Mithril Capital Management LLC, a venture capital firm co-founded by Peter Thiel, said it raised about $850 million for its second fund. Mithril Capital investments include C2FO.
Mithril, headed up by Thiel and Ajay Royan, managing general partner, requests a longer than normal management fee period than the typical 10-year commitment. The firm also makes investments over six years for each fund, compared with three to five years for many other funds.
“We ask them to join us for a longer than average investment time horizon, don’t charge excessive fees and have a very significant founders’ commitment of capital,” Royan was quoted in Bloomberg. “That’s the happy trifecta of alignment.”
Mithril Capital partners once included J.D. Vance, who joined the firm last April. Vance penned the surprise bestseller “Hillbilly Elegy,” which examines the plight of working-class Americans. Vance left venture capital late last year to start a nonprofit to focus on economic mobility and other issues.