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Venture Capital Pioneer Alan Patricof and Wellness Executive Abby Miller Levy Launch Primetime Partners

Abby Miller Levy, a wellness executive and founder, and 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, announce the launch of Primetime Partners. 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 Adults who are forming new companies to capitalize on their experiences in earlier careers.

“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. 

Abby Miller Levy, a health and wellness executive, operator and former founder leads Primetime as the Managing Partner. Prior to Primetime, Levy served as President of Thrive Global, a behavior change technology company, Senior VP of Strategy and Growth for SoulCycle and an advisor to numerous startups. Her expertise is in helping brands build deep relationships with consumers on a human level. Consequently, the Firm will invest in entrepreneurs who create 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.

“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 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.”

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.

“As a leading academic medical center that cares for older adults across the entire continuum of care—including in our hospitals and senior living facilities--UPMC is excited to invest with Primetime Partners to address the needs of this often overlooked population,” said Tal Heppenstall, president of UPMC Enterprises, the innovation and commercialization arm of UPMC. “Currently, 90% of people ages 75+ people have physical limitations, and younger caregivers shoulder much of that responsibility while working part-time or full-time jobs. The time is ripe to invest in new tools to serve this aging population and their families.”

Tom DeRosa, CEO of Welltower Inc., (NYSE: WELL) will act as an Advisor to Primetime. Under Tom’s leadership, Welltower has grown to 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).

For more information, please visit www.primetimepartners.com

 

About Abby Miller Levy

Abby has spent her career helping businesses and consumer brands grow as an operator, entrepreneur and advisor, most notably in the wellness sector. Prior to Primetime Partners, Abby was an executive at SoulCycle, where she oversaw business development and revenue growth outside the consumer studio business, with an emphasis on building new digital products as the Senior Vice President of Strategy & Growth. Abby has also been a Founder herself, teaming with Arianna Huffington to launch Thrive Global, a behavior change technology company focused on employee productivity and wellness. Abby served as President of Thrive Global and remains on the Thrive Board. Abby began her career at McKinsey & Company then led product development at OXO International. She is a graduate of Princeton University and Harvard Business School.

 

About Alan Patricof

With a 50-plus year career in venture capital, Alan has been instrumental in growing the venture capital field from a base of high net-worth individuals to its position today with broad institutional backing, as well as playing a key role in the essential legislative initiatives that have guided its evolution. Alan founded Apax Partners, leading global private equity advisory firm, and co-founded Greycroft, venture capital firm focusing on investments in the internet and mobile markets. He has helped build and foster the growth of numerous major global companies, including, among others, America Online, Office Depot, Cadence Systems, Cellular Communications, Inc., Apple Computer, FORE Systems, NTL, IntraLinks, Audible, Axios, and Wondery.

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Wednesday, July 29, 2020

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