Treasury Names New Heads of Private Equity, Real Estate
New Jersey's Division of Investment has appointed Iris Zhao-Fiorello to lead private equity and Neil Madsen to lead real estate.
Updated on Nov. 5, 2026 in People
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. Both began their roles on Monday, November 2.
Why it matters
The appointments fill two asset class leadership positions within the state's investment division, which oversees investment decisions for the state. The hires bring institutional investment and real estate experience to New Jersey's portfolio management.
Zhao-Fiorello has more than 20 years of global institutional experience in investment management and capital formation, including over 15 years as a managing director in private equity at GCM Grosvenor. Madsen has 35 years of institutional real estate experience. The source does not detail the size of the portfolios they will oversee.
The players
New Jersey Department of the Treasury
The state agency that oversees New Jersey's finances, including the Division of Investment that manages state investment assets.
Iris Zhao-Fiorello
A private equity and capital formation executive with more than two decades of global institutional investment experience, formerly of GCM Grosvenor and Castleforge.
Neil Madsen
A real estate investment veteran with 35 years of institutional experience, previously affiliated with AEGON Asset Management and Fife Capital.
The details
Zhao-Fiorello was previously head of capital formation and investment solutions at Castleforge. Madsen was founding partner at Madsen Advisors, a board director for Fife Capital from 2011 to 2025, and earlier executive vice president and head of real estate private equity at AEGON Asset Management.
Timeline
Monday, November 2, 2026: Zhao-Fiorello and Madsen begin their new roles at the Division of Investment.
2011 to 2025: Madsen serves as a board director for Fife Capital.
Market Landscape
The Division of Investment manages New Jersey's public pension and state investment assets, and its asset class heads guide allocations across private equity and real estate. Filling both posts with experienced institutional investors positions the state's investment team to pursue its long-term portfolio goals.
For New Jersey residents, the appointments affect how state investment assets are managed, which can influence the funds backing public pensions and state budgets. The source does not describe any immediate change to taxes or public services.
The takeaway
Leadership changes at state investment offices can shape how public money is allocated over many years. Readers tracking New Jersey's finances may want to follow future Division of Investment announcements for signs of strategy shifts.
Further reading
Explore more People coverage on New Jersey's state investment leadership changes.
