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The managing partner of the private equity firm is one of 33 parents accused of fraudulently organizing schooling for their children.
Private equity firm TPG put Bill McGlashan on indefinite leave after TPG Growth's managing partner was indicted as one of 40 accused in the College Admissions scandal.
"Following accusations of personal misconduct against Bill McGlashan, we put Mr. McGlashan on unlimited administrative leave as of now," read in a TPG statement Tuesday. Jim Coulter, TPG's co-CEO, will be Acting Managing Partner of TPG Growth Fund and The Rise, while Coulter, in partnership with the organization's leadership team, will lead all the investment work for both. "
McGlashan is one of 32 parents charged with conspiracy to commit mail and electronic fraud. the list of names also includes actresses Felicity Huffman and Lori Loughlin. According to the lawsuit filed Monday, McGlashan would have donated $ 50,000 to Key Worldwide Foundation, the college prep service at the center of the scandal, in exchange for his son's taking charge of the exam. ACT admission in a facility controlled by the KWF. later corrects his answers to the test. The FBI also recorded it during phone conversations about faking sports profiles so that his son would be admitted to the USC as a rookie.
In 2007, McGlashan founded TPG Growth, the mid-market growth and equity investment division, where he co-founded and serves on the boards of STX Entertainment and Evolution Media Capital (the latter is investment bank co-created by TPG). and its holding company CAA). McGlashan has also co-founded and serves as the CEO of The Rise Fund, an investment fund focused on social and environmental impact.
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