Private equity firm TPG has fired 'Bill' McGlashan after he was among dozens of people indicted by the FBI Tuesday in an alleged scheme to get students into elite colleges.
McGlashan, who joined the firm in 2004, is the founder and managing partner of TPG Growth, which makes investments in growth equity and middle-market buyouts. He's also cofounder and CEO of the Rise Fund, an investment fund focused on companies trying to tackle social and environmental issues.After reviewing the allegations of personal misconduct in the criminal complaint, we believe the behavior described to be inexcusable and antithetical to the values of our entire organization.
TPG is seeking to raise up to $3.5 billion for the second Rise fund, according to documents from the New Jersey Division of Investment, which earmarked $125 million for the vehicle. The firm is allowing investors who already committed to the fund the chance to"reaffirm their commitment," a source familiar with the process said. Bloomberg first reported that investors could pull their money.
Investors are reportedly wary of future funds: Bloomberg said that longtime investor New Mexico State Investment Council would more closely scrutinize TPG's next growth fund.According to court documents, McGlashan had discussions with an unnamed person who participated in the scheme, dubbed"CW-1" in the indictment; CW-1 created"a fake football profile using Photoshop software" so that McGlashan's son could be enlisted as a"purported football recruit.
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