The New Jersey Department of the Treasury’s Division of Investment has announced the appointment of two institutional finance veterans to lead key asset classes within the state’s public pension portfolio.
Iris Zhao-Fiorello has joined the Division as Head of Private Equity, while Neil Madsen has been named Head of Real Estate. Both executives officially assumed their roles on Nov. 2.
The Division of Investment, which operates as one of the largest public pension fund managers in the United States, oversees investments on behalf of the $90+ billion New Jersey Pension Fund, serving hundreds of thousands of active and retired public employees across the Garden State.
The appointments bolster the Treasury’s internal investment capabilities across private markets and real estate assets, key drivers of long-term returns for the state pension system.
“We are extremely happy to welcome both Iris and Neil to the Division of Investment,” Shoaib Khan, chief investment officer and director of the division of investment said. “Both are experts in their respective asset classes and both bring a wealth of knowledge and experience to the Division.”
Executive profiles
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Iris Zhao-Fiorello (Head of Private Equity): Zhao-Fiorello brings more than 20 years of global institutional experience spanning investment management and capital formation. She previously served as Head of Capital Formation and Investment Solutions at Castleforge, where she sat on the senior management team and Risk Committee. Prior to Castleforge, she spent over 15 years as Managing Director of Private Equity at GCM Grosvenor. She holds a Bachelor of Science from New York University’s Stern School of Business and completed the Senior Executive Leadership Program at Stanford University’s Rock Center for Corporate Governance.
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Neil Madsen (Head of Real Estate): Madsen brings 35 years of institutional real estate experience to the state. He was most recently Founding Partner at Madsen Advisors, steering long-term real estate strategies and investment execution. From 2011 to 2025, Madsen served as Board Director for Fife Capital, following his tenure as Executive Vice President and Head of Real Estate Private Equity at AEGON Asset Management. He also serves as an adjunct professor at the Fordham University Real Estate Institute. Madsen earned 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.
