Key Takeaways
- • Alan Patricof and Abby Miller Levy launched Primetime Partners, a seed and early-stage venture capital firm focused on products, services and technologies for older adults aged 60+, according to a Business Wire release dated July 29, 2020.
- • Primetime's first fund will make initial seed and early-stage investments ranging from $250,000 to $1 million.
- • Levy, a former President of Thrive Global and Senior VP of Strategy and Growth at SoulCycle, leads the firm as Managing Partner.
- • The firm cites a global population aged 60+ expected to double to 1.6 billion by 2050, and older consumers controlling 60% of U.S. net worth.
- • Welltower CEO Tom DeRosa joined as an advisor, and Welltower agreed to provide introductions to its operator network for market research and pilot testing.
Summary
Venture capital veteran Alan Patricof and wellness executive Abby Miller Levy have launched Primetime Partners, a seed and early-stage venture capital firm that will invest in companies addressing the aging population, according to a Business Wire announcement. Patricof, co-founder of Greycroft (cited with $2 billion in AUM) and founder of Apax Partners (cited with $50 billion in AUM), framed the strategy as addressing a sector he said has long been overlooked by venture capital. The firm's focus spans aging in place, financial security for retirees, care management, longevity health services and consumer experiences for older adults. It will also back older adults forming new companies drawing on earlier career experience.
Levy serves as Managing Partner. She previously served as President of Thrive Global, a behavior change technology company, and as Senior Vice President of Strategy and Growth at SoulCycle. The first fund will make initial seed and early-stage investments between $250,000 and $1 million. Levy cited the older consumer controlling 60% of U.S. net worth and generating over half of healthcare spending, and said the firm aims to become the leading investment platform in the space. The release states the global population aged 60 and older is expected to double to 1.6 billion by 2050.
The release cites demand drivers including infrastructure care costs growing roughly 5% annually and 87% of adults aged 65 and older wanting to age in place. It also notes increased adoption of digital services during COVID-19. Tom DeRosa, CEO of Welltower Inc. (NYSE: WELL), will advise Primetime, and Welltower has agreed to provide introductions to its operator network for market research, product testing and pilot research. Kevin Durant, co-founder of Thirty Five Ventures, is an investor in the fund. The firm also named a group of advisors including Dr. Linda Fried of Columbia School of Public Health and Rachel Winokur of Bright Health.
Levy serves as Managing Partner. She previously served as President of Thrive Global, a behavior change technology company, and as Senior Vice President of Strategy and Growth at SoulCycle. The first fund will make initial seed and early-stage investments between $250,000 and $1 million. Levy cited the older consumer controlling 60% of U.S. net worth and generating over half of healthcare spending, and said the firm aims to become the leading investment platform in the space. The release states the global population aged 60 and older is expected to double to 1.6 billion by 2050.
The release cites demand drivers including infrastructure care costs growing roughly 5% annually and 87% of adults aged 65 and older wanting to age in place. It also notes increased adoption of digital services during COVID-19. Tom DeRosa, CEO of Welltower Inc. (NYSE: WELL), will advise Primetime, and Welltower has agreed to provide introductions to its operator network for market research, product testing and pilot research. Kevin Durant, co-founder of Thirty Five Ventures, is an investor in the fund. The firm also named a group of advisors including Dr. Linda Fried of Columbia School of Public Health and Rachel Winokur of Bright Health.
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