Investing in Longevity – Abby Miller Levy

The population of Americans age 65 and older is on track to double between 2010 and 2040. And that’s leading to increased investments in innovative solutions to serve the needs of older adults, in areas including healthcare and wellness, financial services, senior housing, social connectivity and caregiving. Abby Miller Levy, of Primetime Partners, joins us to discuss what she sees happening in the rapidly growing longevity economy.

Abby Miller Levy joins us from New York.

“And so that’s really the genesis for me of starting Primetime was really on trying to solve this issue for my parents, recognizing that there were a lot of businesses to be built. And so instead of building one individual idea or concept into a business, I thought, well, maybe I would build an investment platform to fund dozens and hopefully hundreds of other entrepreneurs to solve or build things in this white space. And then I, and my partner Alan Patricof – he has been an investor for the past 50 years, starting a large private equity firm called Apax Partners, and then Greycroft, which is a multi-billion dollar venture firm – was also in intrigued by this issue of how do we get older Americans starting businesses, people with expertise and wisdom and network and skills. And so we came together to start the fund in the Spring of 2020.”

“But what we’re more interested at Primetime, because we’re an early stage investment fund is the amount of innovation going on in the space. And so just to put a bookmark in there, since we launched in summer of 2020, so almost three years ago, we’ve looked at 1,300 startups that would be included in the longevity economy. This includes healthcare businesses, financial service businesses, consumer and media businesses. There is a lot of new ideas bubbling up because entrepreneurs have recognized, and  all the incumbents of this ecosystem have recognized we need to move faster to build the infrastructure we need to serve an older population.”

“And then the third area is around alternatives to long-term care. 90% of Americans think that in-home care – these are home health aids and folks that come help with your daily activities of living – is covered by Medicare –  and it’s as of today, it’s not. And the average American’s going to have a bill of $50,000 for in-home care. Now this excludes those big outliers of degenerative diseases like Alzheimer’s and Parkinson’s and things where that home health bill can be millions of dollars. But in this case, most Americans are unprotected for this. And so we’re very interested in products that protect Americans from the outlier healthcare expenses that can frankly bankrupt them.”