AARP, J.P. Morgan Asset Management Create First-of-its-Kind "Innovation Fund" to Invest in Innovative Companies Focused on Improving the Lives of People 50-Plus
Unique collaboration creates new investment fund focused on healthcare and aging in place innovations
NEW YORK, Oct. 1, 2015 /PRNewswire/ -- AARP and J.P. Morgan Asset Management are announcing the formation of the AARP Innovation Fund, a first of its kind investment fund with approximately $40 million in assets that will provide capital to innovative companies focusing on improving the lives of people 50-plus. As the sole third party investor in this fund advised by J.P. Morgan Asset Management, AARP will make direct investments in innovative companies that meet its mission and strategic goals. AARP partnered with J.P. Morgan Asset Management's Endowments & Foundations Group and its Private Equity Group to source and evaluate potential investments for the fund.
"AARP has a strong history of leading innovation by changing the marketplace," said Jo Ann Jenkins, CEO of AARP. "Our members are disrupting aging in a variety of ways and so is AARP. The AARP Innovation Fund is the next evolution of our ability to fulfill our social mission by making sure that the needs and interests of those 50-plus are well represented by products and companies."
The AARP Innovation Fund will make direct investments in early- to late-stage stage companies developing innovative products in three healthcare related areas:
Aging at Home—The fund will encourage the development of products and services that leverage technology to enable older adults to continue living in their homes safely and affordably such as: home sensor activity tracking; hearing and vision health; mobility assistance; meal plan/delivery/cooking solutions; social communities; physical augmentation devices.
Convenience and Access to Healthcare—The fund will support the advancement of products and services that enable 50-plus consumers to adopt positive health behaviors that they welcome into their lives such as: telemedicine; consumer diagnostics; consumer care transparency tools.
Preventative Health—The fund will seek to expand the market for products and services that help 50-plus consumers prevent the onset of serious health conditions such as: diet and nutrition management; stress and emotion management/therapy; fitness apps and programs; integrated health engagement incentives; cognitive and brain health.
In addition to financial support, some companies receiving these investments will have access to AARP's knowledge and distribution channels to help 50-plus consumers have the opportunity to benefit from these innovative products and services.
"We look forward to working with AARP on this fund that will invest in and support innovative companies creating solutions for the people in this powerful and growing key demographic and their families," said Kathy Rosa, Managing Director and Portfolio Manager in J.P. Morgan Asset Management's Private Equity Group. "Our knowledge of the market, combined with AARP's expertise on the wants and needs of those 50-plus, is a powerful combination that will help the AARP Investment Fund invest in innovative companies in the consumer healthcare space."
People 50-plus are online, connected and make use of technology that is intuitive and consumer friendly. They have tremendous buying power – responsible for at least $7.1 trillion in annual economic activity – a number that is expected to grow to $13.5 trillion by 2032. Companies working with the AARP fund have a great opportunity to grow the double bottom line: They can increase revenue and improve the lives of Americans as they age.
Jenkins concluded: "The Innovation Fund showcases AARP's ability to generate bigger, bolder solutions that will disrupt aging, increase our impact on and drive relevance for the 50-plus population."
B-roll/video about the AARP Innovation Fund can be found here: https://vimeo.com/aarpbroadcast/review/140975010/c07b26a4df
AARP is a nonprofit, nonpartisan organization, with a membership of nearly 38 million, that helps people turn their goals and dreams into real possibilities, strengthens communities and fights for the issues that matter most to families such as healthcare, employment and income security, retirement planning, affordable utilities and protection from financial abuse. We advocate for individuals in the marketplace by selecting products and services of high quality and value to carry the AARP name as well as help our members obtain discounts on a wide range of products, travel, and services. AARP does not endorse candidates for public office or make contributions to political campaigns or candidates. The AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. AARP has staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Learn more at www.aarp.org.
About J.P. Morgan Asset Management
J.P. Morgan Asset Management, with assets under management of $1.8 trillion, is a global leader in investment management. J.P. Morgan Asset Management's clients include institutions, retail investors and high net worth individuals in every major market throughout the world. J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity. JPMorgan Chase & Co. (NYSE: JPM), the parent company of J.P. Morgan Asset Management, is a leading global asset management firm with assets of approximately $2.4 trillion and operations in more than 60 countries. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. and its affiliates worldwide.
Video - http://origin-qps.onstreammedia.com/origin/multivu_archive/PRNA/ENR/273174-AARP-Innovation-Fund-Broll.mp4
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