Combine the sugar and water in small sauce pan over medium heat and stir until the sugar dissolves. Bring to a boil and heat until a food thermometer registers 239F. Make sure the thermometer is not touching the bottom of the pan
While the sugar is heating, beat the egg yolks with a hand mixer or stand mixer fitted with the whisk attachment on low speed
When the syrup is ready, pour it down the side of the bowl into the yolks and beat at high speed until the mixture cools to room temperature, about 10 minutes. When pouring the syrup, the mixer should still be running. The egg yolks will be pale and fluffy, and fall off the whisk in ribbons
In a large bowl, whip the cream until it reaches stiff peaks
Whisk the mascarpone in a large bowl until smooth. Add a third of the egg yolk mixture and beat until well incorporated. Add the remaining egg yolk mixture and beat until smooth
Sprinkle the powdered gelatin on the water, and microwave until the gelatin is melted, about 20 - 30 seconds. Make sure there are not any gelatin clumps
Add a little bit of the mascarpone to the melted gelatin and stir until smooth. Add this mixture to the remaining mascarpone and beat until well incorporated
With a spatula, fold a third of the whipped cream into the mascarpone. Then fold in the remaining whipped cream. Be gentle so that you don't squash out too much air from the whipped cream