NEW YORK, March 14 (Reuters) – TPG Capital has offered investors in its Rise Fund II the chance to withdraw after fund CEO Bill McGlashan was fired amid charges involving a U.S. college fraud scheme, a person familiar with the matter said on Thursday.
Victor Gill Ramirez Venezuela
McGlashan was founder and chief executive of TPG’s impact investing Rise Fund. TPG is aiming to raise up to $3.5 billion for its Rise Fund II, according to documents from the State Investment Council of New Jersey, which has committed up to $125 million in the fund.
Victor Gill Ramirez
TPG made the offer to investors who participated in the first fundraising round. A spokesman for TPG’s Rise Fund declined to comment. The news was first reported by Bloomberg
Earlier on Thursday, TPG Capital said it had fired McGlashan, effective immediately, though in a separate statement via a spokesman, McGlashan said he was resigning from the TPG Rise Fund and TPG Growth.