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TPG Growth Founding Partner Bill McGlashan speaks onstage TechCrunch Disrupt SF 2015. Photo: Steve Jennings/Getty Images for TechCrunch

Bill McGlashan, a high-profile private equity investor who was among the parents charged in the college admissions scheme this week, is no longer at the firm, though there's disagreement as to whether he resigned or was fired.

Why it matters: McGlashan not only established and headed TPG's growth fund, but he also created the firm's Rise Fund, a vehicle focused on "social impact investing," including education.

What happened:

  • It appears both McGlashan and the firm had decided at the same to terminate the relationship, a source tells Axios. However, McGlashan sent his resignation memo first, about an hour before firm co-CEO Jon Winkelried replied with a termination notice the firm was working on, according to emails shared with Axios. TPG Capital's statement about terminating McGlashan was sent to Axios and other reporters first.
  • It's unclear whether the distinction matters more to either party for public positioning reasons or for financial ones (meaning, what economic interests McGlashan will get to keep).

From TPG:

"Bill McGlashan has been terminated for cause from his positions with TPG and Rise effective immediately. After reviewing the allegations of personal misconduct in the criminal complaint, we believe the behavior described to be inexcusable and antithetical to the values of our entire organization. As we stated in the previous announcement of Mr. McGlashan’s administrative leave, Jim Coulter will take over managing partner responsibilities for TPG Growth and Rise."

Others from the business world:

  • Gordon Caplan, co-chairman of law firm Wilkie Farr & Gallagher, is currently on leave.
  • Manuel Henriquez, founder and CEO of Hercules Growth Technology Capital, has resigned.

Editor's note: The story has been updated with additional context about the sequence of events and the lack of clarity as to whether McGlashan was officially fired or has resigned.

Go deeper

Updated 42 mins ago - Politics & Policy

Gunman kills 8 people in shooting at FedEx facility in Indianapolis

A screenshot of the Indianapolis Metropolitan Police Department spokesperson Genae Cook during a news conference Friday morning. Photo: Indianapolis Metropolitan Police Department/Facebook

A gunman opened fire at a FedEx warehouse facility in Indianapolis late Thursday, killing at least eight people and wounding multiple others, authorities said.

Details: "The alleged shooter has taken his own life here at the scene," Indianapolis Metropolitan Police Department spokesperson Genae Cook said during a news conference early Friday.

Dems race to address, preempt stimulus fraud claims

Illustration: Aïda Amer/Axios

Biden officials are working to root out the systematic fraud in unemployment and Paycheck Protection Program claims that plagued the Trump administration’s efforts to boost the economy with coronavirus relief money, Gene Sperling told House committee chairmen privately this week.

Why it matters: President Biden just signed another $1.9 trillion of aid into law, with Sperling tapped to oversee its implementation. And the administration is asking Congress to approve another $2.2 trillion for the first phase of an infrastructure package.

8 hours ago - Politics & Policy

Scoop: Biden close to picking Nick Burns as China ambassador

Nicholas Burns. Photo: Alex Wong/Getty Images

Nicholas Burns, a career diplomat, is in the final stages of vetting to serve as President Biden’s ambassador to China, people familiar with the matter tell Axios.

Why it matters: Across the administration, there's a consensus the U.S. relationship with China will be the most critical — and consequential — of Biden's presidency. From trade to Taiwan, the stakes are high. Burns could be among the first batch of diplomatic nominees announced in the coming weeks.