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Apr 9, 2026 · 24m · capital-allocators

Promote Giving – A New Model for Performance-Driven Giving (EP.496)

Joel Holsinger · 16m spoken Ted Seides · 4m spoken Disclaimer Voice · 18s spoken
0:00 / 0:00

gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions

Joel Holsinger, co-head of alternative credit at Ares Management, joins Ted Seides to discuss Promote Giving, an initiative mobilizing alternative asset managers to pledge at least five percent of fund carry to high-impact philanthropic causes.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Ted holds 20.9% of the talking time here. How this is scored →

Ted as informed peer 1.9 Guest teaching 1.3 Guest disagreement 0.0 Ted pushing back 0.1
05100:0010:0020:001:39–4:04 · Ted as informed peer 1/10 Ted's Pet Peeve on Deboarding Etiquette Ted delivers a solo monologue sharing a humorous personal pet peeve regarding airplane deboarding etiquette before introducing the guest. Since this is an introductory monologue, there is no guest interaction or debate.4:06–10:14 · Ted as informed peer 2/10 Joel Holsinger's Background and Career Journey Ted invites Joel to detail his personal and professional journey. Joel provides an extended, uninterrupted narrative of his upbringing, early finance career, transition to credit investing, and entry into philanthropy.10:15–14:31 · Ted as informed peer 3/10 Establishing Pathfinder and Philanthropy at Ares Ted probes on how Ares leadership reacted to Joel's condition of tying promote to charity. Joel explains the internal discussions with Mike Arougheti and Tony Ressler, emphasizing how initial skepticism evolved into full institutional support.14:32–17:22 · Ted as informed peer 2/10 Launching Promote Giving and High-Impact Grants Ted asks how the model was generalized beyond Ares and asks for real-world impact examples. Joel explains the mechanics of Promote Giving and shares tangible case studies from Zimbabwe and India.17:23–21:16 · Ted as informed peer 3/10 Industry Adoption, Signatories, and Pitch Mechanics Ted inquires about industry adoption and how Joel pitches other asset managers. Joel lists key signatories, explains the deal-making synergies that emerged, and clarifies common misconceptions about fund-level versus firm-level commitments.21:21–23:47 · Ted as informed peer 2/10 Philanthropic Goals and Lasting Legacy Joel outlines his broader philanthropic ambitions, reframing the concept of a billionaire around charitable capital given away. Ted enthusiastically endorses the movement as an incontrovertible good.23:47–24:21 · Ted as informed peer 0/10 Episode Conclusion and Legal Disclaimer Ted concludes the episode with closing housekeeping details, followed by the standard legal disclaimer read by a voiceover.1:39–4:04 · Guest teaching 0/10 Ted's Pet Peeve on Deboarding Etiquette Ted delivers a solo monologue sharing a humorous personal pet peeve regarding airplane deboarding etiquette before introducing the guest. Since this is an introductory monologue, there is no guest interaction or debate.4:06–10:14 · Guest teaching 1/10 Joel Holsinger's Background and Career Journey Ted invites Joel to detail his personal and professional journey. Joel provides an extended, uninterrupted narrative of his upbringing, early finance career, transition to credit investing, and entry into philanthropy.10:15–14:31 · Guest teaching 2/10 Establishing Pathfinder and Philanthropy at Ares Ted probes on how Ares leadership reacted to Joel's condition of tying promote to charity. Joel explains the internal discussions with Mike Arougheti and Tony Ressler, emphasizing how initial skepticism evolved into full institutional support.14:32–17:22 · Guest teaching 2/10 Launching Promote Giving and High-Impact Grants Ted asks how the model was generalized beyond Ares and asks for real-world impact examples. Joel explains the mechanics of Promote Giving and shares tangible case studies from Zimbabwe and India.17:23–21:16 · Guest teaching 2/10 Industry Adoption, Signatories, and Pitch Mechanics Ted inquires about industry adoption and how Joel pitches other asset managers. Joel lists key signatories, explains the deal-making synergies that emerged, and clarifies common misconceptions about fund-level versus firm-level commitments.21:21–23:47 · Guest teaching 2/10 Philanthropic Goals and Lasting Legacy Joel outlines his broader philanthropic ambitions, reframing the concept of a billionaire around charitable capital given away. Ted enthusiastically endorses the movement as an incontrovertible good.23:47–24:21 · Guest teaching 0/10 Episode Conclusion and Legal Disclaimer Ted concludes the episode with closing housekeeping details, followed by the standard legal disclaimer read by a voiceover.1:39–4:04 · Guest disagreement 0/10 Ted's Pet Peeve on Deboarding Etiquette Ted delivers a solo monologue sharing a humorous personal pet peeve regarding airplane deboarding etiquette before introducing the guest. Since this is an introductory monologue, there is no guest interaction or debate.4:06–10:14 · Guest disagreement 0/10 Joel Holsinger's Background and Career Journey Ted invites Joel to detail his personal and professional journey. Joel provides an extended, uninterrupted narrative of his upbringing, early finance career, transition to credit investing, and entry into philanthropy.10:15–14:31 · Guest disagreement 0/10 Establishing Pathfinder and Philanthropy at Ares Ted probes on how Ares leadership reacted to Joel's condition of tying promote to charity. Joel explains the internal discussions with Mike Arougheti and Tony Ressler, emphasizing how initial skepticism evolved into full institutional support.14:32–17:22 · Guest disagreement 0/10 Launching Promote Giving and High-Impact Grants Ted asks how the model was generalized beyond Ares and asks for real-world impact examples. Joel explains the mechanics of Promote Giving and shares tangible case studies from Zimbabwe and India.17:23–21:16 · Guest disagreement 0/10 Industry Adoption, Signatories, and Pitch Mechanics Ted inquires about industry adoption and how Joel pitches other asset managers. Joel lists key signatories, explains the deal-making synergies that emerged, and clarifies common misconceptions about fund-level versus firm-level commitments.21:21–23:47 · Guest disagreement 0/10 Philanthropic Goals and Lasting Legacy Joel outlines his broader philanthropic ambitions, reframing the concept of a billionaire around charitable capital given away. Ted enthusiastically endorses the movement as an incontrovertible good.23:47–24:21 · Guest disagreement 0/10 Episode Conclusion and Legal Disclaimer Ted concludes the episode with closing housekeeping details, followed by the standard legal disclaimer read by a voiceover.1:39–4:04 · Ted pushing back 0/10 Ted's Pet Peeve on Deboarding Etiquette Ted delivers a solo monologue sharing a humorous personal pet peeve regarding airplane deboarding etiquette before introducing the guest. Since this is an introductory monologue, there is no guest interaction or debate.4:06–10:14 · Ted pushing back 0/10 Joel Holsinger's Background and Career Journey Ted invites Joel to detail his personal and professional journey. Joel provides an extended, uninterrupted narrative of his upbringing, early finance career, transition to credit investing, and entry into philanthropy.10:15–14:31 · Ted pushing back 1/10 Establishing Pathfinder and Philanthropy at Ares Ted probes on how Ares leadership reacted to Joel's condition of tying promote to charity. Joel explains the internal discussions with Mike Arougheti and Tony Ressler, emphasizing how initial skepticism evolved into full institutional support.14:32–17:22 · Ted pushing back 0/10 Launching Promote Giving and High-Impact Grants Ted asks how the model was generalized beyond Ares and asks for real-world impact examples. Joel explains the mechanics of Promote Giving and shares tangible case studies from Zimbabwe and India.17:23–21:16 · Ted pushing back 0/10 Industry Adoption, Signatories, and Pitch Mechanics Ted inquires about industry adoption and how Joel pitches other asset managers. Joel lists key signatories, explains the deal-making synergies that emerged, and clarifies common misconceptions about fund-level versus firm-level commitments.21:21–23:47 · Ted pushing back 0/10 Philanthropic Goals and Lasting Legacy Joel outlines his broader philanthropic ambitions, reframing the concept of a billionaire around charitable capital given away. Ted enthusiastically endorses the movement as an incontrovertible good.23:47–24:21 · Ted pushing back 0/10 Episode Conclusion and Legal Disclaimer Ted concludes the episode with closing housekeeping details, followed by the standard legal disclaimer read by a voiceover.

speaking balance: gold is Ted, purple is the guest (3 minute bins)

0:00 · Ted 90.1% · guest 9.9%0:00 · Ted 90.1% · guest 9.9%3:00 · Ted 43.7% · guest 56.3%3:00 · Ted 43.7% · guest 56.3%6:00 · Ted 0% · guest 100%6:00 · Ted 0% · guest 100%9:00 · Ted 6.3% · guest 93.7%9:00 · Ted 6.3% · guest 93.7%12:00 · Ted 2.8% · guest 97.2%12:00 · Ted 2.8% · guest 97.2%15:00 · Ted 6% · guest 94%15:00 · Ted 6% · guest 94%18:00 · Ted 6.2% · guest 93.8%18:00 · Ted 6.2% · guest 93.8%21:00 · Ted 15.3% · guest 84.7%21:00 · Ted 15.3% · guest 84.7%24:00 · Ted 6.4% · guest 93.6%24:00 · Ted 6.4% · guest 93.6%
Sharpest disagreement ▶ 11:50 Pushing back against charity as pure marketing

In a very collegial interview, the sharpest friction occurs when Joel recounts pushing past Tony Ressler's initial pushback that institutional charity pledges might look like mere marketing.

 Hardest push from Ted ▶ 11:46 Probing Ares leadership's genuine reaction

Ted presses Joel beyond a polite platitude by asking what Ares leadership's actual initial reaction was when faced with Joel's demand to direct carried interest to charity.

 Biggest teaching moment ▶ 8:40 Purchasing power parity and healthcare ROI

Joel educates listeners and the host on how purchasing power parity allows $3,500 in global health philanthropy to generate transformative return on investment by saving human lives.

 Ted holds their own ▶ 0:24 Framing Promote Giving as the asset management Giving Pledge

Ted demonstrates his command of the private markets ecosystem by concisely framing Promote Giving as the GP equivalent of the Buffett-Gates Giving Pledge.
the scores for every segment, with the reasoning behind each
ChapterTopicTed as informed peerGuest teachingGuest disagreementTed pushing backWhy
Ted's Pet Peeve on Deboarding Etiquette 1000 Ted delivers a solo monologue sharing a humorous personal pet peeve regarding airplane deboarding etiquette before introducing the guest. Since this is an introductory monologue, there is no guest interaction or debate.
Joel Holsinger's Background and Career Journey 2100 Ted invites Joel to detail his personal and professional journey. Joel provides an extended, uninterrupted narrative of his upbringing, early finance career, transition to credit investing, and entry into philanthropy.
Establishing Pathfinder and Philanthropy at Ares 3201 Ted probes on how Ares leadership reacted to Joel's condition of tying promote to charity. Joel explains the internal discussions with Mike Arougheti and Tony Ressler, emphasizing how initial skepticism evolved into full institutional support.
Launching Promote Giving and High-Impact Grants 2200 Ted asks how the model was generalized beyond Ares and asks for real-world impact examples. Joel explains the mechanics of Promote Giving and shares tangible case studies from Zimbabwe and India.
Industry Adoption, Signatories, and Pitch Mechanics 3200 Ted inquires about industry adoption and how Joel pitches other asset managers. Joel lists key signatories, explains the deal-making synergies that emerged, and clarifies common misconceptions about fund-level versus firm-level commitments.
Philanthropic Goals and Lasting Legacy 2200 Joel outlines his broader philanthropic ambitions, reframing the concept of a billionaire around charitable capital given away. Ted enthusiastically endorses the movement as an incontrovertible good.
Episode Conclusion and Legal Disclaimer 0000 Ted concludes the episode with closing housekeeping details, followed by the standard legal disclaimer read by a voiceover.

Statements from this episode (5)

Assertion Supported
Holsinger: A human life can be saved for $3,500 in global health
“And the ability to save a life even today for 3500 dollars in global health is pretty amazing. The greatest ROI.”
Joel Holsinger Apr 9, 2026 ▶ 8:47
Assertion Supported
Ares Alternative Credit grew from $5-6B to ~$50B in seven years
“I run today alternative credit, which for those who aren't familiar at Aries is everything asset-based finance, which we've grown from five, six billion dollars to around fifty billion dollars in the last seven years.”
Joel Holsinger Apr 9, 2026 ▶ 9:55
Assertion Supported
Ares Management's Pathfinder funds accrued over $50M for global philanthropy
“We've already accrued over fifty million dollars that will go to global health and education.”
Joel Holsinger Apr 9, 2026 ▶ 11:31
Assertion Not checkable as stated
Ares completed billions in deals with asset managers joining Promote Giving
“We've now done deals with most of the groups because in this whole process of putting this together, you're all talking to each other at the top of the house level. And part of the conversation is we should be partnering with you on this. We've already done a …”
Joel Holsinger Apr 9, 2026 ▶ 18:07
Assertion Not checkable as stated
Ares won Milken family office deal over competitors due to philanthropic alignment
“We did something with Mike and Lowell Milken on their family office. Mike absolutely loved that we had this alignment and we had this transaction. On a deal where it's a tie with three or four people, it's like, I think I'd rather partner with this person. He'…”
Joel Holsinger Apr 9, 2026 ▶ 20:14
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