As a senior executive for private-equity giant TPG, Bill McGlashan led its business of investing for “social good.” Then, an FBI wiretap caught him planning to cheat his son’s way into the University of Southern California, court records allege.
TPG Growth founding partner Bill McGlashan speaks onstage during the TechCrunch Disrupt SF 2015 in San Francisco.
Turns out that McGlashan had already blurred his own moral lens, according to federal prosecutors. As recently as a month before, a Federal Bureau of Investigation wiretap caught him planning to cheat his son’s way into the University of Southern California, court records allege. McGlashan, who faces one count of conspiracy to commit mail fraud, said earlier he had, in fact, resigned and was “deeply sorry this very difficult situation may interfere with the work to which I have devoted my life.” A spokesman said he had no further comment.
But advocates of impact investing object to drawing any connection between McGlashan and the rest of the movement and expect little effect, though New Jersey and Washington state are reviewing their investments in one of TPG’s funds. In describing the turnaround of an internet company he ran, he stressed the importance of ethics. “We brought in classy people who have had extraordinary careers, who have reputations and wouldn’t conceive of doing something that would jeopardize their reputation,” he told Bloomberg in a 2002 interview.
That April, to advise on education-related investments, McGlashan tapped Duncan — Barack Obama’s education chief and former head of the Chicago public schools, and Levin, the onetime Yale president and former chief executive of online-education company Coursera Inc. The Rise Fund made investments in companies such as digital course provider EverFi and DreamBox Learning, a tech company focused on math.
Ultimately, on behalf of one of his sons, McGlashan paid Singer $50,000 to bribe a proctor to improve his son’s answers on the ACT college admissions test, investigators said. McGlashan didn’t want his son to know, according to court records.
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