Blueprint Capital Advisors, based in Newark, filed a federal lawsuit Tuesday against the state and six current and former state officials alleging racial discrimination, retaliation and the. Blueprint officials said they transferred over 1,000 pages of information about their money management proposal to the state and participated in more than 50 phone calls and meetings with state officials. Ohio STRS Loses 9.52% in 2022, Board Rejects Neville Vote of Confidence, Stocks, BondsHah! !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)? Blueprint Capital Advisors LLC is an independent, privately held alternative investment firm focused sourcing and managing fund and direct investments in private credit and other alternative . .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved, 50% off + free delivery on any order with DoorDash promo code, 60% off running shoes and apparel at Nike without a promo code, Score up to 50% off Nintendo Switch video games with GameStop coupon code. For Manager Information, Please submit presentation to: [email protected]. Your $499/year EMM subscription includes: Monthly newsletters with the most pertinent headlines of the month. Blueprint offers builders value-added services during the entire development lifecycle in addition to financing. The 55-page original complaint was filed back on June 23, 2020. The lawsuit also said that DOI, which oversees the state pension fund, and its consultant, Cliffwater, handed over confidential information that Blueprint had given them about its proposal to BlackRock. All rights reserved. !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)? Email . Contact: Jennifer Farmer, [email protected], Your email address will not be published. Blueprint repeatedly complained and raised objections with New Jersey through several channels that it had been the victim of unlawful discrimination because of its status as a business founded by African Americans and a woman, the complaint read. Interested in selling your land? Your email address will not be published. Blueprint Capital Advisors, one of the few investment firms founded by an African American executive, charged in a lawsuit that DOI officials told its CEO, Jacob Walthour Jr., that the agency had "an aversion" to choosing a Black- or female-owned money management firm. NEWARK, N.J., May 11, 2021 /PRNewswire/ -- Blueprint Capital Advisors, LLC, secured a crucial ruling in the Superior Court of New Jersey in Mercer County last week in its public records. State Sen. Ron Rice, D-Essex, called on the Murphy Administration to launch a formal investigation of Blueprints claims of racial discrimination. In a statement, the state Department of the Treasury denied it discriminates against minority-owned firms and said it has several programs and initiatives to reach out to minority- and women-owned businesses and fund managers. Located at the entrance to the Ro de la Plata estuary, the widest in the world, it has a privileged geopolitical situation among the rest of the country's cities. Blueprint was then met with extreme retaliation by New Jersey state officials who allegedly threatened to redeem their other business with Blueprint, if Blueprint continued to question the decision to co-opt Blueprints FAIR program. They thought it would be wise to use a Black man to lynch a Black man, thereby avoiding the appearance of it being done by Murphy, Helmy, Platkin or [State Treasurer Elizabeth] Muoio, all of whom are white, the amended complaint explains. What happened to Blueprint and Mr. Walthour, over the course of the last four years, appears to be a modern-day lynching and is a stain and a black eye on the State of New Jersey, Rice said. The Biden administration is preparing a new program that could prohibit American investment in certain sectors in China, a step to guard U.S. technological advantages amid a growing competition between the worlds two largest economies. Murphy's administration has stalled on document production for over 18 months. We Will Move, March, Protest, Organize, Power Build, and Strategize Until Demands Are Met, Race Forward Urges Systemic Change in Light of Police Killing of Tyre Nichols; Continued Police Violence Against People of Color. bulk distribution needs, please contact Rob Regan at 212-627-7615 or e-mail. For photocopy permission, back issues and We will defend this matter vigorously and believe that the claims against Cliffwater have no merit, the company said. According to Blueprint, the firm was told that the State Investment Council was not a fan of investing with women and minority-owned firms.. When Blueprint officials questioned why they were not hired, Christopher McDonough, the then-director of the states Division of Investment, said the State Investment Council was not a fan of investing with women and minority-owned firms, the lawsuit said. infringement subject to liability up to $100,000 per infringement. NEWARK, N.J., May 11, 2021 /PRNewswire/ --Blueprint Capital Advisors, LLC, secured a crucial ruling in the Superior Court of New Jersey in Mercer County last week in its public records lawsuit against Governor Phil Murphy's administration when Superior Court Judge Mary Jacobson ordered the administration to produce documents no later than May 7, 2021. November 25, 2020 Blueprint Capital Advisors, one of the few investment firms founded by an African American executive, charged in a lawsuit that DOI officials told its CEO, Jacob Walthour Jr., that the agency had an aversion to choosing a Black- or female-owned money management firm. GCM Grosvenor Looks To Elevate Emerging, Diverse PE Firms, Emerging Mgrs. According to the legal complaint filed on June 23, New Jersey initially promised to invest $500 million with Blueprint for its FAIR program. The company has been scrutinized over fake reviews and criticized by customers who had trouble getting refunds. Our projects generally have fewer than 100 units with rent levels targeted at people making 60-80% of the area median income, which is a common definition of affordable workforce housing.Our real estate development activities in the Phoenix area are focused on urban multi-family and build-to-rent communities. Blueprints FAIR program structures alternative investments through managed accounts or fund-of-one structures, the lawsuit said. Blueprint Capital Advisors is one of the few U.S. investment firms founded by African-Americans. All rights reserved. Blueprint Capital Advisors brought a racial discrimination, theft, fraud and racketeering lawsuit against the state of New Jersey and Larry Fink's Blackrock, OwlRock LLC and Cliffwater LLC. 2C:41-2(d), Count Thirteen: Aiding And Abetting Racketeering In Violation of N.J.S.A. Blueprint also has failed to provide any evidence that it has to support these allegations, as is clear from the lack of evidence in their complaint, read a company statement. Blueprint is Seattles largest buyer of land suitable for single family homes, townhomes and apartments. Rising costs and a shortage of workers are pushing the Southwest-style restaurant chain to do more with less. document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 - Spotlight PR - All Rights Reserved BlackRock had no knowledge of what, if any, discussions Blueprint might have had with New Jersey prior to approaching us this year threatening a lawsuit, nearly four years after the New Jersey mandate was awarded to BlackRock.. Designed and Managed by Loebig Ink. The lawsuit alleges that Helmy and another Murphy aid delivered threatening messages to Walthour prior to the commencement of litigation. GCM Grosvenor Looks To Elevate Emerging, Diverse PE Firms, Emerging Mgrs. YouTubes privacy policy is available here and YouTubes terms of service is available here. 2C:41-2(d)(Against the DOI, McDonough, Rosenstock, Ajmani, Walsh and BlackRock), Count Thirteen: Aiding And Abetting Racketeering In Violation of N.J.S.A. More Local News to Love Start today for 50% off Expires 3/6/23, Kelly Heyboer | NJ Advance Media for NJ.com, racial discrimination, retaliation and the theft, McDonough, who stepped down from his state post in 2018. Kelly Heyboer may be reached at [email protected]. Photocopy permission is available solely through GRLM, LLC, Financial Investment Practus offers thoughtful legal counsel across a range of industries and disciplines. This month, we take our annual look at historically Black colleges and universities. Amon attempted to take matters into his own hands and contacted Blueprint's client relationships prompting the issuance of a "cease a desist letter" against him by Blueprint's attorneys. New York, NY 10010. Weve built Blueprint specifically to help independent, merchant builders be more successful. LLC. in any form other than as permitted by agreement with FIN is prohibited and may constitute copyright document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); You have a question, and we have an answer.Your answer is only a click away. Brown Rudnick achieved a landmark victory for Blueprint Capital Advisors when a New Jersey federal judge ruled that the state's only African-American-owned capital asset manager can proceed with its lawsuit against numerous New Jersey officials, BlackRock Capital Advisors, Cliffwater, and Owl Rock Capital. NextMed said most of its customers are satisfied. The Black-owned New Jersey firm sued the state's division of investments, its outside consultant Cliffwater and BlackRock for alleged racial discrimination and theft of confidential business information. Helmy sent a direct message through a politically connected, Democratic party lawyer that if Blueprint didn't cease its agitation the state would terminate the company's services. Until Freedom to Host Direct Action Urging Louisville Police to Arrest the Cops Who Killed Breonna Taylor, RACE FORWARD COMMENDS BIDEN ADMINISTRATION ON RELEASE OF SECOND HISTORIC RACIAL EQUITY EXECUTIVE ORDER, Ahead of the 2023 State of the Union, Race Forward Urged President Biden to Continue Leaning into Commitment to Advance Racial Equity, In his 2023 State of the Union Address, Advocates Want to Hear How President Biden Will Expand Voting Rights, Address Unfair and Inequitable Redistricting Maps, Black Southern Womens Collaborative Member in Memphis: We Will Not Go Back to the Same Oppressive Systems. Must Be Concise, Accurate When Pitching, Dallas Employees To Resume In-Person Next Gen Seminars, Chicago Teachers Considers MWDBE Private Equity Re-Ups, Illinois Teachers Makes Value-Add Real Estate Hire, Chicago Fire Suspends MWDBE Private Equity Search. The case is Blueprint Capital Advisors LLC v. State of New Jersey, Department of the Treasury, Division of Investment et al., case number 2:20-cv-07663 , in the U.S. District Court for the . News, 15 West 26th Street, 4th Fl. Governor Murphy and his administration shouldnt say another word about what they are doing about systemic injustice before they address this injustice they are themselves perpetuating. 45 Academy Street, Suite 205 Newark, NJ 07102 . from 8 AM - 9 PM ET. A spokesperson for the New Jersey Treasury Department argued that the department is committed to providing opportunities for Minority and Women-owned business enterprises, and said the department will defend against the lawsuit. Cision Distribution 888-776-0942 The Department maintains that there is no factual basis for Blueprints allegations and the claims of racial discrimination, retaliation and misappropriation of proprietary information are without merit., BlackRock also strongly denied the charges and said that a review of the allegations from within the asset manager and from outside counsel foundnothing inconsistent with our standards nor anything suggesting any wrongdoing by BlackRock.. We are the number one source of financing for in-fill, residential projects due to our unrivaled combination of reliability and value-added service. According to the lawsuit, Blueprint had turned over to the state agency and its outside consultant Cliffwater confidential business information from meetings, emails and conference calls as part of an investment proposal. We have investigated the allegations made by Blueprint and have found no evidence whatsoever. /marketintelligence/en/news-insights/latest-news-headlines/blueprint-capital-advisors-sues-new-jersey-2-firms-for-bias-theft-8211-bloomberg-59174740 We hope that Amon's departure signifies that Murphy, and his AG will allow truth and justice to prevail," said Blueprint CEO Jacob Walthour. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Blueprint, through our sponsored real estate investment trusts, provides construction financing to independent in-fill builders and develops income producing property for long-term value. Through its award winning monthly newsletter and resource-centric web site, Emerging Manager Monthly delivers all the industry news and intelligence emerging managers and institutional investors need to stay informed and ahead of the curve on this exciting sector of the asset management industry. The DOI and Cliffwater allegedly conspired to give information that was part of Blueprints proprietary alternative investment program to BlackRock, which unlawfully replicated the program. The legal action named the DOI, BlackRock, and Cliffwater as defendants. Are Defined Benefit Pension Funds Still Useful Recruiting, Retention Tools? BlackRock released a statement saying its own internal review of how it landed the job overseeing the FAIR investment strategy for New Jersey showed the firm did nothing wrong. 2C:41-2(c), Count Twelve: Racketeering in Violation of N.J.S.A. Blueprint was founded in 2015 by Black investment professionals Jacob Walthour and Carrie Pickett. Blueprints lawsuit comes as nationwide protests over the killing of George Floyd by police in Minneapolis had put a spotlight on racial disparities in several industries, including Wall Street investment firms. The only publication focusing exclusively on emerging & diverse asset managers. The Staff Blueprint Capital Advisors (BCA) is a trusted partner to sophisticated institutional investors in hedge fund and other alternative investment strategies. Scroll . Please stay up to date with what we are up to by liking our Facebook page: Blueprint Capital Advisors LLC. Count One: Permanent Injunction Pursuant to 42 U.S.C 1983 and 1981, Count Two: Violation of the Fifth Amendment Takings Clause, Count Four: Discrimination and Retaliation in Violation of Section 1981, Count Five: Violation of 42 U.S.C. Blueprint provides construction loans for over 60 local builders in the Seattle market. When Blueprint protested, New Jersey officials allegedly told the company that the State wasnt a fan of doing business with Black-owned or women-owned companies. 2C:41-2(c) and (d), Count 20: Tortious Interference with Prospective Economic Advantage. Blueprint Capital Advisors (Blueprint) is New Jerseys only Black asset manager firm. A Black-owned asset manager has accused the New Jersey Division of Investment (DOI) of favoring giant investment firm BlackRock in a competition for a contract to run state pension money. Blueprint is specially accusing the current administration of executing a smear campaign against it for bringing its original lawsuit. McDonough, who stepped down from his state post in 2018 to work for a consulting firm, did not immediately respond to a request to comment on the lawsuit. A Black-owned firm with an innovative solution to New Jerseys pension fund crisis, was shamefully exploited by the DOIs entrenched old-boys network of political patronage and Wall Street money, said attorney Michael Bowe. We've built Blueprint specifically to help independent, merchant builders be more successful. NEWARK, N.J., Jan. 30, 2023 /PRNewswire/ -- Newark, New Jersey -based Blueprint Capital Advisors, the prominent Black-owned asset manager with $1.6 billion in assets, announced today it will.