Promote Giving – A New Model for Performance-Driven Giving (EP.496)
Episode publishedPodcast: Capital Allocators – Inside th...Capital Allocators – Inside the Institutional Investment Industry
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The idea is that simple. You're agreeing to give at least 5% of your promote of a fund or fund series, it doesn't even have to be the entire firm, to philanthropy, whether it's housing, whether it's health, whether it's education, whether it's homelessness, whether it's climate, whatever the passion is from that particular group.
I'm Ted Seides, and this is Capital Allocators. My guest on today's special episode is Joel Holsinger, co head of Aerie's $50,000,000,000 alternative credit strategy. In addition to his long and stellar career in the credit markets, Joel spearheaded the launch of Promote Giving, a philanthropic initiative similar to Warren Buffett and Bill Gates's Giving Pledge designed for alternative asset managers. Our conversation covers Joel's path to engaging in philanthropy, starting from humble beginnings to now making grants of $5,000,000 in 2025 through Aries and launching Promote Giving in October.
Joel, great to see you.
Great to see you, Ted.
Well, this could be fun to dive into what you've created with Promote Giving. To start, why don't you give a little perspective on your background and path into this charitable endeavor?
I love the use of the word path from that standpoint. Whenever I interview anybody, the question I always ask people is, where did you grow up? What did your parents do? Because I find that you can learn so much about somebody by answering of those questions and seeing where it goes. For myself, I was born in Eugene, Oregon. I went to high school in Boise, Idaho. We moved over there when I was 13. My dad was a pastor. Not only was my dad a pastor, but my grandpa was a pastor and his dad was a pastor. So I broke the chain. My mom in her early thirties went to college to get a degree, and she we
What was the charity tie in that you required when you were gonna join?
We played around with different options. There was even this idea of maybe we do an impact sleeve. A lot of people that know some about impact and a lot that know some about investing and not a lot that know a lot about both. I also came around going, I've been doing this for a long time. This is my skill set. This is my ten thousand hours. I don't want to have an impact type direct tie in, but what if I just do what I know how to do, but have it indirectly? Mike Carrigati has been a friend for twenty years, so it was a lot of back and forth and, hey, what if we did this? What if we did this?
What was Aries' initial impression other than, hey, Joel, we'd love you to come. Sure. I guess we'll do this for you.
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