From conversations with relevant parties, we are aware that DOI employees have contacted several clients in a transparent and retaliatory attempt to have Chicago Police pull out of its investment with Blueprint. State Sen. Ron Rice, D-Essex, called on the Murphy Administration to launch a formal investigation of Blueprints claims of racial discrimination. 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. Your submission has been received! 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 /. At its founding, Blueprint developed an innovative investment tool to save public pension funds millions on fees paid to money managers. 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. 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. 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. Contact: Jennifer Farmer, jennifer@spotlightpr.org, Your email address will not be published. Blueprints FAIR program structures alternative investments through managed accounts or fund-of-one structures, the lawsuit said. Blueprint Capital 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.. Main: (617) 630-8100 Operations: (973) 808-0869 info@capitaladvisors.com. 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 2023. LLC. Please stay up to date with what we are up to by liking our Facebook page: Blueprint Capital Advisors LLC. Blueprint Capital Advisors 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. Approach Services Leadership Impact Press Contact Approach Services Leadership. The conspirators did not even bother to change the purloined programs name, the lawsuit said. 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 . 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 . New York, NY 10010. 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. 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. 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. Get Started 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. Since 2009, we have developed. 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. latest-news-headlines 2C:41-2(d), Count Thirteen: Aiding And Abetting Racketeering In Violation of N.J.S.A. 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. infringement subject to liability up to $100,000 per infringement. 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. 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 infringement subject to liability up to $100,000 per infringement. News | Emerging Manager Monthly Blueprint offers builders value-added services during the entire development lifecycle in addition to financing. 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. Emerging manager reports including quarterly performance and annual manager-of-manager supplement. On June 23, Blueprint Capital Advisors, a Black-owned . 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. Counsel information for the defendants was not available. Thank you! PDF United States District Court District of New Jersey Please subscribe today to NJ.com. Black-Owned Asset Manager Sues NJ Pension Fund, BlackRock for Racial Bias, Pennsylvania Fund Debates How Best to Invest in Todays Environment. 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. Capital Advisors Group, Inc. | Insight. Independence. Focus. bulk distribution needs, please contact Rob Regan at 212-627-7615 or e-mail. 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. Primary Business Name: BLUEPRINT CAPITAL ADVISORS LLC CRD Number: 282327 Other-Than-Annual Amendment - All Sections Rev. 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. Helmy sent a direct message through a politically connected, Democratic party lawyer that if Blueprint didn't cease its agitation the state would terminate the company's services. Get up-to-date investment manager search leads, industry trends and investor profiles. NY Common Names Interim EM Program Director, Copyright Notice: Copyright 2020 by Financial Investment News (FIN) and GRLM, 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. New York, NY 10010. Follow @SaveJersey The initial complaints timeline of alleged transgressions began in 2015 during the Christie Administration. 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. Argentine farmers protest tax, currency policies as drought weighs To read the qualitat exemestan mit versand full letter, click here. The legal action named the DOI, BlackRock, and Cliffwater as defendants. 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. NEWARK, N.J., Oct. 26, 2021 /PRNewswire/ -- Blueprint Capital Advisors CEO & Co-Founder Jacob Walthour, Jr. has been named to ROI NJ's People of Color Influencers for 2021. Distribution and use of this material are governed by 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. We recognize the systemic challenges facing minority-owned firms in our industry and are committed to promoting positive change, McCombe said. News, 15 West 26th Street, 4th Fl. Get started by completing the form below and a member of our team will follow up with you. 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. 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. 1962(c)(Against the DOI, McDonough, Rosenstock, Dini Ajmani, BlackRock and Walsh), Count Ten: Racketeering in Violation of 18 U.S.C. 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 heading to court in $100M lawsuit on racketeering "The Division of Law, Treasury and Investments should come forward with the requested documents. 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. 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. New Jersey, BlackRock Sued for Alleged Discrimination and Theft GCM Grosvenor Looks To Elevate Emerging, Diverse PE Firms, Emerging Mgrs. For Immediate Release. BlackRock Aims To Sink Bias Claims From Black-Owned Firm This copy is for your personal, non-commercial use only. 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 . 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 provides construction loans for over 60 local builders in the Seattle market. For non-personal use or to order multiple copies, please contact On June 23, Blueprint Capital Advisors, a Black-owned asset management firm, sued the state of New Jersey, BlackRock Alternative Advisors and Cliffwater LLC alleging racial discrimination, retaliation and fraud. Murphy's administration has stalled on document production for over 18 months. 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. Nationally Syndicated Talk Show Host Roland Martin Headlines Racial and Designed and Managed by Loebig Ink. Blueprint Capital Advisors LLC is a large advisory firm based in New York. Blueprint brought FAIR, its highly researched investment tool, to the State of New Jersey. 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. 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. Are Defined Benefit Pension Funds Still Useful Recruiting, Retention Tools? The conspirators did not even bother to change the purloined programs name, the complaint read. Uncategorized 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. in any form other than as permitted by agreement with FIN is prohibited and may constitute copyright All rights reserved (About Us). The Newark firm said in court documents Tuesday that New Jersey's pension office "usurped" its. from 8 AM - 9 PM ET. According to Blueprint, the firm was told that the State Investment Council was not a fan of investing with women and minority-owned firms.. In addition to lending, Blueprint also develops income-producing rental property for its portfolio in Seattle and Phoenix. We have decades of local experience and a well-earned reputation as Seattles leading developer of in-fill, residential projects. You're welcome! Get in touch today. 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. 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?