and have provided over $2 billion in construction financing. 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 material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Designed and Managed by Loebig Ink. 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. latest-news-headlines Governor Murphy was quoted as saying, "justice delayed is justice denied" in a recent public address. in any form other than as permitted by agreement with FIN is prohibited and may constitute copyright 0. This copy is for your personal, non-commercial use only. 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. 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. The conspirators did not even bother to change the purloined programs name, the complaint read. The letter was penned by well-respected litigator, Michael Bowe, partner of Brown Rudnick and Blueprint's legal 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. In addition to lending, Blueprint also develops income-producing rental property for its portfolio in Seattle and Phoenix. Blueprint also said the state agency retaliated against it for raising discrimination concerns. New York, NY 10010. Buenos Aires is the capital city of Argentina and is located in the province of Buenos Aires. The 55-page original complaint was filed back on June 23, 2020. The Department of the Treasury Division of Investment (Division) unequivocally denies all of Blueprints material allegations and will defend the case vigorously, read the statement. infringement subject to liability up to $100,000 per infringement. Get in touch today. A link to the full lawsuit is here, and media coverage on the case can be found here. 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. When typing in this field, a list of search results will appear and be automatically updated as you type. The firm sought a 1% management fee and a 10% performance fee. Batteries are the single most expensive element of an EV. Last Name. The state Treasury Department unequivocally denies the allegations and will fight the lawsuit, a statement said. 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. Copying, photocopying or duplicating this publication document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 - Spotlight PR - All Rights Reserved Connect 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 Secure Act 2.0 will help a lot. 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. LLC. 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. There is an entrenched good old boys network in Trenton and the DOI that has never worked to the benefit of minorities or women.. !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)? This month, we take our annual look at historically Black colleges and universities. 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. Blueprint was founded in 2015 by Black investment professionals Jacob Walthour and Carrie Pickett. 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. We are the number one source of financing for in-fill, residential projects due to our unrivaled combination of reliability and value-added service. esgSubNav, Discover more about S&P Globals offerings. 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. Uncategorized 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 . Blueprint Capital Advisors is one of the few U.S. investment firms founded by African-Americans. Blueprint Capital 2023. Our 100-page detailed complaint speaks for itself and Governor Murphy should fix this before a Federal court does.. 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 is Seattles largest buyer of land suitable for single family homes, townhomes and apartments. For photocopy permission, back issues and Get started by completing the form below and a member of our team will follow up with you. Those complaints fell on deaf ears, the suit continued. Blueprint is aiming to get unredacted documents by taking Murphy back to court. We specialize in servicing institutional investors and wealthy families through discretionary and investment advisory services. African American-owned hedge fund-of-funds Blueprint Capital Advisors is claiming that documents turned over by the New Jersey State Treasury and Division of Investment were "so heavily redacted, they could not be read," as the firm's lawsuit against the state for racial bias and alleged stealing of proprietary information continues. According to Blueprint, the firm was told that the State Investment Council was not a fan of investing with women and minority-owned firms.. However, Blueprint alleges that the state's attorneys have consistently tried to prevent the release of public information in the matter of Blueprint. 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. Practus offers thoughtful legal counsel across a range of industries and disciplines. We recognize the systemic challenges facing minority-owned firms in our industry and are committed to promoting positive change, McCombe said. Distribution and use of this material are governed by Our journalism needs your support. 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. 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. 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. 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. Developing residential assets for our portfolio produces attractive cash flow and creates stockholder value.In the Seattle area, we develop high-quality studio apartments close to transit, shopping, and entertainment. 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. 24/7 unlimited online access to subscription content on the EMM site. It was necessary to file this complaint in a court of law, said Jacob Walthour Jr., Blueprints co-founder and CEO. 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. Interested in selling your land? The only publication focusing exclusively on emerging & diverse asset managers. Your $499/year EMM subscription includes: Monthly newsletters with the most pertinent headlines of the month. A representative in the state's attorney general office declined to give a comment to Bloomberg News. 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. Oops! Get Started 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. 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. Then, in 2016, BlackRock won the contract. 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. has announced it will get its day in court on a longstanding federal lawsuit against BlackRock Inc. and Owl Rock Capital Corp. (now BlueOwl Capital Inc.). 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 . 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.. 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. 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. 1962(d)(Against the DOI, McDonough, Rosenstock, Ajmani, Walsh, and BlackRock), Count Eleven: Racketeering in Violation of N.J.S.A. 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. 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. 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. 2C:41-2(c)(Against the DOI, McDonough, Rosenstock, Ajmani, Walsh, and BlackRock), Count Twelve: Racketeering in Violation of N.J.S.A. https://www.wsj.com/articles/black-owned-investment-firm-sues-new-jersey-for-racial-bias-11592957026. All rights reserved. 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. 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. 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. 02.01.23 News MassPRIM Releases Emerging, Diverse Program Report 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. 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. Blueprint is specially accusing the current administration of executing a smear campaign against it for bringing its original lawsuit. 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. 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 /. 2C:41-2(c) and (d), Count 20: Tortious Interference with Prospective Economic Advantage. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 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 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 . 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. After months of due diligence, Blueprint learned that BlackRock had received Blueprints materials and would co-opt its FAIR program. Your submission has been received! 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 . Family-controlled Dillards has combined share buybacks with keeping costs down, inventory tight and staff engaged with nearly fanatical customers. '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 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. Are Defined Benefit Pension Funds Still Useful Recruiting, Retention Tools? TRENTON, N.J. - Blueprint Capital Advisors (Blueprint) is New Jersey's only Black asset manager firm.