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Our Professionals

Mark Fornasiero
Managing Partner

(301) 990-3912 tel

Mark co-founded Clarendon in 1998. He has over 25 years’ experience as a principal investor, board member, C-level executive, and management consultant focused on the transportation and logistics market space. Mark has sourced five Clarendon investments, and those that have been divested have produced a combined IRR over 35%.

Mark conceived RoadLink, an intermodal logistics consolidation vehicle, as Clarendon’s first investment and worked with his Clarendon partners to organize and co-found the company in 2000. Following RoadLink’s formation, he guided the investment as a RoadLink board member and shareholder representative and served as CFO/SVP Finance & Acquisitions, Secretary/Treasurer and Chief Strategy Officer during his tenure. Following a successful sale to a leading private equity firm in 2006, Mark continued in senior finance, M&A and strategic development roles, helping grow RoadLink to over $400 million in revenue. Over the course of his decade of RoadLink involvement, Mark executed over 25 acquisitions, divestitures, joint ventures and debt/equity financings comprising over $350 million of transaction value.

Before launching Clarendon, Mark was a senior manager in the Transportation Management Consulting Practice of A.T. Kearney, where he led engagements in strategic development, M&A and profit improvement for transportation and private equity clients. Prior to A.T. Kearney, Mark was part of the team that launched Princeton Transportation Consulting (later sold to Manhattan Associates), where he led engagements applying university research from Princeton and M.I.T. to improve the profitability of transportation clients.

Mark received an MBA from Stanford Graduate School of Business where he was named an Arjay Miller Scholar. He received a BS in Operations Research and BA in Economics from Cornell University where he graduated with highest honors. Mark serves as Vice Chairman of the national board of the “I Have a Dream” Foundation, which empowers children of low-income communities across the U.S. to achieve a college education.

Michael Raue

(301) 571-8116 tel

Michael has been a Clarendon Principal since 1998. He has over 25 years’ experience as a principal investor, senior executive and management consultant focused on the transportation and logistics market space.

Michael played a lead role developing the RoadLink business plan during the organization of the company, and led RoadLink’s post-merger planning and integration as Senior Vice President following closing of the transaction in 2000. He led several corporate functions over the course of his tenure, including operations integration, HR, legal affairs, risk management, purchasing, safety and driver recruiting. As a member of the I.T. steering committee, he played a key role helping execute RoadLink’s technology advancement strategy. Accomplishments include leading integration of 18 acquisitions realizing over $15 million in annualized synergies, reducing RoadLink’s total cost of risk by over $5 million annually, and cutting annual expenses by over $3 million in 10 categories of purchased goods and services. Michael continued in his role following RoadLink’s sale to a leading private equity firm, focusing on capturing consolidation synergies.

Prior to Clarendon, Michael was a management consultant in the Transportation Practice of A.T. Kearney. There he managed turnaround, market entry, post-merger integration, and cost reduction engagements for transportation clients. Before A.T. Kearney, Michael was a Director at Princeton Transportation, where he led a team that designed and implemented profit improvement systems at over half the nation’s 30 largest trucking companies.

Michael received an MS in Operations Research from Stanford University, where he was a Shell Oil Doctoral Fellow and awarded an NCAA Fellowship. He received a BS in Mathematics and Computer Science from the University of Maryland, where he graduated magna cum laude and was voted Valedictorian and Outstanding Undergraduate.

Ricardo K. Dadoo
Operating Partner

011 52 55 5017 1272 tel

Ricardo joined Clarendon in 2014 and has over thirty years of experience in the transportation and logistics industry, with substantial experience in aviation and express delivery across the Americas. He has been President and Founder of Logistics Dadoo since 2008, an adviser in financial, commercial and operational transactional growth engagements for the aerospace, transportation and logistics industry. Ricardo’s assignments include providing advisory and support services for companies to invest and compete successfully in Mexico and Latin America. Recent work involves a cross-section of logistics engagements in sectors such as: cold chain pharmaceutical and medical devices, air cargo revenue enhancement, logistics and commercial/industrial real estate, cross-border in-bond trucking and customs warehousing, M&A origination, and customs brokerage for integrators.

Prior to Logistics Dadoo, Ricardo launched a roadside assistance insurance service for distribution fleets and logistics assistance, which was exited in five years with an IRR exceeding 60%.

Previously, Ricardo led the successful start-up of UPS in Latin America, beginning as Mexico CEO where revenues grew to $90 million in eight years. Ricardo and his team won the first-ever Chairman of the Board’s award for best international operation at UPS. Following success in Mexico, Ricardo was promoted to integrate acquisitions in Brazil, Argentina and Chile including local delivery firms and a US-based cargo airline, Challenge Air Cargo.

Previously, Ricardo served as Vice-President of Mexicana Airlines Cargo, and before that, he served in various roles at Bank of America in New York and Mexico City supporting the capital needs of the airline and aerospace industry.

Ricardo holds an MBA from NYU’s Stern School of Business and a BS in business administration from the University of Denver. He founded and serves as President of the Mexico Alumni Chapter of NYU’s Stern School of Business and founded the NYU Alumni Club of Mexico. As a member of Washington DC-based Trace International, Ricardo advocates for integrity and ethics compliance in his role as agent for international commerce.

Amar Kandhari

(301) 337-2700 tel ext. 712

Amar joined Clarendon in 2019 as an Associate. He focuses on the underwriting and execution of the firm’s investment prospects and supports value creation activities at Clarendon’s investments in the transportation, logistics and distribution sectors.

Prior to joining Clarendon, Amar was an Analyst at Ironwood Capital where he focused on equity investments and mezzanine debt in niche transportation, industrial, and business services sectors across the middle market.

Amar began his financial career as a summer analyst at Miller/Howard Investments, a multi-billion dollar asset management firm. 

Amar received a BA in Economics at the University of Connecticut, where he received a full academic scholarship. 

John Larkin, CFA
Strategic Advisor & Chair of Advisory Board

(301) 337-2700 tel ext. 702

John joined Clarendon in 2019 and has over thirty-five years of experience in prominent transportation and logistics leadership roles in buy-side research, investment banking and as a corporate executive.

Prior to joining Clarendon, John was Managing Director of Stifel’s Transportation & Logistics Investment Banking Team and has advised numerous publicly traded and privately held transportation and logistics companies as well as many financial sponsors with investments in the transportation and logistics space.

Prior to joining the Investment Banking Team at Stifel, John led Stifel’s transportation & logistics research effort for 17 years, having founded the original at Legg Mason (later sold to Stifel, Nicolaus & Company), where he developed one of the largest and most prominent annual investment conferences in the industry.

Previously, John served as Chairman and CEO of RailWorks Corporation, a consolidator in the rail services sector. Prior to that, John was Managing Director with Alex. Brown and Sons' transportation team and AVP Planning and Analysis at CSX Transportation, Inc.

Over the years, John has been recognized as an all-star analyst by Institutional Investor magazine numerous times, a Wall Street Journal All-Star analyst on several occasions, and has been awarded multiple Starmine stock picking and earnings estimate accuracy awards.

John received an MBA from Harvard University, an MS in Civil Engineering from the University of Texas at Austin, and a BS in Civil Engineering from the University of Vermont. Mr. Larkin is a CFA charterholder.

Susan Lau
Chief Financial Officer

(301) 337-2700 tel ext. 705

Susan joined Clarendon in 2021 with over 20 years of experience in investment management and asset allocation. At Clarendon, Susan focuses on fund management, investor relations, and supports the underwriting and execution of the firm’s investments.

Susan most recently served as the Chief Investment Officer of Montgomery County Public Schools (MCPS) defined benefit and defined contribution plans where she was responsible for asset allocation, portfolio risk, and investment selection of over $3.5 billion. Her responsibilities included investment strategies implementation, due diligence on investment managers, and oversight of service providers. She worked with the MCPS’ Board of Investment Trustees and Defined Contribution Investment Committee to drive the strategic direction and management of the pension and defined contribution plans for long-term success.

Prior to MCPS, Susan served as Senior Vice President & Portfolio Manager at Rothschild Asset Management, a multi-billion dollar asset management firm. She had deployed capital across broad industries including transportation, technology, healthcare, consumer, industrials, and financials. Susan also held roles as an investment analyst at Intrepid Capital, Acharné Capital, and Ampere Capital where she initiated investment opportunities, conducted due diligence, determined business trends from industry contacts, management meetings, channel checks, supply chain analysis and contributed to the capital raising process. She started her career as an analyst in the Information Technology division and subsequently, on the Equity Sales desk at Goldman Sachs.

Susan received a B.S. in Industrial Engineering from Columbia University.

Bruce Markowitz
General Counsel

(301) 337-2700 tel ext. 704

Bruce joined Clarendon in 2017 as General Counsel. He has over thirty years of legal and compliance experience representing corporations, private equity and professional services firms, and as an investor and board member. 

Prior to joining Clarendon, Bruce was a co-founder, lead investor, Vice-Chairman and General Counsel of Tanager Corporation, a company focused on infrastructure development in the U.S. and Europe. Prior to that, Bruce was a Partner in the Washington D.C. law offices of Morgan Lewis, LLP and Reed Smith, LLP in their Business & Finance, Corporate, and Restructuring Practice. Bruce advised private equity and corporate clients in the transportation, energy, telecom, financial and technology sectors.

Prior to that, Bruce was awarded a Presidential Fellowship by the President of the United States, where he conducted research in domestic monetary policy and international banking at the FDIC, as well as participating on Capitol Hill in legislative banking reforms proposed and passed by the U.S. Congress.

Bruce is admitted to the Bar in Maryland, Virginia, and the District of Columbia. He earned his JD from The American University Washington College of Law, where he was Editor of the American University Law Review. He also holds an M.P.A./Finance from The State University of N.Y. at Albany with Highest Honors and a B.A. from The University of Rochester with High Honors.

Alexander Rafla
Vice President

(301) 337-2700 tel ext. 708

Alex is a Vice President with Clarendon and has been with the firm since 2015. At Clarendon, Alex focuses on sponsorship of investment opportunities and the execution of strategic advisory engagements in the transportation and logistics industry.

Prior to joining Clarendon, Alex was a strategy consultant with Accenture where he advised corporate and federal clients in the transportation and logistics space. At Accenture, Alex executed management consulting engagements pertaining to strategic cost reduction, growth strategy, operational improvement, operating model design and large-scale business transformations.

Before Accenture, Alex was an Associate with Logistics Capital & Strategy, a boutique strategic advisory firm focused exclusively on the transportation and logistics industry. While at Logistics Capital & Strategy, he served as consultant to corporate and financial sponsor clients on growth strategy initiatives, M&A, restructuring, strategic cost reduction, market entry, strategic sourcing, and organizational transformation. 

Alex received a BBA in International Business from The George Washington University in Washington, DC.

Michael Raynor
Vice President

(301) 337-2700 tel ext. 710

Michael joined Clarendon in 2019 and has over eight years of private equity and credit investing experience. At Clarendon, Michael is focused on identifying, evaluating, and executing investment opportunities across the transportation, logistics and distribution sectors.

Prior to joining Clarendon, Michael was a Vice President at CapitalView Investment Partners and American Capital, Ltd. where he focused on the evaluation and execution of middle-market equity and direct debt investments primarily in the industrials and business services sectors.

Michael began his career as an Analyst in the corporate finance department of Imperial Capital, LLC, a middle-market investment bank, providing financial advisory services to corporate and institutional clients on M&A, capital raising, and restructuring transactions. 

Michael received a B.A. in History from Yale University, where he played four years of Division 1 Varsity Lacrosse.

Connie West

(301) 337-2700 tel ext. 709

Connie joined Clarendon in 2015 with over fifteen years as a strategic advisor focused exclusively in the transportation and logistics sectors. Over the course of her career, she has successfully executed over fifty buy side and consulting assignments for companies and private equity firms in the sector.

Prior to joining Clarendon, Connie was founder and Director of Taylor & Martin Inc.’s acquisition, consulting and turnaround division, where her engagements covered a wide range of objectives supporting transactions and growth initiatives in transportation and logistics. Prior to that, Connie was an entrepreneur who launched, operated and sold two business entities.

Over the course of her assignments in transportation and logistics, Connie has sourced platform acquisitions for leading private equity firms, originated and executed on strategic acquisitions for operating companies, developed and supported execution of growth plans post acquisition, advised on restructuring of several transportation companies, led due diligence teams for acquirers, assisted lending institutions in their valuations of clients in their transportation portfolio, and supported negotiations in refinancing.

Connie completed studies in the Continuing Education Program of Mount Royal University. She is a member of the Turnaround Management Association, Truckload Carriers Association and Transportation Intermediary Association.

Debbie Amsellem
Office Manager/Executive Assistant

(301) 591-4352 tel

Debbie joined Clarendon in 2014 and manages our office. She provides administrative support for our team, plans firm events, helps organize travel, and coordinates accounts payable and receivable.

Prior to joining Clarendon, Debbie worked in Medical Office Management.

Debbie received a B.S. in Psychology from Hood College.