Bill McGlashan resigned Thursday from his executive roles at private equity firm TPG and social impact firm The Rise Fund, after he was implicated alongside dozens of wealthy individuals in a college admissions cheating scandal, believed to be the largest in U.S. history.
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McGlashan had served as managing partner of TPG Growth, the firm’s growth equity arm, and co-founded The Rise Fund alongside “U2” singer Bono. The 55-year-old executive announced his exit in a note to board members at both firms.
“I am deeply sorry this very difficult situation may interfere with the work to which I have devoted my life,” McGlashan wrote. “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.”
McGlashan and dozens of other defendants were arrested and charged with various counts of bribery and fraud for their involvement in the admissions scheme. Wealthy parents, including actresses Lori Loughlin and Felicity Huffman, paid a combined $25 million in bribes to college coaches, school officials and test administrators in order to influence the admissions process and improve their kids’ chances of gaining entry to top schools.
Court documents revealed that McGlashan conspired to falsify test results and a create a fake athletic history for his son so that he could attend the University of Southern California. At one point, McGlashan and an official who was cooperating with federal authorities discussed the possibility of altering photos to make it appear as though his son was a kicker or punter under recruitment by USC’s football team.
TPG initially placed McGlashan on indefinite leave. The private equity firm is the majority owner of Hollywood talent agency CAA.