Key Takeaways
- • The New Jersey Department of the Treasury's Division of Investment named Iris Zhao-Fiorello head of private equity and Neil Madsen head of real estate, with both starting roles Monday, Nov. 2, according to the Treasury Department.
- • Zhao-Fiorello brings more than 20 years of global institutional experience and previously served as head of capital formation and investment solutions at Castleforge and as a managing director in private equity at GCM Grosvenor for more than 15 years.
- • Madsen brings 35 years of institutional real estate experience, including founding partner at Madsen Advisors and head of real estate private equity at AEGON Asset Management.
- • Shoaib Khan, Chief Investment Officer and Director of the Division of Investment, said both appointees are experts in their respective asset classes.
Summary
The New Jersey Department of the Treasury's Division of Investment has appointed two new asset class heads, adding private equity and real estate investment management expertise to the division, according to the Treasury Department. Iris Zhao-Fiorello has been named head of private equity, and Neil Madsen has been appointed head of real estate. Both began their roles on Monday, Nov. 2.
Shoaib Khan, Chief Investment Officer and Director of the Division of Investment, said the division was "extremely happy to welcome both Iris and Neil," adding that both "are experts in their respective asset classes and both bring a wealth of knowledge and experience to the Division."
Zhao-Fiorello brings more than 20 years of global institutional experience in investment management and capital formation. Before joining the division, she served as head of capital formation and investment solutions at Castleforge, where she was a member of the senior management team and the firm's Risk Committee. She previously spent more than 15 years at GCM Grosvenor as a managing director in private equity. She holds a Bachelor of Science from New York University's Stern School of Business and attended the Senior Executive Leadership Program at Stanford University's Rock Center for Corporate Governance.
Madsen joins the division with 35 years of institutional real estate experience. He was previously founding partner at Madsen Advisors, where he developed, recommended and executed real estate strategies and long-term investment plans. From 2011 to 2025, he served as a board director for Fife Capital, and earlier was executive vice president and head of real estate private equity at AEGON Asset Management. He is also an adjunct professor at the Fordham University Real Estate Institute and previously taught at New York University's Schack Institute of Real Estate. He holds a Bachelor of Music from the Wheaton College Conservatory of Music and a Master of Science in real estate valuation and analysis from New York University.
The appointments place both executives in leadership roles overseeing their respective asset classes within the New Jersey Division of Investment.
Shoaib Khan, Chief Investment Officer and Director of the Division of Investment, said the division was "extremely happy to welcome both Iris and Neil," adding that both "are experts in their respective asset classes and both bring a wealth of knowledge and experience to the Division."
Zhao-Fiorello brings more than 20 years of global institutional experience in investment management and capital formation. Before joining the division, she served as head of capital formation and investment solutions at Castleforge, where she was a member of the senior management team and the firm's Risk Committee. She previously spent more than 15 years at GCM Grosvenor as a managing director in private equity. She holds a Bachelor of Science from New York University's Stern School of Business and attended the Senior Executive Leadership Program at Stanford University's Rock Center for Corporate Governance.
Madsen joins the division with 35 years of institutional real estate experience. He was previously founding partner at Madsen Advisors, where he developed, recommended and executed real estate strategies and long-term investment plans. From 2011 to 2025, he served as a board director for Fife Capital, and earlier was executive vice president and head of real estate private equity at AEGON Asset Management. He is also an adjunct professor at the Fordham University Real Estate Institute and previously taught at New York University's Schack Institute of Real Estate. He holds a Bachelor of Music from the Wheaton College Conservatory of Music and a Master of Science in real estate valuation and analysis from New York University.
The appointments place both executives in leadership roles overseeing their respective asset classes within the New Jersey Division of Investment.
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