As they get cheaper, going electric no longer has to be a costly proposition. https://www.wsj.com/articles/black-owned-investment-firm-sues-new-jersey-for-racial-bias-11592957026. Scroll . Blueprint Capital Advisors (BCA) is a trusted partner to sophisticated institutional investors in hedge fund and other alternative investment strategies. Hear from our leadership team how our business is focused on your success. With our. 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. Murphy's administration has stalled on document production for over 18 months. The only publication focusing exclusively on emerging & diverse asset managers. Blueprint brought FAIR, its highly researched investment tool, to the State of New Jersey. Please subscribe today to NJ.com. 1962(c)(Against the DOI, McDonough, Rosenstock, Dini Ajmani, BlackRock and Walsh), Count Ten: Racketeering in Violation of 18 U.S.C. Blueprint provides construction loans for over 60 local builders in the Seattle market. New Jersey DOI v Blueprint Capital Advisors - PR New York NY Weve built Blueprint specifically to help independent, merchant builders be more successful. BlackRock, Inc. BLK and New Jersey's Division of Investment ("DOI") have been sued by Blueprint Capital Advisors for stealing confidential business information and discriminating against the. Blueprint alleged that state agency officials had said the agency would accept Blueprint's proposal, but did a similar deal with BlackRock instead. For Manager Information, Please submit presentation to: managers@blueprintllc.com. 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 . 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. All rights reserved. At one point, though, Blueprint said DOI had promised that the state agency would be investing $500 million in pension money with the Black-run investment operation and that approval was a formality. Email . 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. Cliffwater also released a statement saying the consulting firm did nothing wrong. esgSubNav, Discover more about S&P Globals offerings. McCombe added: BlackRock participated in a competitive selection process run by the New Jersey State Division of Investment in 2016. We have investigated the allegations made by Blueprint and have found no evidence whatsoever. 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. The letter was penned by well-respected litigator, Michael Bowe, partner of Brown Rudnick and Blueprint's legal counsel. 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. Billed as a glimpse into Teslas future, Investor Day was used as an opportunity to spotlight the companys leadership bench. 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. After months of due diligence, Blueprint learned that BlackRock had received Blueprints materials and would co-opt its FAIR program. Blueprint Capital Advisors Gets Court Date In NJ DOI Lawsuit 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. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Blueprint was eventually hired to run money for New Jersey, but under terms that it describes as punitive.. 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 . Black-owned asset manager sues NJ for racial bias and theft GCM Grosvenor Looks To Elevate Emerging, Diverse PE Firms, Emerging Mgrs. 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. There is an entrenched good old boys network in Trenton and the DOI that has never worked to the benefit of minorities or women.. We've built Blueprint specifically to help independent, merchant builders be more successful. Prominent New Jersey Pastor Slams National and NJ Democrats for 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 . Our 100-page detailed complaint speaks for itself and Governor Murphy should fix this before a Federal court does.. When typing in this field, a list of search results will appear and be automatically updated as you type. 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. T30 Capital Forms Partnership With Blueprint Capital Advisors to Scale 24/7 unlimited online access to subscription content on the EMM site. Blueprint is aiming to get unredacted documents by taking Murphy back to court. Blueprint Capital Advisors 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. Walthour remains adamant that the State of New Jersey Division of Investment allegedly stole proprietary information and trade secrets and gave the information to Larry Fink's BlackRock Alternative Advisors. We specialize in servicing institutional investors and wealthy families through discretionary and investment advisory services. 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. 2C:41-2(c)(Against the DOI, McDonough, Rosenstock, Ajmani, Walsh, and BlackRock), Count Twelve: Racketeering in Violation of N.J.S.A. 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. !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)? 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 . The initial complaints timeline of alleged transgressions began in 2015 during the Christie Administration. Get up-to-date investment manager search leads, industry trends and investor profiles. 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. 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. Copyright 2023 Asset International, Inc. All Rights Reserved. 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. 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 lawsuit against Governor Phil Murphy's administration when Superior Court Judge Mary Jacobson ordered the administration to produce documents no later than May 7, 2021. 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 /. 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.). PDF Form Adv - Sec 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.. All rights reserved. Brown Rudnick Defeats Motion to Dismiss in Landmark Civil Rights Case 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.