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Calculate DPI, RVPI, and TVPI by dividing each measure of fund value by the same since-inception paid-in capital: DPI uses cumulative distributions, RVPI uses residual value, and TVPI uses both. When the figures share the same scope and denominator, TVPI equals DPI plus RVPI.
How do you calculate DPI, RVPI, and TVPI?
Use paid-in capital—the capital contributed to the fund—as the denominator for all three since-inception multiples. Do not substitute total committed capital, which is the amount investors have agreed they may contribute.
| Metric | Formula | What it measures |
|---|---|---|
| DPI (distributions to paid-in capital) | Cumulative distributions ÷ paid-in capital | Value distributed so far per dollar paid in |
| RVPI (residual value to paid-in capital) | Residual value ÷ paid-in capital | Value still held by the fund per dollar paid in |
| TVPI (total value to paid-in capital) | (Cumulative distributions + residual value) ÷ paid-in capital | Distributed and remaining value combined per dollar paid in |
For these standard since-inception multiples, the Global Investment Performance Standards (GIPS) handbook includes distributions that are recalled and reinvested in paid-in capital. Apply the same scope and treatment consistently to each figure. GIPS Standards Handbook for Firms
Worked example: calculating the three multiples
Suppose a fund has $100 million in paid-in capital, has distributed $60 million, and has $50 million in residual value. These illustrative numbers show the arithmetic only; they are not data for an actual fund.
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| Metric | Calculation | Result |
|---|---|---|
| DPI | $60 million ÷ $100 million | 0.60x |
| RVPI | $50 million ÷ $100 million | 0.50x |
| TVPI | ($60 million + $50 million) ÷ $100 million | 1.10x |
Here, TVPI is 1.10x because 0.60x of value has been distributed and 0.50x remains in the fund: 0.60x + 0.50x = 1.10x.
What is the difference between DPI and TVPI?
DPI counts value already distributed to investors. TVPI includes those distributions and the value still held by the fund. RVPI isolates that remaining, unrealized portion. As a result, a fund can have a higher TVPI than DPI while some of its reported value is still unrealized.
Residual value is based on estimated fair value, not cash already returned to investors. It can change as holdings are revalued or realized. The CFA Institute Research Foundation also notes that DPI and TVPI do not account for the time value of money, while private, illiquid holdings make interim valuations uncertain. A higher TVPI alone therefore does not show that a fund generated returns faster or that its residual value will ultimately be realized at the reported amount. CFA Institute Research Foundation, “The Economics of Private Equity: A Critical Review”
Check whether reported multiples are comparable
Before comparing funds, establish that the multiples describe the same reporting view and basis. A fund-level net figure is not directly comparable to a portfolio-level gross figure.
Do these 3 things before closing this tab:
1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problems- Fund-level net: Invest Europe describes fund-level TVPI as realized proceeds returned to investors plus the current fair value of assets still held, divided by contributed capital; it says fund-level TVPI should be net of fees and carry.
- Portfolio-level gross: Gross portfolio-level multiples exclude management fees and fund-level expenses. They show a different view of performance from net fund-level figures.
Invest Europe’s definitions and guidance are available in its performance measurement materials. When a report does not make clear whether a multiple is gross or net, or how fees and carry are treated, do not assume it is comparable to another report.
Also check the reporting date, paid-in capital calculation and treatment of recalled or reinvested distributions, and the basis used to estimate residual value. Finally, consider the investment horizon: a multiple tells you value per dollar paid in, not when that value was received.
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How ILPA reporting guidance relates to the formulas
The ILPA Performance Template is intended to standardize how performance metrics and related contributions and distributions are reported. ILPA says the template should be used for funds commencing operations on or after January 1, 2026. Its guidance concerns reporting, not a change to the basic DPI, RVPI, or TVPI arithmetic. ILPA Performance Template
ILPA’s template hub describes two versions, granular and gross-up, which show the same fund- and portfolio-level metrics and cash-flow data but differ in transaction detail and in the fund-level gross performance calculation. ILPA directs general partners to choose the version aligned with how they call capital and calculate gross performance. Version 1.1 was released April 28, 2025; ILPA says the update reflected two SEC Marketing Rule FAQs from March 2025 and a transaction-type mapping change. ILPA Performance Template – Granular Methodology (v. 1.1)
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