TPG Puts McGlashan on Leave After Charges in College Scandal
Thursday, March 14, 2019
By Sabrina Willmer
Private equity giant TPG put Bill McGlashan on indefinite administrative leave after he was charged Tuesday in a sweeping criminal conspiracy with improperly helping his son try to win admission to top colleges.
Co-Chief Executive Officer Jim Coulter will be the interim managing partner of the TPG Growth and Rise funds that McGlashan ran, according to a statement Tuesday from the firm. McGlashan was named with other parents, coaches and test administrators in the indictment, which detailed schemes to give cash to test-takers to help students cheat on entrance exams and to pay coaches to designate applicants as athletic recruits, according to prosecutors.
McGlashan has been the face of social impact investing at TPG, which manages more than $103 billion in assets. Under McGlashan, the social impact business has attracted significant assets from clients, including public pension plans, and invested in educational ventures. TPG raised $2 billion in 2017 for the Rise Fund, the largest social impact pool of its kind.
Photo courtesy of kellsbells27.