TPG's Bill McGlashan was fired from the private equity firm on Thursday amid the massive college cheating scandal.
McGlashan, 55, has been terminated for cause from his positions with TPG and Rise effective immediately.
"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," said a TPG spokesperson.
McGlashan's resignation comes after a bombshell criminal complaint that implicated two-high profile actresses and a slew of top business executives in a $25 million cheating scheme to help students, predominately their children, get into prestigious colleges.
McGlashan participated in both the college entrance exam cheating scheme and the college recruitment scheme, including by conspiring to bribe the senior associate athletic director at the University of Southern California to present his son as an athletic recruit, according to the criminal complaint.
McGlashan managed TPG Growth which has invested in companies including Airbnb, Spotify and Uber, as well as led TPG's Rise Fund, which is committed to investing for social and environmental good, according to the website.
Media strategy representatives for McGlashan put out a statement that McGlashan resigned on Thursday that contradicted TPG's official release. Included in the release was McGlashan's note to the board members:
My Dear Board Members:
Though it breaks my heart to write this, I feel it is now the right thing to resign from The Rise Fund and TPG Growth. The progress we have made is too important for you to be distracted by the issues I am facing personally. The work The Rise Fund is doing is critically important to the world. By stepping down, I hope that The Rise Fund and TPG Growth will be best set to continue their mission. The Rise Fund and TPG Growth are obviously much bigger than any single individual, and it is important you continue building incredible companies that deliver great returns and impact. I am deeply sorry this very difficult situation may interfere with the work to which I have devoted my life.
As you can imagine, my primary concern at this point is for my family. I will also be focused on addressing the allegations that have been presented, and there are aspects of the story that have yet to emerge that I wish I could share. It is essential however that this process happens apart from The Rise Fund and TPG Growth.
It has been an absolute honor to work with all of you, and I am deeply grateful for the unique privilege I have had to start this work with you. I hope with all my heart for your great continued impact. I am going to focus on my family and comprehensively addressing the allegations, but I wish you all great success.
Jim Coulter will take over managing partner responsibilities for TPG Growth and Rise.