Treasury Announces Two New Asset Class Heads at Division of Investment

Treasury Announces Two New Asset Class Heads at Division of Investment

(TRENTON) - The New Jersey Department of the Treasury's Division of Investment announced today the hiring of two new Asset Class Heads.

Iris Zhao-Fiorello has joined the Division as Head of Private Equity and Neil Madsen has been hired as Head of Real Estate. Both joined the Division on November 2.

"We are extremely happy to welcome both Iris and Neil to the Division of Investment," said Shoaib Khan, Chief Investment Officer and Director of the Division of Investment. "Both are experts in their respective asset classes and both bring a wealth of knowledge and experience to the Division."

Zhao-Fiorello brings with her more than 20 years of global institutional experience across investment management and capital formation. Prior to joining the Division, she was Head of Capital Formaon and Investment Solutions at Castleforge, where she served on the senior management team as well as the firm's Risk Committee. She spent more than 15 years at GCM Grosvenor, where she served as a Managing Director, Private Equity. Zhao-Fiorello holds a Bachelor of Science 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 brings to the Division 35 years of institutional real estate experience. He was previously the 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 Board Director for Fife Capital. Prior to his time at Fife, Madsen served as Executive Vice President, Head of Real Estate Private Equity at AEGON Asset Management. He also serves as an adjunct professor at the Fordham University Real Estate Institute and was previously an adjunct professor at the New York University Schack Institute of Real Estate. Madsen holds a Bachelor of Music degree from the Wheaton College Conservatory of Music and a Master of Science, Real Estate Valuation and Analysis from New York University.