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. 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. U.S. District Judge Julien Xavier Neals ruled BlackRock, the world's largest asset manager with just under $8 trillion in total assets, and BlueOwl, with about $65.7 billion in . New technology and automation allow snowmakers to combat warmer, wetter winters. On Monday, the investment firm amended its summer 2020 discrimination complaint against the State of New Jersey to add the Governor, some of his top aides, and even bombshell federal racketeering allegations again certain defendants. All rights reserved (About Us). Blueprint brought FAIR, its highly researched investment tool, to the State of New Jersey. Blueprint claims that BlackRock Inc., reportedly the world's largest asset manager with just under $8 trillion in total assets, and Owl Rock Capital (now BlueOwl Capital Inc.), with about. All rights reserved. content New Jersey DOI v Blueprint Capital Advisors - PR New York NY Please stay up to date with what we are up to by liking our Facebook page: Blueprint Capital Advisors LLC. 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. latest-news-headlines NextMed said most of its customers are satisfied. On Monday, the investment firm amended its summer 2020 discrimination complaint against the State of New Jersey to add the Governor, some of his top aides, and even bombshell federal racketeering . New Jersey's only black-owned asset manager adds Murphy, top aides to 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. Education Blueprint Capital Advisors We've Come Too Far to Turn Back NowEducation Blueprint Capital Advisors We've Come Too Far to Turn Back Now By Peppur Chambers By Peppur Chambers the art . However, Blueprint alleges that the state's attorneys have consistently tried to prevent the release of public information in the matter of Blueprint. 02.01.23 News MassPRIM Releases Emerging, Diverse Program Report Blueprint also said the state agency retaliated against it for raising discrimination concerns. It accused members of New Jerseys Division of Investment of a hatching a conspiracy to steal a plan devised by Blueprint to reduce the states pension investment fees. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. Cliffwater also denied the allegations in a rebuttal. 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. A link to the full lawsuit is here, and media coverage on the case can be found here. Blueprint Capital Advisors (Blueprint) is New Jerseys only Black asset manager firm. Blueprint is Seattles largest buyer of land suitable for single family homes, townhomes and apartments. 2C:41-2(c) and (d)(Against Cliffwater and Owl Rock), Count 14: Fraud(Against McDonough, MacDonald, Rosenstock, Amon, Cliffwater, and Walsh), Count 15: Aiding and Abetting Fraud(Against BlackRock and Owl Rock), Count 16: Unfair Competition(Against BlackRock, Cliffwater, and Owl Rock), Count 17: Breach of Contract(Against Cliffwater), Count 18: Breach of Contract(Against Walsh), Count 19: Breach of Fiduciary Duty(Against Walsh), Count 20: Tortious Interference with Prospective Economic Advantage(Against McDonough, MacDonald, Rosenstock, Amon, Ajmani, Greene and Platkin in theirindividual capacities), Count 21: Commercial Disparagement(Against Rosenstock, Green, Platkin, and Cliffwater), Count 22: Civil Conspiracy(Against McDonough, MacDonald, Rosenstock, Amon, Ajmani, Cliffwater, Walsh, and OwlRock), Murphy abandons travel advisory metrics, warns N.J. to avoid interstate travel this Thanksgiving. In separate statements, all three defendants denied the charges from Blueprint. Your email address will not be published. All rights reserved. "We decided to pursue our case in court because we want truth and justice and we believe in holding people accountable for their promises," said Walthour. Photocopy permission is available solely through GRLM, LLC, Financial Investment Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Blueprint Capital heading to court in $100M lawsuit on racketeering We specialize in servicing institutional investors and wealthy families through discretionary and investment advisory services. Thank you! Get started by completing the form below and a member of our team will follow up with you. For non-personal use or to order multiple copies, please contact In one instance, a Murphy aid summoned Walthour to a New Jersey diner and explained that "Phil is going to win re-election and then people like you will be in the doghouse for like 6 years," explained the aid. Black-Owned Investment Firm Accuses NJ, BlackRock Of Bias In an unexpected twist today, Division of Investment Director Corey Amon resigned. The letter states, "We believe that this is yet another example of the administration saying one thing for election purposes but conducting the people's business in ways completely inconsistent with those public election pledges.". Blueprint Capital Advisors Scroll . Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement, Privacy Policy and Cookie Statement, and Your Privacy Choices and Rights (each updated 1/26/2023). NY Common Names Interim EM Program Director, Copyright Notice: Copyright 2020 by Financial Investment News (FIN) and GRLM, Blueprint Capital Community Rules apply to all content you upload or otherwise submit to this site. New York, NY 10010. Buenos Aires is the capital city of Argentina and is located in the province of Buenos Aires. The Newark firm said in court documents Tuesday that New Jerseys pension office usurped its ideas and hired money-management giant BlackRock Inc. to run Blueprints strategy. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. News, 15 West 26th Street, 4th Fl. 'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+'://platform.twitter.com/widgets.js';fjs.parentNode.insertBefore(js,fjs);}}(document, 'script', 'twitter-wjs'); (adsbygoogle = window.adsbygoogle || []).push({}); Copyright 2023 | WordPress Theme by MH Themes. Prominent New Jersey Pastor Slams National and NJ Democrats for TRENTON, N.J. - Blueprint Capital Advisors (Blueprint) is New Jersey's only Black asset manager firm. 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. bulk distribution needs, please contact Rob Regan at 212-627-7615 or e-mail. YouTubes privacy policy is available here and YouTubes terms of service is available here. We will defend this matter vigorously and believe that the claims against Cliffwater have no merit, the company said. Rising costs and a shortage of workers are pushing the Southwest-style restaurant chain to do more with less. in any form other than as permitted by agreement with FIN is prohibited and may constitute copyright The firm sought a 1% management fee and a 10% performance fee. We are the number one source of financing for in-fill, residential projects due to our unrivaled combination of reliability and value-added service. Impact Press Contact. 1962(c), Count Ten: Racketeering in Violation of 18 U.S.C. Ensure you aren't missing business leads that your competitors are seeing. Our journalism needs your support. 24/7 unlimited online access to subscription content on the EMM site. Blueprint and its attorneys were not surprised on Friday when Murphy's administration turned over a limited number of documents that were so heavily redacted, they could not be read. 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. When typing in this field, a list of search results will appear and be automatically updated as you type. News | Emerging Manager Monthly Your $499/year EMM subscription includes: Monthly newsletters with the most pertinent headlines of the month. Are Defined Benefit Pension Funds Still Useful Recruiting, Retention Tools? Our 100-page detailed complaint speaks for itself and Governor Murphy should fix this before a Federal court does.. Then, in 2016, BlackRock won the contract. No Reproduction Without Prior Authorizations. Cookie Settings/Do Not Sell My Personal Information. At its founding, Blueprint developed an innovative investment tool to save public pension funds millions on fees paid to money managers. McCombe added: BlackRock participated in a competitive selection process run by the New Jersey State Division of Investment in 2016. Blueprint Capital Advisors is one of the few U.S. investment firms founded by African-Americans. We have decades of local experience and a well-earned reputation as Seattles leading developer of in-fill, residential projects. For Manager Information, Please submit presentation to: managers@blueprintllc.com. This copy is for your personal, non-commercial use only. Primary Business Name: BLUEPRINT CAPITAL ADVISORS LLC CRD Number: 282327 Other-Than-Annual Amendment - All Sections Rev. BlackRock Sued by Blueprint for Theft, Racial Discrimination Blueprints FAIR program structures alternative investments through managed accounts or fund-of-one structures, the lawsuit said. Sadly, even today, a Black-owned firm like Blueprint has no voice and to get justice from the powerful Murphy Administration, Wall Streets biggest firm and one of its more influential institutional consultants. After months of due diligence, Blueprint learned that BlackRock had received Blueprints materials and would co-opt its FAIR program. Blueprint Capital is a leader in residential development. Capital Advisors Group, Inc. 29 Crafts Street Suite 270 Newton, MA 02458. Federal Judge Permits Racketeering Allegations by Black Firm Against According to the legal complaint filed on June 23, New Jersey initially promised to invest $500 million with Blueprint for its FAIR program. Black-Owned Asset Manager Sues NJ Pension Fund, BlackRock for Racial Bias, Pennsylvania Fund Debates How Best to Invest in Todays Environment. November 25, 2020 5 min read The Staff. You're welcome! Cision Distribution 888-776-0942 Slumping tech and property activity arent yet pushing the broader economy into recession. The Secure Act 2.0 will help a lot. Connect 1962(d), Count Eleven: Racketeering in Violation of N.J.S.A. Blueprint was founded in 2015 by Black investment professionals Jacob Walthour and Carrie Pickett. Black-Owned Investment Firm Sues New Jersey for Racial Bias Our clients receive a holistic legal perspective, efficient law management, and cost-effective solutions on complex legal matters. Get Started It continued: We will defend this matter vigorously and believe that the claims against Cliffwater have no merit., Corporations Are Agreeing More to CalPERS Diversity Demands, Lawmakers Introduce Bill to Boost Diversity at Asset Management Firms, Diversity Not a Priority for Asset Managers, Tags: BlackRock, Blueprint Capital Advisors, Division of Investment, Governor of New Jersey, Lawsuit, New Jersey, Phil Murphy, racial discrimination, Pennsylvania Fund Debates How Best to Invest in Todays Environment, 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 /. 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. Blueprint Capital Advisors LLC is a large advisory firm based in New York. One of the nations few Black-owned investment firms is suing New Jersey after a business proposal was rejected and an official allegedly said the states investment council is not a fan of investing with women and minority-owned firms.. For Immediate Release. Trump Atty Joins Race Bias Suit Against BlackRock, NJ At one point, though, Blueprint said DOI had promised that the state agency would be investing $500 million in pension money with the Black-run investment operation and that approval was a formality. New Jersey headquarter. It manages $1.04 billion of regulatory assets for 3 client accounts. Main: (617) 630-8100 Operations: (973) 808-0869 info@capitaladvisors.com. PDF United States District Court District of New Jersey Copying, photocopying or duplicating this publication 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. 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. 2023 Advance Local Media LLC. Follow @SaveJersey The plaintiff specially accuses Green and a second individual of having sent text blasts making the false and defamatory claims that [Blueprint co-founder Jacob] Walthour had been removed as Chair of the Ebony Media Holdings for insider trading, even though they knew these claims were false and had been told they were false., While Blueprint is forging new paths in the financial service sector, they should not have to contend with systemic and systematic racism from Governor Murphy and his administration, added Jay Sekulow of Constitutional Litigation and Advocacy Group (CLAG).Racial and economic justice is everyones fight and anti-racism is not only bi-partisan, it transcends politics. The conduct of the DOI and its representatives is unlawful and inexcusable, and they must cease and desist from these and similar actions immediately. But slowing profits in other sectors and rising interest rates are warning signs. "Its time to stop delaying justice," said Walthour. Cliffwater also released a statement saying the consulting firm did nothing wrong. The firms legal counsel, Wigdor LLP, sent a cease and desist letter on Friday, July 3 to New Jerseys counsel. New Jersey-based Blueprint Capital Advisors' lawsuit, filed in Newark on Tuesday June 23, states that in 2016 it handed over one thousand of pages of 'confidential information and trade secrets' to the DOI and its due diligence group Cliffwater LLC as part of a negotiation to secure a $500m alternative investment mandate. Blueprint alleges pension staff made efforts to block it from investing state money and turned against the firm after it spoke up about being treated unfairly. Thats why more than 150 real estate professionals know to call Blueprint if their clients have land suitable for development. A review of Blueprints allegations by BlackRock and an outside law firm has found nothing inconsistent with our standards nor anything suggesting any wrongdoing by BlackRock. McDonough also said, If the SIC knew Blueprint was a minority-owned firm, they would not approve the deal, the lawsuit said. 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. 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. Please subscribe today to NJ.com. Get up-to-date investment manager search leads, industry trends and investor profiles. Continue reading your article witha WSJ subscription, Already a member? Weve built Blueprint specifically to help independent, merchant builders be more successful. 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. 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. False statements or omissions may result in denial of your application, revocation of your registration, or criminal Blueprint Lawsuit Proceeds As New Jersey CIO Resigns bulk distribution needs, please contact Rob Regan at 212-627-7615 or e-mail. Blueprint Capital 2023. New York, NY 10010. PDF Form Adv - Sec The letter was penned by well-respected litigator, Michael Bowe, partner of Brown Rudnick and Blueprint's legal counsel. !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)? If DOI and its officials (including, but not limited to, Mr. Amon) are somehow still ignorant (which is no excuse or defense) of the fact that Blueprints assertion of legal claims and the filing of its lawsuit are legally protected against retaliation by the Defendants, then this letter is their written notice that they must stop such conduct right now.. As they get cheaper, going electric no longer has to be a costly proposition. But theres much more that can be done. document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 - Spotlight PR - All Rights Reserved News, 15 West 26th Street, 4th Fl. infringement subject to liability up to $100,000 per infringement. On June 23, Blueprint Capital Advisors, a Black-owned . Last Name. Billed as a glimpse into Teslas future, Investor Day was used as an opportunity to spotlight the companys leadership bench. Blueprint Capital Advisors LLC (New York) | Adviser Rankings - wallmine All Rights Reserved. Blueprint provides construction loans for over 60 local builders in the Seattle market. The dispute began in 2015, under Gov. Chris Christies administration, when Blueprint developed a proposal, called FAIR, that detailed a new investment strategy for the state pension fund that the firm said would save New Jersey money on high fees charged by hedge funds. In a 100-page complaint filed in federal court last year, Blueprint alleges that the defendants have openly retaliated against his firm as they promised they would if he pursued litigation to resolve the matter. Blueprint Capital Advisors LLC | Newark NJ - Facebook "The Division of Law, Treasury and Investments should come forward with the requested documents. 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. Both BlackRock and Cliffwater also said they condemn racism and discrimination. Wilshire Lays Out a Broader Asset Allocation, Kentucky Retirement System Trustees Say It Is Not Subject to State's Anti-ESG Law, Ohio State Pension Approves New Asset Allocation. Market Intelligence Get up-to-date investment manager search leads, industry trends and investor profiles. The division firmly and unequivocally condemns hatred, bigotry and racism in any form and is committed to providing opportunities for minority and women-owned business enterprises to do business with the state.. 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. The investment firm is also suing Wall Street giant BlackRock, a money management firm that the state ultimately hired, and Cliffwater, a consulting firm that advised the state on the deal. TRENTON, N.J. Blueprint Capital Advisors (Blueprint) is New Jerseys only Black asset manager firm. Our lending model is unique by design. 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, the statement said.