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TPG executive charged in college bribery scheme leaves company

TPG Capital Management LP senior executive William McGlashan Jr. resigned from the TPG Rise Fund that he co-founded and led as CEO, Reuters reported, citing a statement from the executive via a spokesperson.

TPG said in a separate statement that it fired McGlashan, who was also founder and managing partner at the firm's growth equity and smaller buyout investment arm, TPG Growth the news outlet added.

The departure comes days after a number of high-profile executives and celebrities were charged for conspiracy to commit mail and wire fraud related to a bribery scheme to secure the their children's admission to top universities across the U.S.

TPG had said on March 12 that it placed McGlashan on indefinite administrative leave, with co-CEO Jim Coulter to serve as interim managing partner of TPG Growth and the Rise Fund.

A McGlashan spokeswoman provided Reuters with an email exchange between McGlashan, TPG co-CEOs Jon Winkelried and Coulter, and Chairman David Bonderman that suggested that McGlashan resigned roughly an hour before he was told of his termination, according to the report.

Citing an unnamed source familiar with the matter, the newswire added that TPG has offered investors in Rise Fund II a chance to withdraw. The fund is aiming to raise up to $3.5 billion, the newswire noted, citing documents from the State Investment Council of New Jersey.