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. Blueprint is represented by Tanvir H. Rahman, Lawrence M. Pearson, Renan F. Varghese and Taylor J. Crabill of Wigdor LLP. Please subscribe today to NJ.com. Cliffwater also denied the allegations in a rebuttal. 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. document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 - Spotlight PR - All Rights Reserved State Sen. Ron Rice, D-Essex, called on the Murphy Administration to launch a formal investigation of Blueprints claims of racial discrimination. Practus offers thoughtful legal counsel across a range of industries and disciplines. 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_1" ).setAttribute( "value", ( new Date() ).getTime() ); You have a question, and we have an answer.Your answer is only a click away. https://www.wsj.com/articles/black-owned-investment-firm-sues-new-jersey-for-racial-bias-11592957026. But slowing profits in other sectors and rising interest rates are warning signs. 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 . 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. 0. Contact: Jennifer Farmer, jennifer@spotlightpr.org, Your email address will not be published. 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. Name * First Name. Main: (617) 630-8100 Operations: (973) 808-0869 info@capitaladvisors.com. Copying, photocopying or duplicating this publication 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. 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. Emerging manager reports including quarterly performance and annual manager-of-manager supplement. Blueprint was founded in 2015 by Black investment professionals Jacob Walthour and Carrie Pickett. The conspirators did not even bother to change the purloined programs name, the lawsuit said. 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. Murphy's administration has stalled on document production for over 18 months. The Staff Continue reading your article witha WSJ subscription, Already a member? We are the number one source of financing for in-fill, residential projects due to our unrivaled combination of reliability and value-added service. No Reproduction Without Prior Authorizations. Connect The firm was founded on the premise of "We are different - we care about people and profit." 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.. 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. Scroll . For Manager Information, Please submit presentation to: managers@blueprintllc.com. Blueprint was eventually hired to run money for New Jersey, but under terms that it describes as punitive.. Are Defined Benefit Pension Funds Still Useful Recruiting, Retention Tools? 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. 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. 2C:41-2(c) and (d), Count 20: Tortious Interference with Prospective Economic Advantage. Get up-to-date investment manager search leads, industry trends and investor profiles. 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. content Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement, Privacy Policy and Cookie Statement, and Your Privacy Choices and Rights (each updated 1/26/2023). Distribution and use of this material are governed by Rising costs and a shortage of workers are pushing the Southwest-style restaurant chain to do more with less. Buenos Aires is the capital city of Argentina and is located in the province of Buenos Aires. 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. 1962(d)(Against the DOI, McDonough, Rosenstock, Ajmani, Walsh, and BlackRock), Count Eleven: Racketeering in Violation of N.J.S.A. 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. News, 15 West 26th Street, 4th Fl. Get up-to-date investment manager search leads, industry trends and investor profiles. On June 23, Blueprint Capital Advisors, a Black-owned . GCM Grosvenor Looks To Elevate Emerging, Diverse PE Firms, Emerging Mgrs. 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. Whether youre a real estate agent, a builder, or an investor, Blueprint can help. News, 15 West 26th Street, 4th Fl. 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. Batteries are the single most expensive element of an EV. We will defend this matter vigorously and believe that the claims against Cliffwater have no merit, the company said. 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. 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. 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 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. The initial complaints timeline of alleged transgressions began in 2015 during the Christie Administration. This month, we take our annual look at historically Black colleges and universities. 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 . 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. 24/7 unlimited online access to subscription content on the EMM site. We are the number one source of financing for in-fill, residential projects due to our unrivaled combination of reliability and value-added service. 1983(Against McDonough, Amon, Ajmani, and Helmy in their individual capacities), Count Six: Violation of 42 U.S.C. 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. 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. The 55-page original complaint was filed back on June 23, 2020. 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. 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. Blueprint is aiming to get unredacted documents by taking Murphy back to court. 2C:41-2(d), Count Thirteen: Aiding And Abetting Racketeering In Violation of N.J.S.A. NY Common Names Interim EM Program Director, Copyright Notice: Copyright 2020 by Financial Investment News (FIN) and GRLM, At its founding, Blueprint developed an innovative investment tool to save public pension funds millions on fees paid to money managers. 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. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 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., BlackRock also strongly denied the charges and said that a review of the allegations from within the asset manager and from outside counsel foundnothing inconsistent with our standards nor anything suggesting any wrongdoing by BlackRock.. 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.. When typing in this field, a list of search results will appear and be automatically updated as you type. Capital Advisors Group, Inc. 29 Crafts Street Suite 270 Newton, MA 02458. infringement subject to liability up to $100,000 per infringement. 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. Our clients receive a holistic legal perspective, efficient law management, and cost-effective solutions on complex legal matters. A link to the full lawsuit is here, and media coverage on the case can be found here. 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. Ensure you aren't missing business leads that your competitors are seeing. 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 . 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. Oops! OUR CLIENTS. 2C:41-2(c)(Against the DOI, McDonough, Rosenstock, Ajmani, Walsh, and BlackRock), Count Twelve: Racketeering in Violation of N.J.S.A. As they get cheaper, going electric no longer has to be a costly proposition. 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. It has been registered with the SEC as an adviser since 2016 and has operated in the jurisdiction of New York. Blueprint Capital Advisors LLC is a large advisory firm based in New York. 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. 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. The only publication focusing exclusively on emerging & diverse asset managers. 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 . Impact Press Contact. Email . For non-personal use or to order multiple copies, please contact All Rights Reserved. Designed and Managed by Loebig Ink. 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 This is his second . 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. You're welcome! The state pension fund staff did not disclose the fund's ownership by DeVos which could be found in public records on the internet. We have investigated the allegations made by Blueprint and have found no evidence whatsoever. In separate statements, all three defendants denied the charges from Blueprint. He is a named defendant in the case, leads the investment operation and was intimately involved in the delaying of Blueprint's information requests. New York, NY 10010. For photocopy permission, back issues and Photocopy permission is available solely through GRLM, LLC, Financial Investment Blueprint Capital Advisors is one of the few U.S. investment firms founded by African-Americans. Community Rules apply to all content you upload or otherwise submit to this site.