We are the number one source of financing for in-fill, residential projects due to our unrivaled combination of reliability and value-added service. Primary Business Name: BLUEPRINT CAPITAL ADVISORS LLC CRD Number: 282327 Other-Than-Annual Amendment - All Sections Rev. document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 - Spotlight PR - All Rights Reserved 45 Academy Street, Suite 205 Newark, NJ 07102 . Billed as a glimpse into Teslas future, Investor Day was used as an opportunity to spotlight the companys leadership bench. 1983(Against McDonough, Amon, Ajmani, and Helmy in their individual capacities), Count Six: Violation of 42 U.S.C. 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. McDonough also said, If the SIC knew Blueprint was a minority-owned firm, they would not approve the deal, the lawsuit said. 1962(c), Count Ten: Racketeering in Violation of 18 U.S.C. Get Started 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. GCM Grosvenor Looks To Elevate Emerging, Diverse PE Firms, Emerging Mgrs. This landmark case is about affording equal access and exposing the veil of inequality that exists in the asset management and financial services sector for Black Americans in New Jersey and this country.. It was necessary to file this complaint in a court of law, said Jacob Walthour Jr., Blueprints co-founder and CEO. Family-controlled Dillards has combined share buybacks with keeping costs down, inventory tight and staff engaged with nearly fanatical customers. We've built Blueprint specifically to help independent, merchant builders be more successful. Blueprint was founded in 2015 by Black investment professionals Jacob Walthour and Carrie Pickett. 1962(d), Count Eleven: Racketeering in Violation of N.J.S.A. Blueprint was founded in 2015 by Black investment professionals Jacob Walthour and Carrie Pickett. 2C:41-2(d), Count Thirteen: Aiding And Abetting Racketeering In Violation of N.J.S.A. News, 15 West 26th Street, 4th Fl. Email . Weve built Blueprint specifically to help independent, merchant builders be more successful. Our 100-page detailed complaint speaks for itself and Governor Murphy should fix this before a Federal court does.. According to Blueprint, the firm was told that the State Investment Council was not a fan of investing with women and minority-owned firms.. BlackRock had no knowledge of what, if any, discussions Blueprint might have had with New Jersey prior to approaching us this year threatening a lawsuit, nearly four years after the New Jersey mandate was awarded to BlackRock.. The conspirators did not even bother to change the purloined programs name, the complaint read. Finding reliable financing is only one challenge facing builders. Impact Press Contact. 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 (BCA) is a trusted partner to sophisticated institutional investors in hedge fund and other alternative investment strategies. in any form other than as permitted by agreement with FIN is prohibited and may constitute copyright 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. 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. 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. Cliffwater also denied the allegations in a rebuttal. bulk distribution needs, please contact Rob Regan at 212-627-7615 or e-mail. Your email address will not be published. Blueprint provides construction loans for over 60 local builders in the Seattle market. The legal action named the DOI, BlackRock, and Cliffwater as defendants. 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 . November 25, 2020 5 min read The Staff. Our clients receive a holistic legal perspective, efficient law management, and cost-effective solutions on complex legal matters. 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.). The letter was penned by well-respected litigator, Michael Bowe, partner of Brown Rudnick and Blueprint's legal counsel. 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. 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 /. News, 15 West 26th Street, 4th Fl. 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. TRENTON, N.J. Blueprint Capital Advisors (Blueprint) is New Jerseys only Black asset manager firm. 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. Ohio STRS Loses 9.52% in 2022, Board Rejects Neville Vote of Confidence, Stocks, BondsHah! In separate statements, all three defendants denied the charges from Blueprint. 2C:41-2(c)(Against the DOI, McDonough, Rosenstock, Ajmani, Walsh, and BlackRock), Count Twelve: Racketeering in Violation of N.J.S.A. You're welcome! Blueprint claimed that an official of the state agency said New Jersey was "not a fan of investing with women- and minority-owned firms," according to the news outlet. According to the legal complaint filed on June 23, New Jersey initially promised to invest $500 million with Blueprint for its FAIR program. Get in touch today. 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. OUR CLIENTS. U.S. District Judge Julien Xavier Neals ruled BlackRock, the world's largest asset manager with just under $8 trillion in total assets, and BlueOwl, with about $65.7 billion in . Murphy's administration has stalled on document production for over 18 months. Cision Distribution 888-776-0942 Blueprint offers builders value-added services during the entire development lifecycle in addition to financing. No Reproduction Without Prior Authorizations. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. LLC. Your $499/year EMM subscription includes: Monthly newsletters with the most pertinent headlines of the month. The Secure Act 2.0 will help a lot. 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. A full list of the amended complaints causes of actions (as articulated in the plaintiffs attorneys release announcing the new filing) is posted below: Count One: Permanent Injunction Pursuant to 42 U.S.C 1983 and 1981(Against Governor Murphy, Corey Amon, Dini Ajmani, and George Helmy), Count Two: Violation of the Fifth Amendment Takings Clause(Against the DOI), Count Three: Breach of Contract(Against the DOI), Count Four: Discrimination and Retaliation in Violation of Section 1981(Against McDonough, Amon, Ajmani, Helmy in their individual capacities), Count Five: Violation of 42 U.S.C. The conspirators did not even bother to change the purloined programs name, the lawsuit said. 02.01.23 News MassPRIM Releases Emerging, Diverse Program Report Cliffwater also released a statement saying the consulting firm did nothing wrong. The only publication focusing exclusively on emerging & diverse asset managers. Blueprint is represented by Tanvir H. Rahman, Lawrence M. Pearson, Renan F. Varghese and Taylor J. Crabill of Wigdor LLP. NY Common Names Interim EM Program Director, Copyright Notice: Copyright 2020 by Financial Investment News (FIN) and GRLM, The conduct of the DOI and its representatives is unlawful and inexcusable, and they must cease and desist from these and similar actions immediately. 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. Connect Get started by completing the form below and a member of our team will follow up with you. The case is. 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.. 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. 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. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. He is a named defendant in the case, leads the investment operation and was intimately involved in the delaying of Blueprint's information requests. A link to the full lawsuit is here, and media coverage on the case can be found here. 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.. !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)? When typing in this field, a list of search results will appear and be automatically updated as you type. For Manager Information, Please submit presentation to: managers@blueprintllc.com. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved, 50% off + free delivery on any order with DoorDash promo code, 60% off running shoes and apparel at Nike without a promo code, Score up to 50% off Nintendo Switch video games with GameStop coupon code. Buenos Aires is the capital city of Argentina and is located in the province of Buenos Aires. Designed and Managed by Loebig Ink. New York, NY 10010. 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. 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. Uncategorized NY Common Names Interim EM Program Director, Copyright Notice: Copyright 2020 by Financial Investment News (FIN) and GRLM, BlackRock and Cliffwater also released statements denying any wrongdoing. 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. Main: (617) 630-8100 Operations: (973) 808-0869 info@capitaladvisors.com. infringement subject to liability up to $100,000 per infringement. 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. 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. esgSubNav, Discover more about S&P Globals offerings. 2C:41-2(c) and (d), Count 20: Tortious Interference with Prospective Economic Advantage. 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. 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. In an unexpected twist today, Division of Investment Director Corey Amon resigned. 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. 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. Blueprint provides construction loans for over 60 local builders in the Seattle market. 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. We recognize the systemic challenges facing minority-owned firms in our industry and are committed to promoting positive change, McCombe said. 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. Blueprint is Seattles largest buyer of land suitable for single family homes, townhomes and apartments. 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. 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. 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.. All rights reserved. Photocopy permission is available solely through GRLM, LLC, Financial Investment 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. For photocopy permission, back issues and Both BlackRock and Cliffwater also said they condemn racism and discrimination. "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. 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. from 8 AM - 9 PM ET. and have provided over $2 billion in construction financing. bulk distribution needs, please contact Rob Regan at 212-627-7615 or e-mail. Please stay up to date with what we are up to by liking our Facebook page: Blueprint Capital Advisors LLC. 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. A representative in the state's attorney general office declined to give a comment to Bloomberg News. The firm was founded on the premise of "We are different - we care about people and profit." "Its time to stop delaying justice," said Walthour. Copying, photocopying or duplicating this publication New York, NY 10010. Blueprints FAIR program structures alternative investments through managed accounts or fund-of-one structures, the lawsuit said. 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. Copying, photocopying or duplicating this publication Emerging manager reports including quarterly performance and annual manager-of-manager supplement. '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 /marketintelligence/en/news-insights/latest-news-headlines/blueprint-capital-advisors-sues-new-jersey-2-firms-for-bias-theft-8211-bloomberg-59174740 So in addition to construction financing, we offer builders value-added services covering the entire development cycle. New Jersey headquarter. In addition to lending, Blueprint also develops income-producing rental property for its portfolio in Seattle and Phoenix. Blueprint Capital Advisors is one of the few U.S. investment firms founded by African-Americans. 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. Your submission has been received! 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 . Blueprint Capital Advisors LLC is a large advisory firm based in New York.