Alternative asset firm TPG, a backer of Airbnb Inc. and Uber Technologies Inc., has placed William E. (“Bill”) McGlashan, Jr. — the founder and managing partner of TPG Growth, the firm’s middle market investment group, and the co-founder and CEO of The Rise Fund, a social impact investment firm — on leave after he was among the dozens of individuals charged on March 12 by federal officials in what the U.S. Justice Department says was a multimillion-dollar nation-wide scheme to cheat the college admissions process.

“As a result of the charges of personal misconduct against Bill McGlashan, we have placed Mr. McGlashan on indefinite administrative leave effective immediately,” said a TPG spokesperson in a statement shared with Mergers & Acquisitions. “Jim Coulter, co-CEO of TPG, will be interim managing partner of TPG Growth and The Rise Fund. Mr. Coulter will, in partnership with the organization’s executive team, lead all investment work for both going forward.”

TPG Growth is the middle market and growth equity investment platform of TPG. With approximately $13.5 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies.
The Rise Fund has a long list of high-profile investors as founding board members, including: Bono, the lead singer of rock band U2; Richard Branson, the founder of the Virgin Group; Reid Hoffman, co-founder of LinkedIn ; and Laurene Powell Jobs, the widow of Steve Jobs, co-founder of Apple Inc. (Nasdaq: AAPL). According to the Rise Fund’s website, it is “committed to achieving social and environmental impact alongside competitive financial returns.”