Private equity company TPG Capital has put TPG Growth fund founding partner Bill McGlashan on leave effective immediately following his alleged involvement in a nationwide college admissions scandal. McGlashan, who also cofounder and CEO of the Rise Fund, TPG’s social investment arm, will be replaced on an interim by TPG’s co-CEO Jim Coulter.
“As a result of the charges of personal misconduct against Bill McGlashan, we have placed Mr. McGlashan on indefinite administrative leave effective immediately,” said a TPG spokesperson in a statement shared with Variety Tuesday afternoon.
McGlashan is just the latest celebrity caught up in the scandal, which involved dozens of people paying bribes to get their children into prestigious universities. Prosecutors filed charges against 33 parents Tuesday, including “Fuller House” actress Lori Loughlin and “Desperate Housewives” veteran Felicity Huffman.
Some of the individuals charged allegedly paid up to $6.5 million for guaranteed spots at schools including Yale University, Georgetown University, Stanford University, UCLA and USC. McGlashan allegedly paid more than $250,000 to get his son into USC, Bloomberg reported earlier on Thursday.
TPG is best known in Hollywood for its ownership of the Creative Artists Agency (CAA), of which it acquired a majority stake in 2014. The equity firm also led a $450 million round of funding in Vice in 2017.