Cision Distribution 888-776-0942 There is an entrenched good old boys network in Trenton and the DOI that has never worked to the benefit of minorities or women.. Last Name. For non-personal use or to order multiple copies, please contact 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. 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 /. New York, NY 10010. bulk distribution needs, please contact Rob Regan at 212-627-7615 or e-mail. 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 . 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. 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 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. According to Blueprint, the firm was told that the State Investment Council was not a fan of investing with women and minority-owned firms.. 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. The initial complaints timeline of alleged transgressions began in 2015 during the Christie Administration. All rights reserved. Hear from our leadership team how our business is focused on your success. Practus offers thoughtful legal counsel across a range of industries and disciplines. Blueprint was eventually hired to run money for New Jersey, but under terms that it describes as punitive.. !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)? No Reproduction Without Prior Authorizations. SaveJersey.com's Network of Contributors keeps you up-to-date on everything worth knowing in the Garden State. Blueprint is specially accusing the current administration of executing a smear campaign against it for bringing its original lawsuit. 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. The radiocentric structure of Argentina has its apex in Buenos Aires. This month, we take our annual look at historically Black colleges and universities. Blueprint provides construction loans for over 60 local builders in the Seattle market. 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. 2021 Capital Advisors Group Terms of UseDisclosures, Stefan Spazek, EVP - Director of Debt Placement, Capital Advisors Group Insured Liquidity Account. 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. Your email address will not be published. YouTubes privacy policy is available here and YouTubes terms of service is available here. Capital Advisors Group, Inc. 29 Crafts Street Suite 270 Newton, MA 02458. Kelly Heyboer may be reached at kheyboer@njadvancemedia.com. November 25, 2020 5 min read The Staff. 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. Oops! Blueprint Capital Advisors (Blueprint) is New Jerseys only Black asset manager firm. 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. All rights reserved. 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. We recognize the systemic challenges facing minority-owned firms in our industry and are committed to promoting positive change, McCombe said. 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. 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. Our lending model is unique by design. 769 likes. and have provided over $2 billion in construction financing. Our clients receive a holistic legal perspective, efficient law management, and cost-effective solutions on complex legal matters. Blueprint Capital Advisors is one of the few U.S. investment firms founded by African-Americans. We are the number one source of financing for in-fill, residential projects due to our unrivaled combination of reliability and value-added service. The conspirators did not even bother to change the purloined programs name, the complaint read. 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. 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. Blueprints FAIR program structures alternative investments through managed accounts or fund-of-one structures, the lawsuit said. Cliffwater dismissed the charges as having "no merit," and BlackRock denied wrongdoing on the matter or having any knowledge about Blueprint's prior talks with the state, Bloomberg News reported, citing statements from the firms. 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. 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 lawsuit alleges that Helmy and another Murphy aid delivered threatening messages to Walthour prior to the commencement of litigation. 24/7 unlimited online access to subscription content on the EMM site. The letter was penned by well-respected litigator, Michael Bowe, partner of Brown Rudnick and Blueprint's legal counsel. Blueprint was founded in 2015 by Black investment professionals Jacob Walthour and Carrie Pickett. Follow @SaveJersey Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Billed as a glimpse into Teslas future, Investor Day was used as an opportunity to spotlight the companys leadership bench. 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. infringement subject to liability up to $100,000 per infringement. Blueprint is aiming to get unredacted documents by taking Murphy back to court. 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. To read the qualitat exemestan mit versand full letter, click here. Blueprint Capital Advisors LLC is a large advisory firm based in New York. 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. The company has been scrutinized over fake reviews and criticized by customers who had trouble getting refunds. 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. Blueprint Capital Advisors is one of the few U.S. investment firms founded by African-Americans. TRENTON, N.J. - Blueprint Capital Advisors (Blueprint) is New Jersey's only Black asset manager firm. Instead, state officials and Cliffwater, a New York-based firm advising the state, gave the information on the FAIR program to BlackRock, the lawsuit said. 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. 1983(Against McDonough, Amon, Ajmani, and Helmy in their individual capacities), Count Six: Violation of 42 U.S.C. A representative in the state's attorney general office declined to give a comment to Bloomberg News. Batteries are the single most expensive element of an EV. Our journalism needs your support. 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.". in any form other than as permitted by agreement with FIN is prohibited and may constitute copyright '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 Get up-to-date investment manager search leads, industry trends and investor profiles. 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. "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. 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. 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. Ensure you aren't missing business leads that your competitors are seeing. 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. document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 - Spotlight PR - All Rights Reserved 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. Interested in selling your land? 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. Market Intelligence NEWARK, N.J., March 22, 2021 /PRNewswire/ -- "Blueprint Capital Advisors stands solidly behind Pastor David Jefferson Sr. Esq.," according to Blueprint CEO Jacob Walthour, Jr. Pastor Jefferson of . NY Common Names Interim EM Program Director, Copyright Notice: Copyright 2020 by Financial Investment News (FIN) and GRLM, Get Started 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. 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. NextMed said most of its customers are satisfied. 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. He is a named defendant in the case, leads the investment operation and was intimately involved in the delaying of Blueprint's information requests. Cliffwater also denied the allegations in a rebuttal. But slowing profits in other sectors and rising interest rates are warning signs. 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. 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. Global Economies in Flux: Drive Decisions with the Purchasing Managers Index (PMI) Data, Staying Strong in Volatile Markets: How Banks Can Overcome Challenges to Funding and Lending, The Rising Importance of Sustainability in Credit Risk, 10:00 - 11:00 am EST | 4:00 - 5:00 pm CET. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. 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. 45 Academy Street, Suite 205 Newark, NJ 07102 . 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. It manages $1.04 billion of regulatory assets for 3 client accounts. This copy is for your personal, non-commercial use only. 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. 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. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. 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 . On June 23, Blueprint Capital Advisors, a Black-owned . For Immediate Release. At its founding, Blueprint developed an innovative investment tool to save public pension funds millions on fees paid to money managers. 10/2021 8/12/2022 7:18:30 PM WARNING: Complete this form truthfully. New Jersey headquarter. !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)? BlackRock, one of the worlds largest money management firms, was ultimately chosen to implement a version of the investment strategy for New Jersey using the same program name -- FAIR, short for Fund Alignment and Incentive Reform. Connect McDonough also said, If the SIC knew Blueprint was a minority-owned firm, they would not approve the deal, the lawsuit said. 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. The firm sought a 1% management fee and a 10% performance fee. 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. Get in touch today. 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.. The conduct of the DOI and its representatives is unlawful and inexcusable, and they must cease and desist from these and similar actions immediately. Impact Press Contact. 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. 1962(c), Count Ten: Racketeering in Violation of 18 U.S.C. 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. 24/7 unlimited online access to subscription content on the EMM site. our Subscriber Agreement and by copyright law. News, 15 West 26th Street, 4th Fl. 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 . 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. 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. McCombe added: BlackRock participated in a competitive selection process run by the New Jersey State Division of Investment in 2016. content Blueprint Capital Advisors (BCA) is a trusted partner to sophisticated institutional investors in hedge fund and other alternative investment strategies. Primary Business Name: BLUEPRINT CAPITAL ADVISORS LLC CRD Number: 282327 Other-Than-Annual Amendment - All Sections Rev. Ohio STRS Loses 9.52% in 2022, Board Rejects Neville Vote of Confidence, Stocks, BondsHah! The firms legal counsel, Wigdor LLP, sent a cease and desist letter on Friday, July 3 to New Jerseys counsel. 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. 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. 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. Those complaints fell on deaf ears, the suit continued. 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. GCM Grosvenor Looks To Elevate Emerging, Diverse PE Firms, Emerging Mgrs. 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. Emerging manager reports including quarterly performance and annual manager-of-manager supplement. 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.
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