After the charges were announced, the firms quickly sought to distance themselves from the accused. TPG’s announcement noted that the charges against Mr. McGlashan were for “personal misconduct,” and Willkie Farr pointed out that the case against Mr. Caplan was “a personal matter and does not involve Willkie or any of its clients.” Willkie also removed Mr. Caplan’s biography from the firm’s website.

A lawyer for Mr. Caplan and a spokesman for Mr. McGlashan declined to comment on Wednesday. Mr. Hodge could not be reached for comment.

Neither TPG nor Willkie is likely to be undone by the charges against a leadership figure, but both firms may face uncomfortable questions from clients and investors. TPG, for example, has long cultivated an image as a progressive and trustworthy institution. It moved quickly to install Jim Coulter, its chief executive and a co-founder, as acting chief of the Rise Fund.

Mr. McGlashan is listed as one of several “key men” in agreements with investors who committed money to TPG, but his suspension — or potential permanent exit — would not unwind those agreements unless several more of TPG’s top managers departed, according to a person familiar with the firm’s operations, who was not authorized to speak publicly. Investors in the fund have committed money for several years, and the case is unlikely to have a direct financial impact on the fund.

On Wednesday, Mr. McGlashan stepped down from the board of STX Entertainment, the film studio that he helped found with the producer Robert Simonds. The news was shared in an internal memo sent to STX employees and reviewed by The New York Times. STX is funded in large part by TPG, which said in the memo that it remained committed to the studio, whose movies include the teen comedy “The Edge of Seventeen.”