of engineering degree in Electronics and Communications with Honors from the Indian Institute of Technology, Roorkee.

Subhashree Dutta
Subhashree Dutta
Non-Executive Director

Ms.Subhashree Dutta is a member of Clearwater’s Investment and Management Committees. Ms.Dutta is Non – Executive Director of Altico Capital . She is responsible for overseeing credit analytics and has been involved in numerous restructurings. Ms.Dutta’s regional experience spans Asia, Australia and Europe and during her 20-year career she has developed industry expertise across various sectors.

Prior to joining Clearwater, Ms.Dutta was with ICICI Ltd. for more than nine years where she was largely focused on credit underwriting and relationship management. In her last assignment as Senior Vice President of the Special Asset Management Group, she was involved in performing workouts and settlements for large accounts. Ms.Dutta helped establish Clearwater’s office in Mumbai and has worked for extensive periods from Clearwater’s Hong Kong and New York offices.

Ms.Dutta holds a post graduate diploma in management from the Indian Institute of Management in Calcutta, is a CFA charter holder and is a graduate of the Institute of Cost and Works Accountants of India.

Yao Chye Chiang
Dr.Yao Chye Chiang
Non-Executive Director

Dr.Yao Chye Chiang joined Clearwater in 2008 and is a member of the firm’s Investment and Management committees. Dr.Chiang is Non-Executive Director of Altico Capital.

Based in Singapore, Dr.Chiang oversees Clearwater’s business and operating platforms, is responsible for the firms’ risk management and portfolio hedging strategies and plays a lead role in the institutionalization of organizational processes and infrastructure. Dr.Chiang also monitors global macro trends and the impact of current events on Asian markets. Prior to joining Clearwater, Dr.Chiang worked at Cargill Financial Services Asia and Black River Asset Management (Asia) from 1999 to 2008. At Black River, he was Co-Director with joint oversight responsibility for the fund management platform in Asia as well as Managing Director with principal responsibilities including risk, strategy and compliance.

Prior to that, he worked at CIBC World Markets as Executive Director of Country Risk Management and Head of Asia-Pacific Research.

Dr.Chiang graduated from the University of Adelaide with first class honors under a Colombo Plan Scholarship and holds master and doctorate degrees in Economics from Princeton University where he attended as a joint Princeton fellowship and George Murray Scholarship holder.

Rahul Merchant
Rahul Merchant
Independent Non – Executive Director

Mr.Rahul Merchant is Executive Vice President and Chief Information Officer at TIAA. Mr.Merchant is Independent Non-Executive Director of Altico Capital. He has more than 30 years of public and private sector experience as a transformation leader, including expertise in business, technology, operations and private equity.

Prior to joining TIAA in April 2015, Mr.Merchant ran his own advisory firm. Previously, he was Citywide Chief Information and Innovation Officer for the City of New York; Executive Vice President, Chief Information and Operations Officer and Member of the Executive Committee at Fannie Mae, and Senior Vice President, Chief Information Officer and Chief Technology Officer at Merrill Lynch. He also has served as a senior executive with Dresdner Bank, Sanwa Bank, and Cooper Neff and Associates.

Mr.Merchant holds Bachelor of Science in Electrical Engineering from Bombay University, a Master of Science in Computer Science from Memphis State University, and a Master of Business Administration from Temple University.

Mark Cutis
Borja Cuellar
Non – Executive Director

Mr.Borja Cuellar is head of Special Situations – Real Estate, at Abu Dhabi Investment Council (ADIC). He joined ADIC in 2013.

Prior to joining ADIC, Mr.Cuellar spent six years at Private Equity fund Citi Venture Capital International. Prior to that, he worked at the Leveraged Finance department of Lehman Brothers. Mr. Cuellar started his professional career in management consulting.

Mr.Cuellar graduated from Universidad Pontificia de Comillas-ICADE (Madrid, Spain) with a B.A. in Business Administration and a B.A. in Law, and received an M.B.A. from Columbia University (New York, USA)

Ali Haroon
Ali M. Haroon
Non – Executive Director

Mr.Ali Haroon is a Partner of Värde and is Co-Head of the Global Real Estate team and leads the Asian business at Värde. Mr.Haroon is a member of the firm's Investment Committee and joined Värde in 2005 and named Partner in 2011.

Based in Singapore since 2010, Mr.Haroon’s focus in Asia includes continuing to build the firm's growing presence in the region. His responsibilities in real estate include Värde’s commercial real estate credit and hard asset business as well as its residential land development activities. Mr.Haroon has previously worked in Värde’s London office with a focus on European real estate investments and commercial mortgage-backed securities.

Prior to Värde, Mr.Haroon was an investment banking associate at Bear Stearns, London, and worked as an investment banking analyst at Bear Stearns, New York.

Mr.Haroon graduated from the University of Pennsylvania with a B.A. in Economics, and received an M.B.A. from INSEAD, France.

Stephen Marzo
Stephen Marzo
Independent Non – Executive Director

Mr.Stephen Marzo is Independent Non – Executive Director of Altico Capital. Mr.Marzo has over 30 years of experience in financial management at various financial institutions and commodity trading and resource investment companies.

Mr.Marzo has spent most of his work life in Asia including the past 18 years in Hong Kong. Mr.Marzo’s recent roles include being Chief Financial Officer of Hong Kong Exchanges and Clearing Limited (HKEx) and Group Chief Financial Officer of the Noble Group Limited (“Noble Group”), one of the largest commodities supply chain management companies in the world. Mr.Marzo held senior risk management positions at Goldman Sachs Asia LLC and Bear Stearns (Asia) LLC. He also previously worked as the European Treasurer for Phibro Energy Inc.

Mr.Marzo holds a Bachelor of Science in Business Administration from Georgetown University in Washington, DC, USA.

Building Objective Constructing Relations.
Stephen Marzo
Vishal Kumar
Alternate Non-Executive Director

Vishal Kumar is a Managing Director on the Asia Real Estate investment team of Varde Partners Asia. Based in Singapore, he joined Varde in 2018. Prior to joining Varde, Vishal was a Managing Director, Private Investments for The Xander Group where he focused on real estate investments and asset management in India. Prior to that, he was a Senior Consultant at Deloitte.

He has over 12 years of work experience in real estate investments and asset management.

Vishal received a Bachelor in Commerce from Shri Ram College of Commerce, University of Delhi and a Post Graduate Diploma in Management from Institute of Management Technology, Ghaziabad. He is a Chartered Accountant with the Institute of Chartered Accounts of India.

Building Objective Constructing Relations.

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Building Objective Constructing Relations