Startup Investor Alan Patricof, at 85, Targets Aging Americans With His Latest Venture Fund

CNBC reports that 85-year-old venture capitalist Alan Patricof has announced a $32 million investment fund to focus on technology startups that cater to aging Americans. In partnership with former Thrive Global President Abby Miller Levy, the Primetime Partners fund is designed to leverage what Levy calls "a silver tsunami" that Silicon Valley investors typically ignore. "There's been this myth that older adults aren't online, they don't buy things, they don't change their behaviors, and I think that's fundamentally changing," Levy said. "You have older adults now, thanks to COVID, shopping online and using e-commerce in different ways." Primetime will draft checks of $250,000 to $1 million for anything from services and experiences for people older than 60 to financial security for retirees, and Patricof also noted an opportunity to invest in more "mature" entrepreneurs. Primetime investors include the University of Pittsburgh Medical School and Thirty Five Ventures co-founder and National Basketball Association star Kevin Durant.