William E. “Bill” McGlashan Jr., the founder and managing partner of TPG Growth, a private equity firm with investments in Airbnb and Uber, was placed on “indefinite administrative leave effective immediately,” according to a statement made to Fortune, after more than 40 CEOs and celebrities were indicted in a massive college admissions cheating scandal on Tuesday.
McGlashan, an outspoken advocate of ethical investing, is also known for partnering with fellow social impact-minded leaders such as Bono on The Rise Fund, a social impact investing fund TPG manages. The Silicon Valley investor has been charged with making a $50,000 charitable contribution in order to falsify his son’s ACT test results and thereby get his son admitted to the University of Southern California. Court documents show McGlashan discussed repeating the ACT cheating scheme for his two younger children.
“As a result of the charges of personal misconduct against Bill McGlashan, we have placed Mr. McGlashan on indefinite administrative leave effective immediately,” the company said in a statement sent to Fortune. “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.”
According to the court documents, McGlashan also considered creating a fake athletic profile for his son to facilitate an alternate method for college admissions: athletic recruitment. McGlashan would also make a donation to the school for a total of $250,000—$50,000 up front and the other $200,000 once his son was admitted, the indictment alleges.