TPG Capital sacked Bill McGlashan, who was managing TPG Growth, an investor in Airbnb, Spotify and Uber, after the DOJ accused him of a scandal over university admissions.


McGlashan participated in the cheat ploy on college entrance exams and college recruiting, including conspiring to bribe the deputy director of sports at the University of Southern California to introduce his son as as a sports recruit, according to the complaint.

McGlashan has managed TPG Growth, which has invested in companies such as Airbnb, Spotify and Uber, as well as led TPG's Rise Fund, which is committed to investing in social and environmental good, according to the website.

Representatives of McGlashan's media strategy issued a statement that McGlashan resigned Thursday, which contradicts TPG's official publication. McGlashan's memo to the board members was included in the release:

My dear members of the board of directors:

Although it breaks my heart to write this, I think it's good now to step down from The Rise Fund and TPG Growth. The progress we have made is too important for you to be distracted by the problems I personally face. The work done by the Growth Fund is of paramount importance to the world. In retiring, I hope that The Rise Fund and TPG Growth will be in the best position to continue their mission. TPG's growth and growth fund is obviously much more important than any individual, and it's important that you continue to build incredible companies that deliver exceptional returns and impact. I deeply regret that this very difficult situation can interfere with the work to which I have devoted my life.

As you can imagine, my main concern at the moment is for my family. I will also focus on handling the allegations that have been presented, and some aspects of the story are not yet known, and I would like to share them. It is essential, however, that this process be conducted independently of The Rise Fund and TPG Growth.

It has been an honor for me to work with you all, and I am deeply grateful for the unique privilege I have enjoyed in starting this work with you. I hope with all my heart that your impact will continue to grow. I am going to focus on my family and deal comprehensively with the allegations, but I wish you all the best.

Jim Coulter will assume responsibility for managing partners for TPG Growth and Rise.

WATCH: The prominent businessmen involved in the student admissions program