Asset manager Blueprint Capital Advisors sued New Jersey's Division of Investment and BlackRock Inc., claiming they stole confidential business information and discriminated against the. 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. BlackRock, Inc. BLK and New Jersey's Division of Investment ("DOI") have been sued by Blueprint Capital Advisors for stealing confidential business information and discriminating against the. We will defend this matter vigorously and believe that the claims against Cliffwater have no merit, the company said. 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. All rights reserved (About Us). The conspirators did not even bother to change the purloined programs name, the complaint read. Thank you! BlackRock and Cliffwater also released statements denying any wrongdoing. Impact Press Contact. TRENTON, N.J. - Blueprint Capital Advisors (Blueprint) is New Jersey's only Black asset manager firm. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Blueprint was later hired to manage some of the states investments, though the lawsuit said the terms were punitive and retaliatory compared to the deals other money managers were offered and the firm made far less than it was originally expecting. As they get cheaper, going electric no longer has to be a costly proposition. Get up-to-date investment manager search leads, industry trends and investor profiles. The firm was founded on the premise of "We are different - we care about people and profit." Murphy's administration has stalled on document production for over 18 months. !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)? It manages $1.04 billion of regulatory assets for 3 client accounts. YouTubes privacy policy is available here and YouTubes terms of service is available here. 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. 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. Uncategorized 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. The only publication focusing exclusively on emerging & diverse asset managers. 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. 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 . 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. Nor have we found any evidence that BlackRock improperly received any materials or other information regarding Blueprints plans or proposal as alleged, said Mark McCombe, BlackRocks chief client officer. We have decades of local experience and a well-earned reputation as Seattles leading developer of in-fill, residential projects. Blueprint Capital Advisors Gets Court Date In NJ DOI Lawsuit Black-owned asset manager Blueprint Capital Advisors will get a court date in a longstanding federal lawsuit filed against the New Jersey Division of Investment and others. Your $499/year EMM subscription includes: Monthly newsletters with the most pertinent headlines of the month. When typing in this field, a list of search results will appear and be automatically updated as you type. 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." 2021 Capital Advisors Group Terms of UseDisclosures, Stefan Spazek, EVP - Director of Debt Placement, Capital Advisors Group Insured Liquidity Account. For photocopy permission, back issues and For Manager Information, Please submit presentation to: managers@blueprintllc.com. 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.. Thats why more than 150 real estate professionals know to call Blueprint if their clients have land suitable for development. 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. 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. At its founding, Blueprint developed an innovative investment tool to save public pension funds millions on fees paid to money managers. 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. The company has been scrutinized over fake reviews and criticized by customers who had trouble getting refunds. Copyright 2023 Asset International, Inc. All Rights Reserved. latest-news-headlines You're welcome! 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 . Capital Advisors Group, Inc. 29 Crafts Street Suite 270 Newton, MA 02458. Blueprint provides construction loans for over 60 local builders in the Seattle market. 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. 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. 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. https://www.wsj.com/articles/black-owned-investment-firm-sues-new-jersey-for-racial-bias-11592957026. The legal action named the DOI, BlackRock, and Cliffwater as defendants. 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. In separate statements, all three defendants denied the charges from Blueprint. 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. GCM Grosvenor Looks To Elevate Emerging, Diverse PE Firms, Emerging Mgrs. Blueprint Capital Advisors LLC is a large advisory firm based in New York. From project sourcing, design and permitting right through to sale, we are with our builders every step of the way. Oops! 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. Get in touch today. Community Rules apply to all content you upload or otherwise submit to this site. Blueprint Capital Advisors is one of the few U.S. investment firms founded by African-Americans. Blueprint Capital Advisors is one of the few U.S. investment firms founded by African-Americans. New technology and automation allow snowmakers to combat warmer, wetter winters. Our lending model is unique by design. No Reproduction Without Prior Authorizations. Get up-to-date investment manager search leads, industry trends and investor profiles. 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. Blueprint Healthcare Real Estate Advisors was engaged by Integral Senior Living (ISL), the Nation's 9th largest operator of seniors housing, to identify a strategic capital partner who possessed . The conspirators did not even bother to change the purloined programs name, the lawsuit said. Blueprint offers builders value-added services during the entire development lifecycle in addition to financing. We specialize in servicing institutional investors and wealthy families through discretionary and investment advisory services. infringement subject to liability up to $100,000 per infringement. 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 . Blueprint is specially accusing the current administration of executing a smear campaign against it for bringing its original lawsuit. 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. 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. 2023 Advance Local Media LLC. Weve built Blueprint specifically to help independent, merchant builders be more successful. Billed as a glimpse into Teslas future, Investor Day was used as an opportunity to spotlight the companys leadership bench. 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. He is a named defendant in the case, leads the investment operation and was intimately involved in the delaying of Blueprint's information requests. 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. 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. It was necessary to file this complaint in a court of law, said Jacob Walthour Jr., Blueprints co-founder and CEO. TRENTON, N.J. Blueprint Capital Advisors (Blueprint) is New Jerseys only Black asset manager firm. Your email address will not be published. New York, NY 10010. Kelly Heyboer may be reached at kheyboer@njadvancemedia.com. News, 15 West 26th Street, 4th Fl. Blueprint brought FAIR, its highly researched investment tool, to the State of New Jersey. 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. 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. All rights reserved. The state Treasury Department unequivocally denies the allegations and will fight the lawsuit, a statement said. 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. 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. New York, NY 10010. 1962(d), Count Eleven: Racketeering in Violation of N.J.S.A. Approach Services Leadership Impact Press Contact Approach Services Leadership. 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. Batteries are the single most expensive element of an EV. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Blueprint Capital Advisors (BCA) is a trusted partner to sophisticated institutional investors in hedge fund and other alternative investment strategies. 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.