Michael Stone is the new co-managing partner of TPG Growth effective immediately, spokesman Ari Cohen said in an email.
Mr. Stone will work alongside Matthew Hobart, who became co-managing partner of TPG's middle-market and growth private equity business in June. Mr. Stone has been a senior adviser and partner with TPG Growth since 2009. He will continue to serve as CIO of The Rise Fund, TPG's social impact business.
Jim Coulter, TPG co-CEO and co-founder, who had been co-managing partner of TPG Growth, is stepping back from his day-to-day fund duties. Mr. Coulter had taken over the managing partner responsibilities for the firm's TPG Growth and Rise funds in March 2019 when William McGlashan Jr., co-founder and former CEO of The Rise Fund and founder and former managing partner of TPG Growth, was terminated after he was charged with conspiracy to commit mail fraud as part of the college admissions scandal.
Mr. Coulter will continue his role as a co-managing partner of The Rise Fund. In June 2019, Maya Chorengel and Steve Ellis were appointed co-managing partners of The Rise Fund, serving with Mr. Coulter.