Hercules Capital CEO Henriquez steps aside after charged in college cheating scandal; TPG’s McGlashan also implicated in scheme; Enhanced Healthcare puts West Dermatology on block
I never thought that helping a kid get into college could be dangerous to a career. But some high profile executives have just discovered this can happen.
TPG yesterday put William McGlashan, who founded the firm’s growth fund, on indefinite leave after he was charged in a nationwide college admissions cheating scandal. The suspects allegedly paid bribes to sports coaches to help students get admitted to schools like Yale, Stanford and the University of Southern California, regardless of their athletic or academic abilities, CNBC said. The worst part, Recode reported, is that McGlashan has positioned himself as a “leading voice in Silicon Valley for social responsibility.”
Who’s been named in the scandal? So far it’s Douglas Hodge, ex-CEO of Pimco; Agustin Huneeus, head of the Huneeus vineyard in Napa Valley; and Gordon Caplan, co-chairman of Willkie Farr, press reports said. On Wednesday, Manuel Henriquez stepped aside as chairman and CEO of Hercules Capital after he was charged. Read our brief here.
As someone with a big family, I’ve had to endure the college process several times. Everyone goes crazy during this period, but claiming your kid is an athlete when they’re not is taking it too far. Having someone take the SAT or ACT for your kid, or fixing their answers, is just wrong. Hubsters, what have you done to help your kids during college admissions? What’s the worst you’ve seen? Email your thoughts to me at[email protected]
Read about the charges against TPG’s McGlashan here.
Deals: The sale of Nestle SA’s skin-health business, which could fetch $8 billion to $10 billion, has hit the second round, Bloomberg is reporting. A consortium that includes Advent International, Cinven and GIC Pte, as well as KKR & Co and EQT Partners, is among the bidders brought through to the second round, the story said. Read our brief here.
News from Buyouts Insider/VCJ: Technology Crossover Ventures endorsed tech-powered educational platform Newsela with $50 million in Series C funding, Milana Vinn reported.
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