In a large bowl, whip the heavy cream with 1/4 cup powdered sugar until slightly stiff peaks form (about 2-3 minutes). Don't over whip.
Heat the water until very hot (about 175°F). Sift in matcha powder and whisk until dissolved.
In another bowl, beat mascarpone cheese with the remaining powdered sugar and the dissolved matcha using an electric mixer at medium speed until just combined.
Fold half the whipped cream into the mascarpone mixture, then gently fold in the rest.