Promote Giving – A New Model for Performance-Driven Giving (EP.496)
episode
Capital Allocators – Inside the Institutional Investment Industry
24 min
1 speaker
3 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the main topic discussed in this episode?
The idea is that simple. You're degreeing to give at least five percent 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 Sidies, and this is Capital Allocators. My guest on today's special episode is Joel Hulsinger, co-head of ARIE's $50 billion 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' 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 million in 2025 through Aries and launching Promote Giving in October. The proposition of promote giving is simple. GPs commit up to 5% of their promote on at least one fund to give to a charity of their choice.
With 10 signatories and more than $35 billion in AUM pledged to participate already, Remote Giving is quickly growing the movement to managers across asset classes. It's the giving pledge applied to investment firms, and I can't imagine a better use of this space than to spread the word. Learn more and pledge to give at promotiving.org. Before we get going, it's travel season. Partner meetings, board meetings, the Capital Allocators CIO Summit, Omaha for Berkshire, and Milken. Across planes, trains, and automobiles, you're bound to run into a few snacks. When they're unavoidable, I try to remember Will Gadera's story of the pilot who lifted everyone's spirits by bringing families into the cockpit. But it's not always easy, which leads to my most recent pet teeth.
I was on a flight with some unfortunate delays. We were scheduled to land from a cross-country journey at 11:30 p.m., but got diverted from New York to Philadelphia because of weather at just the wrong time. After a gas and go stop that took about an hour, we finally landed at 3 a.m. And at that time, there's only a scant crew working at hangars, so we waited another hour on the tarmac. None of that was anyone's fault. But after a long flight and equally long day, you can imagine everyone was ready to go home.
What is Promote Giving and how does it work for alternative asset managers?
All the passengers queued up to depart one by one in an orderly fashion. It's actually uncanny how respectful people are when getting off planes. But there's a moment when it's your turn to get moving, and on this particular flight, after eight and a half hours, the person in the row in front of me seemed oblivious to the cadence of the queue. When it was his turn. He arose, seemingly clueless, and forced everyone behind him to wait. Of course, this wasn't just a grab your bag and go. Two bags, maybe three, come down from above. Then he pauses to put on his jacket, then reorganizes his bags to put a backpack on top of his wheelbag, and then without as much as an um sorry, he slowly started walking off the plane.
Not a single movement in his deplaning occurred until after the person in front of him had started walking. So there you have it, my new recent pet peeve. Don't be that person who isn't ready to deboard a plane when it's your turn. It's just not that hard. And thank you for spreading the word about my most recent pet peeve, which you'll only hear by tuning in to Capital Allocators. Please enjoy this conversation about promote giving with Joel Holsinger. Joel, great to see you. Great to see you today Well, this is gonna 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.
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