Invoice McGlashan, the personal fairness government charged this week after a justice division investigation into bribery in US school admissions, is out of his roles at TPG Progress and The Rise Fund, the moral funding car he based with Bono final yr.
The information got here in clashing statements from the 2 sides. Mr McGlashan advised fellow administrators he had resigned, however TPG mentioned it had terminated him for trigger.
In an e mail to fellow board members on Thursday that was seen by the Monetary Occasions, Mr McGlashan mentioned that persevering with in his positions can be a distraction from the “critically essential” work of the fund.
His framing of his exit contrasted with a TPG assertion saying he had been fired. “After reviewing the allegations of private misconduct within the legal criticism, we imagine the behaviour described to be inexcusable and antithetical to the values of our complete organisation,” TPG mentioned.
An individual near TPG added: “Invoice wished to resign however we felt termination was extra applicable.”
In his letter, Mr McGlashan wrote: “Although it breaks my coronary heart to write down this, I really feel it’s now the fitting factor to resign from The Rise Fund and TPG Progress.”
He added: “As you possibly can think about, my main concern at this level is for my household. I can even be targeted on addressing the allegations which were offered, and there are features of the story which have but to emerge that I want I may share. It’s important nevertheless that this course of occurs other than The Rise Fund and TPG Progress.”
Wednesday, 13 March, 2019
The DoJ’s legal criticism alleged that Mr McGlashan paid a college admissions guide greater than $250,000 to discover a “facet door” into the College of Southern California for his son. TPG had already positioned Mr McGlashan on “indefinite administrative depart” within the wake of the DoJ’s fees.