Our People

Stuart Gray


Stuart has more than two decades experience in banking and finance, with much of that time spent originating, structuring and executing transactions in the property, financial services, infrastructure and energy sectors. During this period Stuart has completed debt financings and re-financings through bank and non-bank intermediaries and through the domestic and international capital markets. In addition, he has structured and executed M&A transactions, greenfield bids for assets, initial public offerings and private placements of equity.

Prior to founding Tardigrade Group, Stuart was the Head of the Sydney Office of Wingate and Managing Director of Asset Finance where he originated specialised loan portfolios and advised on the acquisition of loan portfolios secured by residential property. Stuart was the Chief Executive Officer at Babcock & Brown Singapore which undertook property, structured finance and infrastructure transactions. At Société General Stuart was Managing Director Debt Capital Markets and was responsible for a portfolio of $10 billion of loans secured by commercial and residential property.

Stuart has also held senior positions at Goldman Sachs, Gresham Partners and Allco Finance Group. Stuart holds a Bachelor of Commerce (Hons Finance) from the University of NSW and was awarded the University Medal.

Leafer Zhao

Senior Advisor

Leafer is a principal of fund manager Vs Capital Management, that administers funds that invest in structured debt and equity opportunities. Leafer was previously employed in the Sydney office of Wingate Group where he executed and managed structured finance transactions.

Leafer has an actuarial background and is a fluent mandarin speaker. Leafer was awarded a Bachelor of Actuarial Studies from Macquarie University with first class honours.

Elizabeth Tan

Head of Business Development

Elizabeth has more than a decade and a half investing funds on behalf of high net worth investors with a focus on property and fixed income investments. Prior to her employment with Tardigrade she has held positions with affiliates of Commonwealth Bank and HSBC.

Elizabeth was awarded a Bachelor of Business from the National University of Singapore.