Residual Value to Paid-in Capital
The unrealized portion of fund performance — how much value a fund is still holding, per dollar LPs have paid in, based on current marks.
◆ Multiple
Current unrealized NAV still held in the fund
Capital called from LPs to date
RPI — residual split
1.00× parity
Formula
What it measures
The value still sitting in the portfolio, marked at current fair value, expressed as a multiple of paid-in capital. It's the 'not yet cashed out' half of total fund performance.
Why it matters
RPI tells LPs how much of a fund's reported performance is still a projection versus already banked. A fund with high RPI and low DPI has promising paper value but hasn't proven it can convert that into cash — RPI and DPI together tell the full realized/unrealized story that TVPI alone compresses into one number.
How to read it
RPI of 1.2x means the fund is currently holding positions marked at 1.2 times what LPs paid in, none of it realized yet. As a fund matures, healthy RPI should decline over time as positions move from RPI (unrealized) into DPI (realized) — a fund where RPI stays flat or grows late in its life without corresponding DPI growth is a fund that isn't converting paper gains into cash.
What good looks like
Good
RPI is high in a fund's early-to-mid life (most value is still held) and declines steadily over time as positions realize into DPI.
Watch
RPI stays elevated late in a fund's life with limited realization activity — value is 'stuck' unrealized.
Bad
RPI declining sharply from write-downs rather than exits.
Watch-outs
- Treating RPI as guaranteed future DPI — marks can be written down as well as realized, especially in down markets.
- Ignoring RPI concentration — a high RPI driven by one or two large unexited positions carries more risk than one spread across many.
- Comparing RPI in isolation without DPI — a fund can look strong on RPI alone while having realized almost nothing.
Worked example
Hypothetical
LPs have paid in $50M; the fund's unexited positions are currently marked at a combined $38M. RPI = $38M ÷ $50M = 0.76x.
FAQ
Why does RPI go down over time even in a good fund?
That's expected — as positions exit, their value moves out of RPI (unrealized) and into DPI (realized). A declining RPI paired with a rising DPI of similar magnitude is a healthy sign, not a red flag.
Is high RPI a good thing?
It depends on fund age. Early on, high RPI simply reflects that nothing has exited yet. Late in a fund's life, persistently high RPI without corresponding DPI growth can mean the fund is struggling to realize value, not just holding winners.
How reliable are the marks behind RPI?
As reliable as the last priced round or valuation methodology behind them — in fast-moving or declining markets, marks can lag reality in either direction until the next financing event or write-down.
Related
Track Residual Value to Paid-in Capital across your whole portfolio automatically
Plantactic computes Residual Value to Paid-in Capital and every other fund metric directly from your contracts and cap tables — no more spreadsheet math.
Get a demo