Capital Advisors Group, Inc. 29 Crafts Street Suite 270 Newton, MA 02458. Blueprint Capital Advisors NEWARK, NJ Less than three weeks after the State of New Jersey was named in a federal racial discrimination, retaliation and fraud lawsuit, information has once again been received regarding retaliation by the State of New Jersey against Blueprint Capital Advisors. Blueprint Capital heading to court in $100M lawsuit on racketeering 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. 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 theft of confidential business information. It had also been brought to the New Jersey Teachers Union's (NJEA) attention by Blueprint's attorneys that Amon approved a $120 million investment in a fund partially owned by former Trump Education Secretary Betsy Devos. The firm sought a 1% management fee and a 10% performance fee. But, this is not only a case about a past abuse, it is a case about a wrong that continues today, and will continue every day Governor Murphy does nothing. and have provided over $2 billion in construction financing. Emerging manager reports including quarterly performance and annual manager-of-manager supplement. 1962(d)(Against the DOI, McDonough, Rosenstock, Ajmani, Walsh, and BlackRock), Count Eleven: Racketeering in Violation of N.J.S.A. When Blueprint repeatedly complained, the state retaliated by barring it from obtaining more work managing other investments, according to the lawsuit, which was filed by employment law firm Wigdor on Tuesday. Blueprints FAIR program structures alternative investments through managed accounts or fund-of-one structures, the lawsuit said. Counsel information for the defendants was not available. From project sourcing, design and permitting right through to sale, we are with our builders every step of the way. Blueprint Capital Advisors is one of the few U.S. investment firms founded by African-Americans. Newark, N.J.-based asset management firm Blueprint Capital Advisors LLC sued the State of New Jersey Division of Investment, investment consultant Cliffwater LLC and New York-based BlackRock Inc. for alleged racial discrimination and theft of confidential business information, Bloomberg News reported June 23, citing a complaint filed in federal court in New Jersey. The Newark firm said in court documents Tuesday that New Jersey's pension office "usurped" its. 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. Practus offers thoughtful legal counsel across a range of industries and disciplines. 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. This landmark case is about affording equal access and exposing the veil of inequality that exists in the asset management and financial services sector for Black Americans in New Jersey and this country.. from 8 AM - 9 PM ET. News, 15 West 26th Street, 4th Fl. BlackRock Sued by Blueprint for Theft, Racial Discrimination esgSubNav, Discover more about S&P Globals offerings. /marketintelligence/en/news-insights/latest-news-headlines/blueprint-capital-advisors-sues-new-jersey-2-firms-for-bias-theft-8211-bloomberg-59174740 Blueprint Capital Advisors LLC is a large advisory firm based in New York. 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. For photocopy permission, back issues and Plaintiff Blueprint Capital Advisors, LLC ("BCA," "the Company," or "Plaintiff"), by and through its undersigned counsel, Brown Rudnick, LLP and the Constitutional Litigation Advocacy Group, P.C., hereby alleges, as and for its Amended Complaint against The initial complaints timeline of alleged transgressions began in 2015 during the Christie Administration. All Rights Reserved. Kelly Heyboer may be reached at kheyboer@njadvancemedia.com. 1962(c)(Against the DOI, McDonough, Rosenstock, Dini Ajmani, BlackRock and Walsh), Count Ten: Racketeering in Violation of 18 U.S.C. PDF Form Adv - Sec Our lending model is unique by design. Blueprint CEO Jacob Walthour named to New Jersey's People of Color of This month, we take our annual look at historically Black colleges and universities. 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 Capital Advisors is one of the few U.S. investment firms founded by African-Americans. Main: (617) 630-8100 Operations: (973) 808-0869 info@capitaladvisors.com. November 25, 2020 5 min read The Staff. Rising costs and a shortage of workers are pushing the Southwest-style restaurant chain to do more with less. News | Emerging Manager Monthly Murphy's administration has stalled on document production for over 18 months. The radiocentric structure of Argentina has its apex in Buenos Aires. TRENTON, N.J. - Blueprint Capital Advisors (Blueprint) is New Jersey's only Black asset manager firm. Black-Owned Investment Firm Sues New Jersey for Racial Bias A Black-owned investment firm sued New Jersey for racial bias on Tuesday, saying officials told it that the states pension was averse to hiring money-management firms owned by minorities. Blueprint is represented by Tanvir H. Rahman, Lawrence M. Pearson, Renan F. Varghese and Taylor J. Crabill of Wigdor LLP. Blueprint Capital is a leader in residential development. The only publication focusing exclusively on emerging & diverse asset managers. The complaint also accused named defendants of conspiring to give to the plan to another firm, BlackRock Capital Investment Corporation, which is also named in the complaint. Connect Oops! 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.. The letter was penned by well-respected litigator, Michael Bowe, partner of Brown Rudnick and Blueprint's legal counsel. NEWARK, NJ - Less than three weeks after the State of New Jersey was named in a federal racial discrimination, retaliation and fraud lawsuit, information has once again been received regarding retaliation by the State of New Jersey against Blueprint Capital Advisors. This copy is for your personal, non-commercial use only. But slowing profits in other sectors and rising interest rates are warning signs. The state pension fund staff did not disclose the fund's ownership by DeVos which could be found in public records on the internet. The firms legal counsel, Wigdor LLP, sent a cease and desist letter on Friday, July 3 to New Jerseys counsel. Weve built Blueprint specifically to help independent, merchant builders be more successful. Family-controlled Dillards has combined share buybacks with keeping costs down, inventory tight and staff engaged with nearly fanatical customers. NY Common Names Interim EM Program Director, Copyright Notice: Copyright 2020 by Financial Investment News (FIN) and GRLM, Required fields are marked *. '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'); Follow @MattRooneyNJ We hope that Amon's departure signifies that Murphy, and his AG will allow truth and justice to prevail," said Blueprint CEO Jacob Walthour. The build-to-rent communities we develop generally have upwards of 300 units and combine the convenience of renting with the perks of a single-family home. Email . Now, Blueprint received information from a credible source regarding what appears to be attempts to tortiously interfere with Blueprints business dealings, allegedly calling the firms clients with the intent of getting them to terminate or reduce their relationship with Blueprint. November 25, 2020 There is an entrenched good old boys network in Trenton and the DOI that has never worked to the benefit of minorities or women.. 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 . 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. Market Intelligence New Jersey's only black-owned asset manager adds Murphy, top aides to In its 102-page amended complaint, the plaintiff expands upon the alleged culpability of Murphy-era figures including Chief of Staff George Helmy, former Chief Counsel Matt Platkin, and controversial Murphy appointee Derrick Green. McCombe added: BlackRock participated in a competitive selection process run by the New Jersey State Division of Investment in 2016. 2C:41-2(c)(Against the DOI, McDonough, Rosenstock, Ajmani, Walsh, and BlackRock), Count Twelve: Racketeering in Violation of N.J.S.A. 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. 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. For photocopy permission, back issues and 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. 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. bulk distribution needs, please contact Rob Regan at 212-627-7615 or e-mail. All rights reserved (About Us). 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 /. Photocopy permission is available solely through GRLM, LLC, Financial Investment After months of due diligence, Blueprint learned that BlackRock had received Blueprints materials and would co-opt its FAIR program. Blueprint Capital Buenos Aires is the capital city of Argentina and is located in the province of Buenos Aires. Cliffwater also denied the allegations in a rebuttal. 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. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, FEDERAL JUDGE PERMITS RACKETEERING ALLEGATIONS BY BLACK FIRM AGAINST BLACKROCK, NEW JERSEY, AND OTHERS. Blueprint claimed that an official of the state agency said New Jersey was "not a fan of investing with women- and minority-owned firms," according to the news outlet. '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. A link to the full lawsuit is here, and media coverage on the case can be found here. Your submission has been received! Governor Murphy was quoted as saying, "justice delayed is justice denied" in a recent public address. In 2015, Jacob co-founded Blueprint Capital Advisors which became one of the fastest growing Black-owned asset management firms in the nation and today oversees in excess of $1 billion on behalf of wealthy individuals and institutional investors. Then, in 2016, BlackRock won the contract. 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. Blueprint Capital Advisors Embarks on Growth Plan and Expands Into The conspirators did not even bother to change the purloined programs name, the lawsuit said. GCM Grosvenor Looks To Elevate Emerging, Diverse PE Firms, Emerging Mgrs. Federal Judge Permits Racketeering Allegations by Black Firm Against The state Treasury Department unequivocally denies the allegations and will fight the lawsuit, a statement said. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. 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. It manages $1.04 billion of regulatory assets for 3 client accounts. But theres much more that can be done. Federal Judge Permits Racketeering Allegations by Black Firm Against 769 likes. Black-owned asset manager sues NJ for racial bias and theft When seeking the NJEA endorsement Murphy said the following: "We will need, more than ever before, a governor who has a steel backbone, who is prepared to stand up and say, "No, Secretary DeVos" or "No, President Trump, you will not do that in the great state of New Jersey." our Subscriber Agreement and by copyright law. The NAACP, National Urban League, New Jersey National Action Network and Chair of the New Jersey Legislative Black Caucus have called on Murphy to investigate the matter. Buenos Aires Capital City of Argentina SurdelSurAR But their proposal was never recommended to the State Investment Council, the government group that oversees state investments, the lawsuit said. Last Name. 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. Attorney Lawrence M. Pearson of Wigdor LLP, wrote in the Cease and Desist letter: It has come to our attention that senior officials with New Jerseys Division of Investment (the DOI), including DOI Director Corey Amon, have been contacting Blueprints other investors for the purpose of tortiously interfering with the Companys business relationships. Walthour remains adamant that the State of New Jersey Division of Investment allegedly stole proprietary information and trade secrets and gave the information to Larry Fink's BlackRock Alternative Advisors. Emerging manager reports including quarterly performance and annual manager-of-manager supplement. 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.". Scroll . 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. 2021 Capital Advisors Group Terms of UseDisclosures, Stefan Spazek, EVP - Director of Debt Placement, Capital Advisors Group Insured Liquidity Account. Blueprint was founded in 2015 by Black investment professionals Jacob Walthour and Carrie Pickett. 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. Blueprint provides construction loans for over 60 local builders in the Seattle market. Get in touch today. Blueprint Capital Advisors (BCA) is a trusted partner to sophisticated institutional investors in hedge fund and other alternative investment strategies. 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. 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. Since 2009, we have developed. The lawsuit alleges that Helmy and another Murphy aid delivered threatening messages to Walthour prior to the commencement of litigation. 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. We have investigated the allegations made by Blueprint and have found no evidence whatsoever. 1983, Count Seven: Discrimination In Violation of the New Jersey Civil Rights Act, Count Eight: Retaliation in Violation of the New Jersey Civil Rights Act, Count Nine: Racketeering Violation of 18 U.S.C. 2C:41-2(c) and (d), Count 20: Tortious Interference with Prospective Economic Advantage. The conspirators did not even bother to change the purloined programs name, the complaint read. in any form other than as permitted by agreement with FIN is prohibited and may constitute copyright 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. 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. LLC. 2C:41-2(c), Count Twelve: Racketeering in Violation of N.J.S.A. State Sen. Ron Rice, D-Essex, called on the Murphy Administration to launch a formal investigation of Blueprints claims of racial discrimination. 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 . 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. LLC. 1983(Against McDonough, Amon, Ajmani, and Helmy in their individual capacities), Count Six: Violation of 42 U.S.C. This is his second . Nationally Syndicated Talk Show Host Roland Martin Headlines Racial and Blueprint Capital Advisors sues New Jersey, 2 firms for bias, theft Bloomberg, Banking Essentials Newsletter: Feb 22nd Edition, Wells Fargo Securities Now Available in S&P Globals Aftermarket Research Collection, According to Market Intelligence, February 2023, A Central Bank Gains Market Intelligence to Support its Supervision and Stability Roles. Distribution and use of this material are governed by New Jersey headquarter. Blueprint Capital Advisors Gets Court Date In NJ DOI Lawsuit Slumping tech and property activity arent yet pushing the broader economy into recession. "The Division of Law, Treasury and Investments should come forward with the requested documents. Please stay up to date with what we are up to by liking our Facebook page: Blueprint Capital Advisors LLC. BlackRock Aims To Sink Bias Claims From Black-Owned Firm Black-Owned Asset Manager Sues NJ Pension Fund, BlackRock for Racial Bias, Pennsylvania Fund Debates How Best to Invest in Todays Environment. Blueprint was founded in 2015 by Black investment professionals Jacob Walthour and Carrie Pickett. Copyright 2023 Asset International, Inc. All Rights Reserved. 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 . Cookie Settings/Do Not Sell My Personal Information. 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. All rights reserved. In separate statements, all three defendants denied the charges from Blueprint. 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. 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. Copying, photocopying or duplicating this publication The 55-page original complaint was filed back on June 23, 2020. McDonough also said, If the SIC knew Blueprint was a minority-owned firm, they would not approve the deal, the lawsuit said. Thats why more than 150 real estate professionals know to call Blueprint if their clients have land suitable for development. For Immediate Release. For Manager Information, Please submit presentation to: managers@blueprintllc.com. Blueprint currently sponsors two real estate investment trusts: Blueprint Capital Income REIT, Inc. which encompasses our lending business; and Blueprint Capital REIT, Inc. which develops our rental real estate projects.Blueprint Capital Income REIT focuses on providing stockholders with current income in the form of quarterly dividends whereas Blueprint Capital REIT seeks to provide stockholders with long-term capital appreciation through development projects. Trump Atty Joins Race Bias Suit Against BlackRock, NJ Are Defined Benefit Pension Funds Still Useful Recruiting, Retention Tools? 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. Both BlackRock and Cliffwater also said they condemn racism and discrimination. T30 Capital Forms Partnership With Blueprint Capital Advisors to Scale With our. 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.. So in addition to construction financing, we offer builders value-added services covering the entire development cycle. Whether you are interested in selling your land to Blueprint, connecting about development services, or just reaching out to say hi, please complete the form below: Do you have land you think Blueprint would be interested in? We've built Blueprint specifically to help independent, merchant builders be more successful. 1962(d), Count Eleven: Racketeering in Violation of N.J.S.A. We have decades of local experience and a well-earned reputation as Seattles leading developer of in-fill, residential projects. 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. NextMed said most of its customers are satisfied. 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. SaveJersey.com's Network of Contributors keeps you up-to-date on everything worth knowing in the Garden State. Blueprint Capital Advisors LLC | Newark NJ - Facebook 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. 1985(Against Cliffwater and BlackRock), Count Seven: Discrimination In Violation of the New Jersey Civil Rights Act(Against McDonough, Amon, Ajmani, and Helmy in their individual capacities), Count Eight: Retaliation in Violation of the New Jersey Civil Rights Act(Against McDonough, Amon, Ajmani, and Helmy in their individual capacities), Count Nine: Racketeering Violation of 18 U.S.C.
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