New Leaders Take Over State Private Equity and Real Estate
Firms seeking New Jersey state investment capital should track how the new private equity and real estate heads shape manager selection.
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, with both starting their roles Monday, November 2. For operators in the state's investment and real estate sectors, the appointments add experienced leadership to two asset classes managed on behalf of the state.
Why it matters
Private equity and real estate are two of the asset classes the Division of Investment manages, so the hires shape how those allocations are run. The appointments bring in leaders with long institutional track records, which signals continuity and experience in how state capital is deployed into these markets.
Zhao-Fiorello brings more than 20 years of global institutional experience, including over 15 years as a managing director in private equity at GCM Grosvenor. Madsen brings 35 years of institutional real estate experience, including his role as executive vice president and head of real estate private equity at AEGON Asset Management.
The players
New Jersey Department of the Treasury
The state agency that oversees the Division of Investment, which manages public pension and state investment assets.
Iris Zhao-Fiorello
Private equity executive with more than 20 years of institutional investment experience, formerly a managing director at GCM Grosvenor and head of capital formation at Castleforge.
Neil Madsen
Real estate investment executive with 35 years of institutional experience, formerly executive vice president at AEGON Asset Management and founding partner of Madsen Advisors.
The details
Zhao-Fiorello was previously head of capital formation and investment solutions at Castleforge, adding a capital-raising and product-structuring background to her private equity leadership. Madsen, a founding partner at Madsen Advisors, has held board and senior investment roles that span both advisory and institutional real estate management. Both appointments place experienced investment professionals into the Division of Investment's asset-class leadership structure.
Timeline
Madsen served as a board director for Fife Capital from 2011 to 2025.
Zhao-Fiorello and Madsen began their Treasury roles on Monday, November 2, 2026.
Market Landscape
State investment divisions compete for experienced private equity and real estate leadership, and hires with long institutional track records are central to how those programs are staffed. The appointments fit a pattern of filling specialized asset-class roles with senior professionals drawn from private-sector investment firms.
Operators in private equity and commercial real estate who work with or pursue New Jersey state investment capital should note the new leadership in both asset classes. Firms seeking allocations may want to review how the new heads' prior institutional relationships could shape future manager selection.
The takeaway
The new asset-class heads bring deep institutional experience into two of the Division of Investment's core holdings, so operators should track how their strategies develop in upcoming state investment reports. Firms that partner with state investors should monitor manager-selection criteria as the new leaders settle into their roles.
Further reading
For more on the leaders shaping the state's money, browse People coverage on We are Main Street.
Source note: This article includes information reported by WRNJ Radio.
