March 14, 2019 / 10:35 PM / in 2 months

TPG offers investors in Rise Fund II chance to withdraw -source

NEW YORK, March 14 (Reuters) - TPG Capital has offered investors in its Rise Fund II the chance to withdraw after fund CEO Bill McGlashan was fired amid charges involving a U.S. college fraud scheme, a person familiar with the matter said on Thursday.

McGlashan was founder and chief executive of TPG’s impact investing Rise Fund. TPG is aiming to raise up to $3.5 billion for its Rise Fund II, according to documents from the State Investment Council of New Jersey, which has committed up to $125 million in the fund.

TPG made the offer to investors who participated in the first fundraising round. A spokesman for TPG’s Rise Fund declined to comment. The news was first reported by Bloomberg.

Earlier on Thursday, TPG Capital said it had fired McGlashan, effective immediately, though in a separate statement via a spokesman, McGlashan said he was resigning from the TPG Rise Fund and TPG Growth.

Reporting by Joshua Franklin in New York; editing by Diane Craft

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