The first foreign trip Joel Holsinger took in 2019 after joining the board of directors at the global health nonprofit PATH convinced him that he needed to do more to raise money for charities.

The investment manager, who is now also a partner and co-head of alternative credit at Ares Management Corp., saw firsthand how a tuberculosis prevention program was helping residents of Dharavi, India's largest slum. He also saw that the main hurdle to expanding the program’s success was simply a lack of funding.

“I wanted to do something that has purpose,” Holsinger told The Associated Press. “I wanted a charitable tie-in to whatever I do.”

Shortly after returning from India, Holsinger created a new line of investment funds where Ares Management would donate at least 5% of its performance fee,

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