Private-equity firm TPG said it fired William “Bill” McGlashan, an executive caught in the college-admissions scandal.
TPG said he was terminated, but in a note to board members McGlashan said he resigned.
The firm is letting investors take out their money from the latest fund McGlashan was raising.
Private-equity company TPG said it fired William “Bill” McGlashan and would let investors pull money from the fund that he ran.
McGlashan was first placed on leave on Tuesday after he was among dozens of parents and coaches indicted by the FBI in an alleged scheme to get students into elite colleges.
McGlashan, who joined the firm in 2004, is the founder and managing partner of TPG Growth, which makes investments in growth equity and middle market buyouts. He’s also cofounder and CEO of the Rise Fund, an investment fund focused on companies trying to tackle social and environmental issues.
A TPG spokesperson said on Thursday that McGlashan was “terminated for cause” in a statement.
“After reviewing the allegations of personal misconduct in the criminal complaint, we believe the behavior described to be inexcusable and antithetical to the values of our entire organization. As we stated in the previous announcement of Mr. McGlashan’s administrative leave, …read more
Source:: Businessinsider – Finance