Peter Thiel Launches Mithril: A New $402 Million Late-Stage Fund

Beyond Paypal, Peter Thiel may be best known for his angel investments, most notably, his legendary call with Facebook. But now he's got something for companies that sit just on the cusp between public and private markets. He's launching a $402 million growth fund called Mithril for late-stage, privately-held companies. Yes, it's named after Mithril from the Lord of the Rings. (Bilbo Baggins gave Frodo a shirt made of Mithril chain mail once.) "It's the choice form of silver from the deepest mines. It's the toughest substance there is," said Jim O'Neill, a partner in the fund who is also the former managing director of Clarium, and co-founder of the 20 under 20 Thiel Fellowship. "Peter and I are fans of Tolkien."

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