Private equity giant TPG has put a top exec on leave after he was charged in a college admissions scandal

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Bill McGlashan

• Private equity firm TPG has placed William 'Bill' McGlashan on leave after he was among dozens of people indicted by the FBI Tuesday in an alleged scheme to get students into elite colleges.
• McGlashan founded TPG Growth and the Rise Fund, which invests in companies trying to solve social and environmental problems. His duties will be handled by TPG cofounder Jim Coulter, a spokesman told Business Insider.

Private equity giant TPG has placed William 'Bill' McGlashan on leave after he was among dozens of business leaders and Hollywood celebrities indicted by the FBI in an alleged scheme to get students into elite colleges.

McGlashan is the founder and managing partner of TPG Growth, which makes investments in growth equity and middle market buyouts. He's also cofounder and CEO of the Rise Fund, an investment fund focused on companies trying to tackle social and environmental issues.

"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 in a statement.

Read more: Hollywood actresses and business leaders are accused of paying to get their kids into elite colleges by cheating on exams and faking athletic skills. Here's how investigators say the scheme worked.

TPG has more than $100 billion in assets, with the growth fund holding $13.2 billion in assets, according to the company's website. TPG Cofounder Jim Coulter will become interim managing partner for both funds, according to the spokesman.

Business leaders and Hollywood celebrities are among those accused of paying bribes to get their children into elite universities including Georgetown, Stanford, and Yale. Some parents are accused of having their children recruited as Division 1 athletes, regardless of athletic abilities, while others are accused of having stand-ins take SAT and ACT exams for their children.