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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

3 hours ago - Politics & Policy

Trump to issue at least 100 pardons and commutations before leaving office

Photo: Mandel Ngan/AFP via Getty Images

President Trump plans to issue at least 100 pardons and commutations on his final full day in office Tuesday, sources familiar with the matter told Axios.

Why it matters: This is a continuation of the president's controversial December spree that saw full pardons granted to more than two dozen people — including former Trump campaign chair Paul Manafort, longtime associate Roger Stone and Charles Kushner, the father of Trump's senior adviser and son-in-law, Jared Kushner.

  • The pardons set to be issued before Trump exits the White House will be a mix of criminal justice ones and pardons for people connected to the president, the sources said.
  • CNN first reported this news.

Go deeper: Convicts turn to D.C. fixers for Trump pardons

Schumer's m(aj)ority checklist

Senate Minority Leader Chuck Schumer. Photo: Tasos Katopodis/Getty Images

Capitalizing on the Georgia runoffs, achieving a 50-50 Senate and launching an impeachment trial are weighty to-dos for getting Joe Biden's administration up and running on Day One.

What to watch: A blend of ceremonies, hearings and legal timelines will come into play on Tuesday and Wednesday so Chuck Schumer can actually claim the Senate majority and propel the new president's agenda.

The dark new reality in Congress

National Guard troops keep watch at security fencing. Photo: Kent Nishimura/Los Angeles Times via Getty Images

This is how bad things are for elected officials and others working in a post-insurrection Congress:

  • Rep. Norma Torres (D-Calif.) said she had a panic attack while grocery shopping back home.
  • Rep. Jim McGovern (D-Mass.) said police may also have to be at his constituent meetings.
  • Rep. Adam Kinzinger (R-Ill.) told a podcaster he brought a gun to his office on Capitol Hill on Jan. 6 because he anticipated trouble with the proceedings that day.