By Lizette Chapman
When Ajay Royan started Mithril Capital in 2012 at the age of 32, he’d never worked at a venture firm or managed a team. Hailing from a modest background in India, his sharp mind distinguished him in and out of school, but he lacked the funds to invest in technology startups. What Royan did have was a curiously strong relationship with the fabulously wealthy and powerful investor Peter Thiel.
Royan had worked at Thiel’s hedge fund Clarium Capital — infamous for a spectacular collapse that vaporized more than $6 billion in value between 2008 and 2012. Unlike most of Thiel’s employees who fled Clarium as it cratered, Royan stuck around. He wasn’t awarded a huge salary for his loyalty, but he earned something infinitely more valuable: Thiel’s trust and financial backing to build and manage a venture firm.
Thiel put up $100 million to start Mithril. His name and reputation helped attract dozens of prominent investors who followed his lead, pouring hundreds of millions of dollars into the new fund. Then, for the most part, Thiel left Royan and his team to their own devices. While Thiel…
