On June 23, Blueprint Capital Advisors, a Black-owned . 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. McDonough also said, If the SIC knew Blueprint was a minority-owned firm, they would not approve the deal, the lawsuit said. Hear from our leadership team how our business is focused on your success. Required fields are marked *. GCM Grosvenor Looks To Elevate Emerging, Diverse PE Firms, Emerging Mgrs. 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. 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. False statements or omissions may result in denial of your application, revocation of your registration, or criminal Capital Advisors Group, Inc. 29 Crafts Street Suite 270 Newton, MA 02458. We have decades of local experience and a well-earned reputation as Seattles leading developer of in-fill, residential projects. Blueprint provides construction loans for over 60 local builders in the Seattle market. Connect Cliffwater also released a statement saying the consulting firm did nothing wrong. 02.01.23 News MassPRIM Releases Emerging, Diverse Program Report Sadly, the treatment of Blueprint is indicative of how things really go down when no one is looking, said Walthour, the companys co-founder. Market Intelligence 2C:41-2(d), Count Thirteen: Aiding And Abetting Racketeering In Violation of N.J.S.A. Ensure you aren't missing business leads that your competitors are seeing. Approach Services Leadership Impact Press Contact Approach Services Leadership. Blueprint is Seattles largest buyer of land suitable for single family homes, townhomes and apartments. 769 likes. 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. Photocopy permission is available solely through GRLM, LLC, Financial Investment https://www.wsj.com/articles/black-owned-investment-firm-sues-new-jersey-for-racial-bias-11592957026. At its founding, Blueprint developed an innovative investment tool to save public pension funds millions on fees paid to money managers. NY Common Names Interim EM Program Director, Copyright Notice: Copyright 2020 by Financial Investment News (FIN) and GRLM, The only publication focusing exclusively on emerging & diverse asset managers. A major producer of soybeans, corn and wheat, Argentina is one of the world's top grains exporters, which provides crucial hard currency for the country's cash-strapped central bank. 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.. Your $499/year EMM subscription includes: Monthly newsletters with the most pertinent headlines of the month. Blueprint provides construction loans for over 60 local builders in the Seattle market. The firm sought a 1% management fee and a 10% performance fee. For non-personal use or to order multiple copies, please contact 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. Finding reliable financing is only one challenge facing builders. content 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 . 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. 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 Blueprint Capital Advisors LLC is a large advisory firm based in New York. Thank you! November 25, 2020 This month, we take our annual look at historically Black colleges and universities. But slowing profits in other sectors and rising interest rates are warning signs. Black-owned investment firm Blueprint Capital Advisors L.L.C. "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. 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. 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. 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. With our. Since 2009, we have developed. /marketintelligence/en/news-insights/latest-news-headlines/blueprint-capital-advisors-sues-new-jersey-2-firms-for-bias-theft-8211-bloomberg-59174740 Blueprint Capital is a leader in residential development. 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. Main: (617) 630-8100 Operations: (973) 808-0869 info@capitaladvisors.com. 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. 1962(d), Count Eleven: Racketeering in Violation of N.J.S.A. infringement subject to liability up to $100,000 per infringement. Blueprint alleged that state agency officials had said the agency would accept Blueprint's proposal, but did a similar deal with BlackRock instead. 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. For Immediate Release. 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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. 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. Continue reading your article witha WSJ subscription, Already a member? The legal action named the DOI, BlackRock, and Cliffwater as defendants. All rights reserved (About Us). 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. All rights reserved. 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 Secure Act 2.0 will help a lot. We hope that Amon's departure signifies that Murphy, and his AG will allow truth and justice to prevail," said Blueprint CEO Jacob Walthour. GCM Grosvenor Looks To Elevate Emerging, Diverse PE Firms, Emerging Mgrs. 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. 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. Emerging manager reports including quarterly performance and annual manager-of-manager supplement. 2C:41-2(c) and (d), Count 20: Tortious Interference with Prospective Economic Advantage. 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 lending model is unique by design. bulk distribution needs, please contact Rob Regan at 212-627-7615 or e-mail. in any form other than as permitted by agreement with FIN is prohibited and may constitute copyright Ensure you aren't missing business leads that your competitors are seeing. Blueprint Capital 2023. Blueprint was founded in 2015 by Black investment professionals Jacob Walthour and Carrie Pickett. Must Be Concise, Accurate When Pitching, Dallas Employees To Resume In-Person Next Gen Seminars, Chicago Teachers Considers MWDBE Private Equity Re-Ups, Illinois Teachers Makes Value-Add Real Estate Hire, Chicago Fire Suspends MWDBE Private Equity Search. 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. It was necessary to file this complaint in a court of law, said Jacob Walthour Jr., Blueprints co-founder and CEO. Name * First Name. All Rights Reserved. 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 . 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. Newark, N.J.-based asset management firm Blueprint Capital Advisors LLC sued the State of New Jersey Division of Investment, investment consultant Cliffwater LLC and New York-based BlackRock Inc. for alleged racial discrimination and theft of confidential business information, Bloomberg News reported June 23, citing a complaint filed in federal court in New Jersey. Thats why more than 150 real estate professionals know to call Blueprint if their clients have land suitable for development. 2023 Advance Local Media LLC. Batteries are the single most expensive element of an EV. A link to the full lawsuit is here, and media coverage on the case can be found here. This copy is for your personal, non-commercial use only. There is an entrenched good old boys network in Trenton and the DOI that has never worked to the benefit of minorities or women.. The firms legal counsel, Wigdor LLP, sent a cease and desist letter on Friday, July 3 to New Jerseys counsel. Blueprint Capital Advisors LLC, Newark, New Jersey. 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.. It manages $1.04 billion of regulatory assets for 3 client accounts. The case is. Our journalism needs your support. Billed as a glimpse into Teslas future, Investor Day was used as an opportunity to spotlight the companys leadership bench.