Private-equity firm TPG ousted William McGlashan Jr., founder of its growth investment unit and head of the firm’s impact investment team, on Thursday after he was charged in this week’s wide-ranging criminal college admissions scandal.

TPG said McGlashan’s firing is effective immediately.

“Bill McGlashan has been terminated for cause from his positions with TPG and Rise effective immediately,” TPG said in a statement. “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.”

TPG co-Chief Executive Jim Coulter will serve as interim managing partner of TPG Growth and the firm’s impact investment fund, known as The Rise Fund. TPG currently is raising its second Rise Fund, seeking more than $3 billion, WSJ Pro Private Equity has reported.

Prosecutors claim that in 2017, McGlashan paid $50,000 get his son’s college-entrance exam answers corrected after the test was over. He also allegedly agreed to pay $250,000 to get his son admitted to the University of Southern California using a fake athletic profile.

In a statement, McGlashan described his departure as a resignation. “By stepping down, I hope that The Rise Fund and TPG Growth will be best set to continue their mission,” McGlashan said in a letter to board members. “The Rise Fund and TPG Growth are obviously much bigger than any single individual, and it is important you continue building incredible companies that deliver great returns and impact.”

He added that he is “deeply sorry this very difficult situation may interfere with the work to which I have devoted my life” and that he is focused on addressing the allegations.

TPG Growth, founded in 2007, is best known for its early bets on technology startups such as Airbnb Inc. and Spotify AB. It closed its most recent fund, TPG Growth IV LP, with $3.7 billion in 2017.

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