Board of Directors

  • Kai Nargolwala
    Non-executive Chairman

    Kai currently serves as a non-executive Director of Prudential plc, a non-executive Director of Credit Suisse Group AG, a non-executive Director of PSA International Pte. Ltd. and co-Chairman of Sustainable Finance Steering Committee of Temasek International Pte. Ltd.

    His career spanned several decades in the financial services industry in the UK, USA and Asia. At various times over the last 25 years, he has helmed the Asian businesses of Bank of America, Standard Chartered and Credit Suisse.  He has also served on various public company Boards such as Standard Chartered, SingTel and Tate and Lyle.

    Kai is a Fellow of the Institute of Chartered Accountants in England and Wales as well as the Singapore Institute of Directors. He earned his Honors Degree in Economics from the University of Delhi and is a Singapore citizen.

    In 2019, he was awarded the Public Service Star Medal (Bintang Bakti Masyarakat) in recognition of his service to Singapore.

  • Sanjiv Misra
    Chairman-Designate

    Sanjiv is Chairman of the Asia Pacific Advisory Board for Apollo Global Management, a global private equity and alternative asset management firm, and President of Phoenix Advisers, a boutique advisory and principal investing firm. He is also an Independent and Non-executive Director of Olam International and a Member of the Boards of EDBI and Singapore Symphonia Company (Singapore Symphony Group).

    Sanjiv has extensive investment banking and management experience at Goldman Sachs and Citigroup. He held several senior positions at Citi; Head of Asia Pacific Investment Banking; Head of the Asia Pacific Corporate Bank; CEO of Citi’s Institutional businesses in Singapore and Brunei and Citi Country Officer in Singapore. He previously spent ten years at Goldman Sachs in New York, Hong Kong and Singapore.

    He holds a Bachelor of Arts Degree in Economics from St. Stephen’s College, Delhi University, a Post-Graduate Diploma in Management from the Indian Institute of Management, Ahmedabad, and a Master of Management from the J.L. Kellogg Graduate School of Management at Northwestern University. He is a citizen of Singapore.

  • Shirish Apte
    Non-executive Director

    Shirish is the Non-executive Chairman of Pierfront Capital Mezzanine Fund Pte. Ltd., Pierfront Capital Fund Management Pte. Ltd., and Fullerton India Credit Company Limited. He is also a Non-executive Director of Bank Handlowy (Poland), Commonwealth Bank of Australia, IHH Healthcare Berhad, Acibadem Hospital Group (Turkey) and Fortis Healthcare Limited.

    He spent over 32 years with Citibank across several countries and geographies, most recently Chairman of Citibank Asia Pacific Banking prior to retirement. Before that, he was regional CEO for Citibank businesses in the Central/Eastern Europe, Middle East & Africa, and co-CEO for Citi Asia Pacific.

    He has a Bachelor of Commerce degree from Calcutta University, and a Master of Business Administration degree from London Business School and qualified as a Chartered Accountant from the Institute of Chartered Accountants England and Wales.

  • Loh Khum Yean
    Non-executive Director

    Khum Yean is the Permanent Secretary of the Public Service Division in the Prime Minister’s Office, which stewards efforts to establish an excellent and effective Singapore Public Service by developing strong leadership and engaged officers, building future-ready organisations, and promoting good governance.

    He has an extensive career within the Singapore Public Service with various postings across several Ministries. Prior to his current appointment, he was the Permanent Secretary of the Ministry of Trade & Industry. He has also held previous appointments in the Ministry of Manpower, SPRING Singapore and Ministry of Finance.

  • Patrick Lee
    Non-executive Director

    Patrick is the Chief Executive Officer, Singapore, of Standard Chartered Bank. Prior to that, he was Managing Director, Head of South East Asia Investment Banking at Nomura, Head of Singapore/Malaysia Investment Banking at UBS and Executive Director, Investment Banking at Morgan Stanley.

    He has over 25 years of experience in the banking industry, including corporate and investment banking, product and sector coverage, and has held roles in Singapore, Hong Kong and London.

    Patrick graduated with BA / MA (First Class Honors) in English from Trinity College, Cambridge.

  • Rajeev Kannan
    Non-executive Director

    Rajeev is the Managing Executive Officer of Sumitomo Mitsui Banking Corporation (SMBC) and Deputy Head of Asia Pacific Division. Prior to his current role, Rajeev was Executive Officer and Head of Investment Banking, Asia Pacific where he was directly responsible for the various wholesale and investment banking products since April 2016. Rajeev was also based in Tokyo for four years between 2012-2016 as Executive Officer responsible for Global Structured Finance.

    Rajeev has over 26 years of investment banking, emerging market investing and energy & infrastructure sector experience globally. Rajeev also sits on the Board of Commissioners of PT Indonesia Infrastructure Finance.

    Rajeev graduated from Birla Institute of Technology & Science (BITS), Pilani in India with a master’s degree in management and engineering. Rajeev was conferred the Institute of Banking and Finance (IBF) Distinguished Fellow Award in 2019.

  • Teo Swee Lian
    Non-executive Director

    Swee Lian is the Chairman of CapitaLand Mall Trust, a Non-executive and Independent Director of AIA Group Ltd, Singtel Group, Avanda Investment Management Pte Ltd and Dubai Financial Services Authority, a member of the Governing Board of the Duke-NUS Medical School and a council member of the Asian Bureau of Finance & Economic Research of National University of Singapore Business School.

    Swee Lian was Special Advisor in the Managing Director's Office at the Monetary Authority of Singapore (MAS). Prior to that, she was the Deputy Managing Director of Financial Supervision, where she oversaw macroeconomic surveillance, regulation and supervision of the banking, insurance and capital markets industries in Singapore. During her time with MAS, she also worked in reserves management, development, external relations and strategic planning. Swee Lian was awarded the Public Administration Medal (Gold) (Bar) at the Singapore National Day Awards 2012.

    She holds a Bachelor of Science (First Class Honours) in Mathematics from Imperial College, London University and a Master of Science in Applied Statistics from Oxford University.

  • Lee Chuan Teck
    Non-executive Director

    Chuan Teck is the Permanent Secretary (Development) in the Ministry of Trade and Industry (MTI), where he oversees the growth of Singapore-based enterprises, the tourism sector, the utilities sector and competition and consumer protection issues. On the trade front, he focuses on South-East, South and Central Asia and Latin America.

    He started his public service career in the Monetary Authority of Singapore (MAS) in 1992. He assumed various roles in MAS including reserves investment, monetary policy and capital market regulation. Prior to his current appointment in MTI, he held the appointment of Deputy Secretary (Land & Corporate) in the Ministry of Transport from April 2014 to May 2018. In this capacity, he led the restructuring of the public bus and rail sector and also spearheaded the deployment of autonomous vehicles in Singapore.

    Chuan Teck is currently a member on the Board of the Agency for Science, Technology and Research (A*STAR)’s Science and Engineering Research Council.

  • Elbert Pattijn
    Non-executive Director

    Elbert retired as the Chief Risk Officer of DBS Group Holdings in 2018, where he was responsible for the management of credit, market, liquidity and operational risks. Prior to this, he was Managing Director and Head of Specialised Corporate and Investment Banking, responsible for DBS’ corporate and investment banking activities.

    He has more than three decades of experience in the banking industry and has held progressively senior positions at Barclays Bank, ABN Amro and ING Group prior to joining DBS.

    Between 31 Jan 2012 and 17 Mar 2015, Elbert was DBS’ nominee Director to Clifford Capital and he was the Risk Committee Chairman between Dec 2012 and Mar 2015.

    A Dutch national, he holds a Master’s degree in Law from the University of Leiden in The Netherlands.

  • Clive Kerner
    Group Chief Executive Officer &
    Executive Director

    Clive joined Clifford Capital at its inception in 2012 and has led its successful growth as well as the development of two new businesses, Pierfront Capital and Bayfront Infrastructure Management, both of which are now housed in Clifford Capital Holdings (CCH). As Group CEO Clive is responsible for the overall performance of CCH and its strategic direction.

    He has 35 years of emerging markets finance experience as a CEO and in investment banking. Before joining Clifford Capital, he was CEO of Linq Asia Capital AG, a private credit business focused on South East Asia. He previously spent 20 years with Kleinwort Benson and its successor entities, holding senior positions in advisory and financing divisions covering the utilities, infrastructure and resources sectors, based in Singapore, London and Kuala Lumpur.

    He is also a Non-Executive Director of Changi Airports International and was a Non-Executive Director of Singapore LNG Corporation between 2013 and 2019.

    Clive holds an MBA from the Cass Business School in London and a BA in Economics from the University of Sheffield.

  • Audra Low
    Clifford Capital
    Chief Executive Officer

    Audra has overall responsibility for strategic leadership for the company and performance of the business. Since joining Clifford Capital at its inception in 2012 as Head of Origination and Structuring, Audra had spearheaded the growth of the Clifford Capital franchise in the relevant project and asset finance markets across the sectors covered by the company.

    She brings with her a wealth of experience working with Singapore-based companies on infrastructure projects locally and overseas. Prior to Clifford Capital, she spent 12 years in project finance with HSBC, playing a key role in the origination and financing of numerous award-winning projects in South East Asia, both as financial advisor and lead arranger.

    Audra has an MBA from New York University Stern School of Business and a Bachelor of Accountancy from Nanyang Technological University.


Leadership Team

  • Audra Low
    Chief Executive Officer

    Audra has overall responsibility for strategic leadership for the company and performance of the business. Since joining Clifford Capital at its inception in 2012 as Head of Origination and Structuring, Audra had spearheaded the growth of the Clifford Capital franchise in the relevant project and asset finance markets across the sectors covered by the company.

    She brings with her a wealth of experience working with Singapore-based companies on infrastructure projects locally and overseas. Prior to Clifford Capital, she spent 12 years in project finance with HSBC, playing a key role in the origination and financing of numerous award-winning projects in South East Asia, both as financial advisor and lead arranger.

    Audra has an MBA from New York University Stern School of Business and a Bachelor of Accountancy from Nanyang Technological University.

  • Jolene Chew
    Co-Head, Origination & Structuring
    Offshore Marine and Shipping

    Jolene jointly leads client coverage, and deal origination, structuring and execution for Clifford Capital with a focus on the offshore marine and shipping sectors.

    She has over 16 years’ experience in the maritime sector, with more than a decade as an offshore and shipping financier in Asia, Europe and U.S. Her prior experience also includes roles at the Maritime and Port Authority of Singapore.

    Jolene holds a Master of Science in Applied Finance from Singapore Management University and a Bachelor of Engineering in Chemical Engineering from the National University of Singapore.

  • Kai Ngian
    Co-Head, Origination & Structuring
    Infrastructure

    Kai jointly leads client coverage, and deal origination, structuring and execution for Clifford Capital with a focus on the infrastructure sector.

    He has over 12 years’ experience in project and structured finance, with roles at Mizuho Bank, DBS and Singapore Power. During this time, Kai led financial advisory and lending transactions for a wide range of projects covering power (conventional and renewables), natural resources (oil and gas, LNG) and infrastructure.

    Kai holds an MBA from the University of Cambridge, as well as a Master of Business Law from the University of Sydney.

  • Ted Low
    Chief Operating Officer
    Director, Origination & Structuring
    Infrastructure

    Ted, as COO, oversees operational and administrative matters for Clifford Capital and supports the CEO in coordinating activities across business functions. Ted is also a part of the infrastructure team with responsibilities for client coverage, and deal origination, structuring and execution.

    He has over 12 years’ experience in infrastructure financing and investment with roles at the Challenger-Mitsui Emerging Markets Infrastructure Fund and Macquarie Group.

    Ted holds a Bachelor’s degree in Management from the London School of Economics and is a Chartered Alternative Investment Analyst.

  • Desmond Wong
    Co-Head, Risk
    Offshore Marine and Shipping

    Desmond jointly leads the credit risk and portfolio management function for Clifford Capital with a focus on the offshore marine and shipping sectors.

    He has over 20 years of experience in credit and risk analysis in offshore marine and shipping. His prior experience includes roles with similar responsibilities at OCBC and DVB Group Merchant Bank.

    Desmond holds a Bachelor of Business (Honours) degree from the Nanyang Technological University with specialisation in Banking.

  • Rolland Lim
    Co-Head, Risk
    Infrastructure

    Rolland jointly leads the credit risk and portfolio management function for Clifford Capital with a focus on the infrastructure sector. He has over 20 years of experience in credit and risk analysis in the infrastructure sector with international banks including BTMU, JP Morgan and KBC Bank.

    Rolland is an accountant by training, and he is qualified by both the Institute of Singapore Chartered Accountants and Association of Chartered Certified Accountants of United Kingdom. Rolland also has a Master of Science degree in Applied Finance from the University of Adelaide.