Interim IRR — Interim IRR — Metric library

Fund metrics

Interim IRR

A point-in-time, provisional read on distributions against paid-in capital, framed as of a specific reporting date rather than as a final or annualized figure.

◆ Percentage

Total Distribution of the Fund

Cumulative cash returned to investors to date

Total Paid in Capital

Cumulative capital called from investors to date

Net Multiple

Computed — distributions ÷ paid-in capital

Interim net multiple · as of Aug 24, 2026

Provisional

–.––×

Awaiting cash flows — enter distributions and paid-in capital.

Interim net multiple = Distributions ÷ Paid-in capital (as of Aug 24, 2026) = —

Formula

\text{Interim net multiple} = \dfrac{\text{Total Distribution}}{\text{Total Paid-in Capital}} \;\text{(as of date)}

Cumulative cash returned to investors to dateCumulative capital called from investors to date

What it measures

Distributions as a share of paid-in capital, explicitly framed with an 'as of' date to signal that it's a provisional snapshot — expected to change as more capital is called and more distributions occur.

Why it matters

Between major reporting milestones, LPs and GPs still want a current read on performance. Framing it explicitly as 'interim' and 'as of' a date keeps expectations calibrated: this is a snapshot, not a final number, and it will keep moving until the fund is fully realized.

How to read it

An interim reading of 62% as of a given date means 62% of paid-in capital has come back in distributions by that date — not a projection of where the fund will end up, just where it stands today. Track this figure across successive reporting dates to see the trend, rather than reading any single snapshot in isolation.

What good looks like

Good

Interim reading trending upward toward or past full capital recovery as the fund matures.

Watch

Interim reading flat for several consecutive reporting periods.

Bad

Interim reading declining across consecutive periods, indicating write-downs outpacing new distributions.

Watch-outs

Treating an interim reading as a final or annualized number rather than a snapshot that will keep changing.
Comparing interim readings across funds without matching the as-of dates — a difference in reporting date alone can explain most of the gap.
Reading a low interim percentage as bad news without checking unrealized value still held in the portfolio.

Worked example

Hypothetical

\text{Interim reading} = \dfrac{\$25\text{M}}{\$40\text{M}} = 62.5\%

As of a given date, LPs have paid in $40M and received $25M in distributions. Interim reading = $25M ÷ $40M = 62.5% of paid-in capital returned as of that date.

FAQ

Why does this page say 'provisional'?

Because it's explicitly a snapshot as of a specific date, not a final performance number — it will change at the next reporting cycle as more capital is called and more distributions occur.

Is this an annualized IRR?

No — despite the name, this reading does not annualize or account for cash-flow timing. It is distributions expressed as a share of paid-in capital, as of a given date. See Gross IRR for an annualized figure.

How often should this be updated?

As often as new distribution or capital-call activity occurs — most funds recompute it at least quarterly alongside other LP reporting metrics.

Net IRR Total Value to Paid-in Capital

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