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. 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. After months of due diligence, Blueprint learned that BlackRock had received Blueprints materials and would co-opt its FAIR program. 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 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 . 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 . NY Common Names Interim EM Program Director, Copyright Notice: Copyright 2020 by Financial Investment News (FIN) and GRLM, Thats why more than 150 real estate professionals know to call Blueprint if their clients have land suitable for development. bulk distribution needs, please contact Rob Regan at 212-627-7615 or e-mail. 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. 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, 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. Blueprint Capital Advisors is one of the few U.S. investment firms founded by African-Americans. Cision Distribution 888-776-0942 With our. 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. Blueprint offers builders value-added services during the entire development lifecycle in addition to financing. in any form other than as permitted by agreement with FIN is prohibited and may constitute copyright 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. Name * First Name. The state Treasury Department unequivocally denies the allegations and will fight the lawsuit, a statement said. The only publication focusing exclusively on emerging & diverse asset managers. The initial complaints timeline of alleged transgressions began in 2015 during the Christie Administration. McDonough also said, If the SIC knew Blueprint was a minority-owned firm, they would not approve the deal, the lawsuit said. 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 firm sought a 1% management fee and a 10% performance fee. Copying, photocopying or duplicating this publication It was necessary to file this complaint in a court of law, said Jacob Walthour Jr., Blueprints co-founder and CEO. 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. 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 is represented by Tanvir H. Rahman, Lawrence M. Pearson, Renan F. Varghese and Taylor J. Crabill of Wigdor LLP. 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. Hear from our leadership team how our business is focused on your success. We hope that Amon's departure signifies that Murphy, and his AG will allow truth and justice to prevail," said Blueprint CEO Jacob Walthour. Practus offers thoughtful legal counsel across a range of industries and disciplines. Continue reading your article witha WSJ subscription, Already a member? Finding reliable financing is only one challenge facing builders. 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. Oops! Please subscribe today to NJ.com. 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. 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. 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. 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. 02.01.23 News MassPRIM Releases Emerging, Diverse Program Report False statements or omissions may result in denial of your application, revocation of your registration, or criminal in any form other than as permitted by agreement with FIN is prohibited and may constitute copyright document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 - Spotlight PR - All Rights Reserved The company has been scrutinized over fake reviews and criticized by customers who had trouble getting refunds. Blueprint also said the state agency retaliated against it for raising discrimination concerns. 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. Rising costs and a shortage of workers are pushing the Southwest-style restaurant chain to do more with less. Black-owned investment firm Blueprint Capital Advisors L.L.C. TRENTON, N.J. Blueprint Capital Advisors (Blueprint) is New Jerseys only Black asset manager firm. New York, NY 10010. The Biden administration is preparing a new program that could prohibit American investment in certain sectors in China, a step to guard U.S. technological advantages amid a growing competition between the worlds two largest economies. 2021 Capital Advisors Group Terms of UseDisclosures, Stefan Spazek, EVP - Director of Debt Placement, Capital Advisors Group Insured Liquidity Account. Blueprint Capital Advisors (Blueprint) is New Jerseys only Black asset manager firm. 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. 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 dispute began in 2015, under Gov. Black-Owned Asset Manager Sues NJ Pension Fund, BlackRock for Racial Bias, Pennsylvania Fund Debates How Best to Invest in Todays Environment. 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. 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. Since 2009, we have developed. NEWARK, N.J., Jan. 30, 2023 /PRNewswire/ -- Newark, New Jersey -based Blueprint Capital Advisors, the prominent Black-owned asset manager with $1.6 billion in assets, announced today it will. Uncategorized We've built Blueprint specifically to help independent, merchant builders be more successful. But slowing profits in other sectors and rising interest rates are warning signs. BlackRock and Cliffwater also released statements denying any wrongdoing. 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. He is a named defendant in the case, leads the investment operation and was intimately involved in the delaying of Blueprint's information requests. 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. We are the number one source of financing for in-fill, residential projects due to our unrivaled combination of reliability and value-added service. Get up-to-date investment manager search leads, industry trends and investor profiles. A representative in the state's attorney general office declined to give a comment to Bloomberg News. 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. 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. 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. Our journalism needs your support. 2C:41-2(d), Count Thirteen: Aiding And Abetting Racketeering In Violation of N.J.S.A. 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. 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. News, 15 West 26th Street, 4th Fl. 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. 45 Academy Street, Suite 205 Newark, NJ 07102 . Photocopy permission is available solely through GRLM, LLC, Financial Investment 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 Family-controlled Dillards has combined share buybacks with keeping costs down, inventory tight and staff engaged with nearly fanatical customers. Blueprint is specially accusing the current administration of executing a smear campaign against it for bringing its original lawsuit. 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. Your $499/year EMM subscription includes: Monthly newsletters with the most pertinent headlines of the month. Weve built Blueprint specifically to help independent, merchant builders be more successful. 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 . This is his second . Blueprint Capital Advisors is one of the few U.S. investment firms founded by African-Americans. Counsel information for the defendants was not available. 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. 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