TPG, the private equity firm that is majority owner of the Hollywood agency CAA, announced Tuesday that it has put co-founder and managing partner Bill McGlashan on administrative leave effective immediately following his arrest as part of a nationwide college admissions cheating case.
“As a result of the charges of personal misconduct against Bill McGlashan, we have placed Mr. McGlashan on indefinite administrative leave effective immediately,” a TPG spokesman said. “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.”