Alan Patricof and Abby Miller Levy have teamed up to launch Primetime Partners, a seed and early-stage venture capital fund that will invest in companies transforming the underserved, trillion-dollar global sector of aging.
Almost every country in the developed world is experiencing a dramatic shift in the proportion of the Boomer population. While the demographics shift, the cost of infrastructure to care for this population is growing approximately five percent every year. In addition, 87 percent of adults aged 65 and older want to age in place, creating more demand for in-home care. Now, in light of COVID-19, there is an increased appetite from older adults to use digital services and platforms such as Zoom, FaceTime, and e-commerce shopping, all of which make it easier to age in place.
WHO: Alan Patricof, one of America’s most iconic investors, co-founder of Greycroft with $2B in AUM and founder of Apax Partners with $50B in AUM, has helped build and foster the growth of numerous major global companies, including, among others, AOL, Office Depot, Cadence Systems, Cellular Communications, Inc., Apple, FORE Systems, NTL, IntraLinks, Audible, Axios, and Wondery.
Abby Miller Levy, a health and wellness executive, operator, and former founder, will lead Primetime as the Managing Partner. Her previous experience includes President of Thrive Global, a behavior change technology company she launched with Arianna Huffington, Senior VP of Strategy and Growth for SoulCycle, and an advisor to numerous start-ups. Her expertise is in helping brands build deep relationships with consumers on a human level.
Tom DeRosa, CEO of Welltower Inc., will act as an advisor to Primetime. Under Tom’s leadership, Welltower has grown to become a global leader of senior living and ambulatory care real estate. Welltower has agreed to provide Primetime Partners with introductions to its network of operators for purposes of market research, product testing, and pilot research.
In addition to DeRosa, Primetime has a deep bench of notable advisors including Dr. Linda Fried (Dean, Columbia School of Public Health), Annie Lamont (Managing Partner, Oak HC/FT), Aaron Martin (EVP, Chief Digital Officer, Providence St. Joseph Health), Trevor Price (CEO, Oxeon Holdings), Mitch Rothschild (Chairman, Sapphire Digital), Trent Stamp (CEO, The Eisner Foundation), Bill Stapleton (CEO, Health Plan One), and Rachel Winokur (Chief Business Officer, Bright Health).
THE FUND: The venture capital firm will focus on seed and early-stage investments in products, services, technologies, and experiences for the aging, including aging in place, financial security for retirees, care management, longevity health services, and enriching consumer experiences for this underserved population. In addition, the firm will invest in older entrepreneurs who are forming new companies to capitalize on their experiences in earlier careers and creating solutions through a human-first lens to drive measurable impact on an older adult’s quality of life.
Primetime’s first fund will make initial seed and early-stage investments from $250,000 to $1 million. It will focus on products, services, and experiences dedicated to adults aged 60+, a global population expected to double from current levels to 1.6 billion by 2050.
IN THEIR OWN WORDS: “It’s our responsibility and opportunity to build and invest in products, services and technologies for older adults—a sector that has long been ignored by venture capital money. In addition, the older adults we invest in have invaluable knowledge and experiences that can’t be overlooked, and they’re bringing brilliant ideas to the table. At age 85, I want to be the spokesperson for what’s possible and drive society forward,” said Patricof.
“Our society is woefully lacking the products and services to satisfactorily address the needs for this 25 percent of our population,” said Levy. “The older consumer has been largely overlooked, even though they control 60% of our country’s net worth, generate over half of all healthcare spend and are digitally active. We’re determined to shed a new light on this population and be the leading investment platform in the space.”
“My mom has always made huge sacrifices for me and our family,” said NBA MVP Kevin Durant, co-founder of Thirty Five Ventures with business partner Rich Kleiman and investor in Primetime Partners. “She’s the most energetic person I know—my rock and inspiration. This fund provides a unique opportunity to give back to her and previous generations that paved the way for us, by investing in companies and entrepreneurs focused on uplifting them.”
“Right now, we’re facing a healthcare crisis in America. 90% of 75+ people have physical limitations, and younger caregivers shoulder much of that responsibility while working part-time or full-time jobs. We’ve spent billions on Medicare, Medicaid, and commercial health, yet 60% of global adults suffer from multiple chronic conditions. The time is ripe to invest in new tools to serve this overlooked segment of the population, and the team at Primetime Partners dedicated to providing for caregivers and the Aging population,” said Jeffrey Romoff, CEO of the University of Pittsburgh Medical Center.
Photo: AP x 90 via Unsplash