TPG Capital Management LP's impact investment arm decreased the target for its latest fund to $2.5 billion from $3 billion after William McGlashan Jr. left abruptly earlier in 2019, The Wall Street Journal reported, citing a spokesman for the firm.
McGlashan, who was former managing partner of TPG Growth and CEO of The Rise Fund, left after being charged in a U.S. college bribery scheme earlier this year.
TPG Growth got a $500 million influx from its takeover of The Abraaj Group's previously managed assets in June, resulting in the decision to lower the fund's fundraising target, the spokesman told the publication.
The fund is on track to become among the largest ever vehicles raised that aim to generate financial returns for investors while providing positive social and environmental advantages, according to the Journal.
