TPG Lowers Fundraising Goal at Impact Fund After College Scandal
By Heather Perlberg
TPG lowered the target for its second social impact fund, which was rocked after its leader Bill McGlashan was indicted in the college admissions scandal.
The fund, known as The Rise Fund II LP, is expected to raise about $2.5 billion after setting a goal of $3 billion, according to people familiar with the matter. The group is planning to close on more $1.2 billion of commitments from investors as soon as this month and reach $2 billion later this year, the people said.