N.J. Admin. Code § 17:4A-3.11
The Board understands and acknowledges that in pursuing its investment goals there are material financial benefits to the PFRSNJ and its beneficiaries resulting from working with minority- and women-owned business entities (MWBEs). The Board shall consider the hiring of MWBEs in determining how to invest PFRSNJ-managed fund assets, taking into consideration its fiduciary obligation and any other factors important to the Board. This commitment, consistent with the legislative mandate at N.J.S.A. 52:18A-89.15, requires the Board, subject to and consistent with the Board's fiduciary duties and the applicable standard for prudent investment, to attempt to use, to the greatest extent feasible, qualified minority- and women-owned financial institutions to provide brokerage and investment advisor services.
N.J. Admin. Code § 17:4A-3.11