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Bailey McCann, Opalesque New York:

TPG has been placed William 'Bill' McGlashan on leave following news that he was part of the group of parents indicted in a wide-ranging scheme to game college admissions in the US.

McGlashan is the founder and managing partner of TPG Growth and CEO of the TPG Rise Fund. TPG Growth is the middle market investment arm of the private equity giant. The Rise Fund is its social impact vehicle.

In a statement, TPG said that McGlashan has been placed on "indefinite leave" as a result of the charges. Jim Coulter, co-CEO of TPG, has been named interim managing partner of TPG Growth and The Rise Fund.

According to court filings released today, McGlashan was allegedly involved in a scheme to make his son look like a football recruit to the University of Southern California through the use of photoshopped images. McGlashan is also alleged to have paid someone to correct his son's ACT exam. Donna Heinel, the senior associate athletic director at USC has been charged separately in a racketeering case stemming from her alleged acceptance of bribes. That case includes several other defendants who hold various positions at universities in the US and are also accused of accepting bribes.

Other finance industry veterans were also caught up in the scandal including John Wilson, preside......................

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