TPG Rise founder leaves firm in wake of U.S. college admissions scandal

TPG Upward push founder leaves company in wake of U.S. school admissions scandal


NEW YORK (Reuters) – TPG Capital senior government Invoice McGlashan on Thursday left the non-public fairness company after he was once charged in reference to a U.S. school fraud scheme that has ensnared Hollywood celebrities and company elite.

A plaque is pictured at College of Southern California in Los Angeles, California, U.S., March 13, 2019. REUTERS/Mario Anzuoni

It’s the most recent fallout from a U.S. federal case charging rich folks, together with McGlashan in addition to actors Felicity Huffman and Lori Loughlin, in what government say was once a $25 million rip-off to assist their youngsters get into elite universities.

McGlashan, one in every of TPG’s highest-profile figures, helped lead investments in firms akin to Uber Applied sciences Inc and Airbnb Inc, and taken superstar traders akin to Bono into the company’s Upward push Fund.

In a commentary by way of a spokesman, McGlashan stated he was once resigning from the TPG Upward push Fund, which he based and was once leader government, and TPG Expansion, the place he was once managing spouse.

“I can be enthusiastic about addressing the allegations which have been introduced, and there are facets of the tale that experience but to emerge that I want I may just percentage,” he stated.

In a separate commentary, TPG stated it had fired McGlashan.

“We imagine the habits described to be inexcusable and antithetical to the values of our whole group,” TPG stated in a commentary.

In regards to the conflicting statements, a spokeswoman for McGlashan equipped an electronic mail trade which she stated was once between McGlashan, TPG co-CEOs Jon Winkelried and Jim Coulter, and Chairman David Bonderman. The trade suggests McGlashan resigned round an hour sooner than he was once informed TPG had terminated his employment.

Within the electronic mail trade, Winkelried wrote that the company was once making ready to ship McGlashan his understand of termination when he despatched his resignation word.

TPG declined to remark additional.

CHANCE TO WITHDRAW

To stem the fallout, TPG has introduced traders in its Upward push Fund II the risk to withdraw, a supply aware of the topic stated on Thursday. [nL8N21181Y]

TPG made the be offering to traders who participated within the first spherical of fundraising. TPG determined to do that given the alternate in cases this week and now not as it was once brought about by way of McGlashan’s departure, the supply stated.

A spokesman for TPG’s Upward push Fund declined to remark.

TPG raised $2 billion for the primary Upward push fund in 2017, a fund enthusiastic about affect making an investment which objectives to learn society whilst turning in monetary returns.

TPG is aiming to boost as much as $three.five billion for its 2nd Upward push Fund, consistent with paperwork from the State Funding Council of New Jersey, which has dedicated as much as $125 million within the fund.

The Upward push Fund is a small a part of the $103 billion in belongings that TPG has below control, however this is a high-profile house because of the rising urge for food for affect making an investment.

TPG has stated Jim Coulter will take over managing spouse duties for TPG Expansion and Upward push.

Reporting by way of Joshua Franklin in New York, enhancing by way of Rosalba O’Brien, Lisa Shumaker and Richard Chang



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