TPG Fires McGlashan, Lets Investors Pull Money From Social Fund
Friday, March 15, 2019
By Sabrina Willmer and Gillian Tan
TPG said it fired Bill McGlashan, founder of the firm’s social-impact funds, after he was charged this week in a wide-ranging college-admissions scandal.
The company also is allowing investors in its second social impact fund to withdraw their commitments, according to a person familiar with the matter. The vehicle, known as The Rise Fund II LP, is still aiming to close this year with $3 billion.
McGlashan, who led TPG’s business focused on social good and founded its growth investing platform, was named with other parents in an indictment detailing schemes that involved paying coaches and college administrators to get children into top colleges. The government said clients paid $25 million in bribes from 2011 to 2018. McGlashan discussed paying at least $250,000 to get his son into University of Southern California, according to the criminal complaint.