Most important take away

Promote Giving is a “Giving Pledge” for alternative asset managers: GPs commit at least 5% of the promote (carried interest) on one fund or fund series to philanthropy of their choosing. Because the giving comes out of GP economics rather than LP returns, it builds a permanent, compounding philanthropic funding model without sacrificing investor returns, and it has already attracted 10+ signatories and $35B+ in AUM since launching in October 2025.

Summary

Joel Holsinger, co-head of Ares’ ~$50B alternative credit strategy, describes how a personal philanthropic mission evolved into a structural model now being exported across the alternatives industry. Eight years ago, when joining Ares, Holsinger negotiated that 5% of his personal promote plus 5% of Ares’ promote on the new “Pathfinder” family of funds would be directed to philanthropy (global health and education). That structure has since accrued more than $50M for giving, with $4M+ in grants deployed in 2025 across seven projects. Pathfinder now represents close to half of Ares Alternative Credit’s capital, and the program inspired a broader Ares Charitable Foundation funded by 1–5% of promote from additional funds.

Roughly a year ago, Holsinger and his team launched Promote Giving (PromoteGiving.org) on October 15, modeled deliberately on Buffett and Gates’ Giving Pledge for simplicity: signatories pledge at least 5% of the promote on at least one fund or fund series to a cause of their choice (housing, health, education, homelessness, climate, etc.). Each firm directs its own giving; Promote Giving is the coordinating movement, not a pooled vehicle. Founding signatories include Silver Point (Robert O’Shea), Coller Capital (Jeremy Coller), Makarora (Chad Pike), Pantheon, Pretium, Derby Lane (Adam Piekarski-Galewski), and Related (Jeff Blau). Two Sigma has signed on post-launch, and 4–5 more firms are in documentation, with inbound interest from Asia hedge funds. The long-term goal is coverage across PE, private credit, venture, real estate, hedge funds, fund-of-funds, and secondaries.

Holsinger’s pitch leans on three arguments: (1) alignment — giving comes from GP promote, so LPs (pensions, insurance, endowments funding health and education) are not asked to accept lower returns; (2) culture and retention — young analysts working a single deal can be told it may generate $300K–$2.5M for charity, turning transactions into legacy; and (3) deal flow and trust — the signatory community has already transacted billions together, with Holsinger noting Mike Milken chose to partner with Ares partly because of the alignment. He cited two grant examples: co-funding a surgical center in Zimbabwe with Mount Sinai (matched funding, ~6,000 surgeries/year at a fraction of US cost) and supporting Educate Girls’ door-to-door mentor program in Uttar Pradesh, India, impacting ~150,000 girls. He joined the board of PATH (global health INGO) and credits Sal Khan of Khan Academy for broadening his focus into education.

Actionable insights

• For GPs / fund managers: Consider pledging at least 5% of promote on a single fund or fund series via PromoteGiving.org. The pledge does not need to cover the entire firm, can be directed to any cause, and — because it comes from carry rather than management fees or LP returns — is effectively costless to investors. Holsinger argues it improves culture, retention, purpose, and even deal access within the signatory community.
• For LPs and allocators: Use Promote Giving status as a differentiator in manager selection and diligence — signatories have signaled durable cultural alignment and a “true north,” and the growing network is already generating co-investment and partnership flow among members.
• For philanthropists / donors: Global health in low-income countries offers extraordinary ROI due to purchasing power parity. Holsinger cites roughly $3,500 to save a life in global health, and matched-funding surgical centers costing a small fraction of US equivalents (~$50–100M equivalent value) as high-leverage giving opportunities. Organizations highlighted: PATH, Educate Girls, Khan Academy, Mount Sinai global surgery program.
• For anyone building a career: Tie the work you are already skilled at (“your 10,000 hours”) to a philanthropic mechanism rather than pivoting to impact investing, if investing is your edge. The indirect tie (promote-to-philanthropy) can scale larger than trying to invent a new direct-impact discipline.

Stocks and investments mentioned

No specific tradable stocks or securities are recommended in this episode. Firms referenced are asset managers and funds discussed in the context of the Promote Giving movement, not as investment ideas:

• Ares Management (NYSE: ARES) — Holsinger’s employer; public alternative asset manager running the Pathfinder family of funds within its Alternative Credit strategy (grown from ~$5–6B to ~$50B in seven years per the conversation).
• Fortress Investment Group — Holsinger’s prior firm; referenced historically, sold to SoftBank.
• Wells Fargo (NYSE: WFC) — mentioned only in the context of John Shrewsberry’s later CFO role.
• Micron Technology (NASDAQ: MU) — referenced only as Holsinger’s teenage career aspiration in Boise.
• Promote Giving signatories mentioned: Silver Point, Coller Capital, Makarora, Derby Lane, Pantheon, Pretium, Related Companies, Two Sigma. No actionable trading or investment recommendations are given; the actionable content is philanthropic-structural, not securities-related.

Chapter Summaries

• Intro and pet peeve: Ted Seides introduces the episode on Promote Giving and vents a travel-season pet peeve about passengers unprepared to deplane.
• Holsinger’s background: Raised in Oregon and Idaho in a family of pastors and nurses; paid his own way through college in California; shifted from engineering to finance after a Citigroup internship; career at Citi, then Fortress (co-head of credit, named successor), then Ares.
• Path into philanthropy: Inspired by family (missionary father, nurse mother and grandmothers), a sister at Adventist Health, and an in-country PATH board trip to Indian slums focused on malaria, TB, and HIV programs — convinced him of the power of PPP-adjusted global health giving.
• Joining Ares with a charitable tie-in: Holsinger negotiated 5% of his personal promote plus 5% of Ares’ promote on the new Pathfinder family of funds to flow to philanthropy; Pathfinder name ties to PATH and (per his son) the Mars rover.
• Internal debate at Ares: CEO Mike Arougheti agreed immediately; Chairman Tony Ressler was initially skeptical about optics and precedent but three years later told Holsinger he was “100% wrong” — the program reshaped Ares’ philanthropic culture and seeded the Ares Charitable Foundation.
• Launch of Promote Giving: An internal team suggested replicating the Giving Pledge model externally; Promote Giving launched October 15, 2025 with a simple pledge of ≥5% of promote on at least one fund/fund series, with each signatory directing its own causes.
• Impact stories: Co-developing a Mount Sinai surgical center in Zimbabwe (~6,000 surgeries/year on matched funding) and supporting Educate Girls’ door-to-door mentoring program in Uttar Pradesh.
• Early traction: 8 founding signatories including Silver Point, Coller, Makarora, Derby Lane, Pantheon, Pretium, and Related; Two Sigma added post-launch; 4–5 more in documentation; inbound interest from Asia. Deals already flowing between signatories (billions transacted).
• Elevator pitch: Origin story plus simplicity of the pledge; clarification that giving is directed by each firm, not pooled; quarterly calls help signatories coordinate and learn from each other’s philanthropic infrastructure.
• Goals and closing: Holsinger’s aim to give billions cumulatively via personal, Pathfinder, and Promote Giving channels; argues it aligns culture, purpose, and LP returns simultaneously. Closes quoting Jeremy Coller: “Is your 13-year-old self proud of what you’ve done? Is your 85-year-old self proud looking back?”