§ 176. Definitions. 1. The term "fund", as used in this article\nfour-a, shall mean any public retirement system or pension fund which\ngrants retirement or pension benefits to employees of the city of New\nYork, employees of the state of New York, employees of any department or\nagency of the city of New York or the state of New York, and employees\nof any municipality or other participating employer participating in the\nNew York state and local employees' retirement system or the New York\nstate and local police and fire retirement system.\n 2. The term "conventional mortgage", as used in this article four-a,\nshall mean (a) any single bond and mortgage or note and mortgage\nconstituting a first lien upon real estate (including leasehold\nestates), not insured by the federal housing administrator or any of his\nsuccessors in office or guaranteed by the United States under the\nprovisions of the national housing act, as amended or supplemented, (b)\nfirst mortgage bonds issued under an indenture of mortgage and deed of\ntrust, constituting a first lien upon real estate (including leasehold\nestates), and issued to a corporate trustee authorized to act as such in\nthis state and approved by the fund.\n 3. The term "insured mortgage", as used in this article four-a, shall\nmean any single bond and mortgage or note and mortgage constituting a\nfirst lien upon real estate (including leasehold estates), insured by\nthe federal housing administrator or any of his successors in office and\nguaranteed by the United States under the provisions of the national\nhousing act, as amended or supplemented.\n 4. The term "MWBE asset manager" shall mean an asset manager in any of\nthe following asset classes: public equity or fixed income securities,\nhedge funds, fund of hedge funds, private equity (including venture\ncapital), fund of private equity funds, real estate investment funds,\nfund of real estate funds, or any other asset class for which an\napplicable fiduciary-controlled entity engages external asset managers\nthat is (a) a MWBE; and (b) a registered investment advisor or exempt\nfrom such registration and (c) certified pursuant to the provisions of\nsubdivision three of section four hundred twenty-three-c of this\nchapter.\n 5. The term "minority group member" shall mean a United States citizen\nor permanent resident noncitizen who is and can demonstrate membership\nin one of the following groups:\n (a) Black persons having origins in any of the black African racial\ngroups;\n (b) Hispanic persons of Mexican, Puerto Rican, Dominican, Cuban,\nCentral or South American of either Indian or Hispanic origin,\nregardless of race;\n (c) Native American or Alaskan native persons having origins in any of\nthe original peoples of North America; or\n (d) Asian and Pacific Islander persons having origins in any of the\nFar East countries, South East Asia, the Indian subcontinent or the\nPacific Islands.\n 6. The term "MWBE" for the purpose of engaging in business with the\nfiduciary-controlled entities covered by this section, means a business\nenterprise, including without limitation, a sole proprietorship,\npartnership, limited partnership, limited liability partnership, limited\nliability company, corporation or other similar entity whether domestic\nor foreign, that is:\n (a)(i) at least fifty-one percent owned by (A) one or more minority\ngroup members, or (B) one or more women, in each case, who have\nsignificant experience in asset management, brokerage, other financial\nservices or related professional services such as accounting, valuation\nor legal services, or (ii) substantially owned and/or operated by women\nor minority group members who have significant experience in asset\nmanagement, brokerage, other financial services or related professional\nservices such as accounting, valuation or legal services;\n (b) an enterprise in which such minority or women ownership or\noperation is real, substantial and continuing;\
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