TRENTON, N.J. — The state Treasury Department’s Division of Investment has hired new leaders for its private equity and real estate portfolios, the department announced Wednesday.
Iris Zhao-Fiorello is the division’s new head of private equity, and Neil Madsen is its new head of real estate. Both started Nov. 2, according to the Treasury Department.
“We are extremely happy to welcome both Iris and Neil to the Division of Investment,” said Shoaib Khan, the division’s director and chief investment officer. “Both are experts in their respective asset classes and both bring a wealth of knowledge and experience to the Division.”
Zhao-Fiorello has more than 20 years of global institutional experience in investment management and capital formation, the department said. She most recently led capital formation and investment solutions at Castleforge, where she was part of the senior management team and sat on the firm’s risk committee.
Before that, she spent more than 15 years at GCM Grosvenor, where she was a managing director in private equity. She holds a bachelor’s degree 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 has 35 years of institutional real estate experience, according to the department. He was most recently founding partner of Madsen Advisors, where he developed, recommended and carried out real estate strategies and long-term investment plans.
He served as a board director for Fife Capital from 2011 to 2025. Earlier, he was executive vice president and head of real estate private equity at AEGON Asset Management.
Madsen is an adjunct professor at the Fordham University Real Estate Institute and previously taught as an adjunct at New York University’s Schack Institute of Real Estate. He holds a bachelor’s degree in music from the Wheaton College Conservatory of Music and a master’s degree in real estate valuation and analysis from NYU.
This report is based on information from the New Jersey Department of the Treasury.
Source: New Jersey Department of the Treasury press release
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