March 12, 2019 / 10:08 PM / 6 months ago

TPG puts McGlashan on indefinite leave after U.S. college fraud bust

NEW YORK (Reuters) - TPG Capital said on Tuesday it had placed Bill McGlashan, managing partner of TPG Growth and chief executive of its Rise Fund, on indefinite administrative leave effective immediately following charges involving a U.S. college fraud scheme.

“Jim Coulter, Co-CEO of TPG, will be interim managing partner of TPG Growth and The Rise Fund,” a TPG spokesman said in an emailed statement.

Federal authorities arrested dozens on Tuesday for a $25 million scheme to help wealthy Americans, including actresses Felicity Huffman and Lori Loughlin and some CEOs, cheat their children’s way into elite universities, such as Yale and Stanford.

Reporting by Joshua Franklin in New York

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