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DPI measures cash a private equity fund has distributed relative to capital paid in; RVPI measures the value still held in the portfolio; and TVPI combines the two. MOIC is a broader invested-capital multiple that can resemble TVPI at fund level, but the terms are not always interchangeable. None of these multiples, by itself, shows how long it took to generate returns or whether unrealized valuations will hold.
What do DPI, RVPI, and TVPI mean?
These three multiples express fund value relative to paid-in capital. “Paid-in” generally means capital called from investors and contributed to the fund. The calculations are cumulative as of a reporting date, and their results are commonly shown as multiples such as 0.4x or 1.2x.
| Metric | Meaning | What it captures |
|---|---|---|
| DPI | Distributions to paid-in capital | Cash or other value distributed to investors relative to capital paid in; it excludes value still held in investments. |
| RVPI | Residual value to paid-in capital | The estimated value of the remaining investments relative to capital paid in. |
| TVPI | Total value to paid-in capital | Distributions plus residual value, relative to capital paid in. |
At fund level, the relationship is TVPI = DPI + RVPI. The U.S. Securities and Exchange Commission describes these metrics in its 2023 rules and regulations; Invest Europe also explains the components in its performance measurement guidance.
DPI: the realized-cash component
DPI is calculated as cumulative distributions divided by paid-in capital. A higher DPI means a larger share of the contributed capital has been returned as distributions, subject to the reporting basis. It does not count the fund’s remaining investments, even if those investments have increased in estimated value.
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RVPI: the unrealized component
RVPI is calculated as residual portfolio value divided by paid-in capital. It represents value not yet distributed and therefore depends on valuation marks for investments the fund still holds. It is an estimate, not cash already received by investors.
TVPI: realized and unrealized value together
TVPI is the sum of distributions and residual value divided by paid-in capital. Since it includes RVPI, some of a fund’s TVPI may be unrealized. A TVPI above 1.0x does not mean investors have already received that full multiple in cash.
How to calculate the multiples
Use figures from the same fund, reporting date, and reporting basis. For a simple fund-level calculation:
- DPI = cumulative distributions ÷ paid-in capital
- RVPI = remaining portfolio value ÷ paid-in capital
- TVPI = (cumulative distributions + remaining portfolio value) ÷ paid-in capital, or DPI + RVPI
Illustrative arithmetic only: Suppose paid-in capital is 100, distributions are 40, and remaining portfolio value is 80. DPI is 40 ÷ 100 = 0.4x; RVPI is 80 ÷ 100 = 0.8x; and TVPI is (40 + 80) ÷ 100 = 1.2x. These figures are invented solely to demonstrate the calculations, not a real fund result.
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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11What MOIC means—and how it differs from TVPI
MOIC means “multiple of invested capital.” It compares value with the capital invested or contributed, but its precise scope and denominator depend on what is being measured. A whole-fund MOIC may look much like TVPI, but TVPI specifically uses paid-in capital as its fund-level denominator. At an investment level, a realized or unrealized MOIC can use capital attributed to that investment or portion instead.
When realized and unrealized investment MOICs are presented together, they should be combined as a weighted average based on the relevant invested capital—not by adding the component multiples. GIPS guidance distinguishes these scopes and calculation approaches in its Standards Handbook for Firms.
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What these metrics tell you—and what they leave out
Cash returned versus value still on paper
DPI is the clearest of the three fund metrics for seeing value already distributed. RVPI identifies the value still in the portfolio, while TVPI puts both components into one total. Comparing DPI with RVPI helps show whether a reported total depends more on cash already distributed or on current valuations.
Time and cash-flow timing
A multiple does not account for how long it took to generate value. Two funds with the same TVPI can have different investor experiences if one returned capital much earlier. INREV explicitly notes that TVPI does not take time invested into consideration in its performance measurement guidance. Consider time-sensitive measures and the timing of contributions and distributions alongside multiples.
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Valuation uncertainty
Because RVPI depends on marks for investments that have not yet been sold or distributed, TVPI can change as those valuations change or investments are realized. A high TVPI that includes substantial RVPI is not equivalent to the same multiple supported by distributions.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to compare reported fund multiples fairly
Before comparing two figures, check that they describe comparable things. ILPA separates fund-to-investor performance from portfolio-to-investment performance, and its suggested guidance on granular methodology addresses how fund-level gross performance can be calculated.
- Level: Confirm whether the figure is fund-to-investor or portfolio-to-investment.
- Gross or net: Establish whether fees, expenses, and carried interest are reflected. Do not compare a gross figure directly with a net one as if they were equivalent.
- Denominator: Check whether the calculation uses paid-in capital or capital attributed to a particular investment or portion.
- Reporting date: Align the dates, since distributions and residual valuations change over a fund’s life.
- Subscription-facility treatment: Check whether and how borrowing used to bridge capital calls affects reported performance.
- Fund context: Use vintage, strategy, and geography where available. A multiple alone does not establish that one fund performed better in a meaningful, like-for-like sense.
Invest Europe describes public market equivalent methods as one way to compare fund cash flows with a public index. That type of analysis addresses a different question from simply comparing headline multiples.
What ILPA’s current templates mean for readers
ILPA’s templates aim to standardize performance calculations and present metrics alongside contributions and distributions. Its Performance Template has two approaches that present the same broad performance metrics and cash-flow data but differ in how fund-level gross performance is calculated. The granular method is suited to GPs using investor cash flows and itemized capital calls; the gross-up method is suited to GPs using fund-to-investment cash flows or grossing up non-itemized calls.
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