Total Value to Paid-in Capital
The complete picture of fund performance — realized distributions plus unrealized residual value — per dollar of capital LPs have paid in.
◆ Multiple
Realized — capital returned to LPs
Unrealized — remaining portfolio NAV
Base — capital called from LPs
TVPI — the fund equation
Formula
Built from
What it measures
The single most commonly cited fund performance number — it combines everything a fund has returned in cash (DPI) with everything it's still holding at current value (RPI) into one multiple of paid-in capital.
Why it matters
TVPI is the headline number in almost every LP report because it's the most complete read on fund performance at any point in time, even before a fund has finished realizing its portfolio. It's also the number most often used (sometimes over-relied upon) when comparing GPs and vintages.
How to read it
A TVPI of 2.1x means LPs' total value — cash already received plus the current value of what's still held — is 2.1 times what they've paid in. Because TVPI includes unrealized marks, always check the DPI/RPI split behind it: a 2.1x TVPI that's mostly DPI is a proven, realized return; the same 2.1x that's mostly RPI is still a projection resting on current valuations.
What good looks like
Good
Top-quartile venture funds often show TVPI above 2.5-3x by year 8-10, with a growing share coming from DPI rather than RPI as the fund matures.
Watch
TVPI holding steady or growing entirely from RPI (unrealized) with little DPI (realized) contribution well into the fund's life.
Bad
TVPI below 1.0x for a mature fund — LPs are underwater even including unrealized value.
Watch-outs
- Treating TVPI as a fully realized, guaranteed number — the RPI half is an unrealized mark and can still move.
- Comparing TVPI across funds without checking the DPI/RPI split — two funds with identical TVPI can be in very different risk positions.
- Comparing TVPI across vintages without adjusting for fund age — a young fund's TVPI is dominated by unrealized value almost by definition.
Worked example
Hypothetical
LPs have paid in $50M, received $32M in distributions, and the fund's remaining positions are marked at $38M. TVPI = ($32M + $38M) ÷ $50M = 1.40x, made up of DPI 0.64x + RPI 0.76x.
FAQ
What's a good TVPI for a 5-year-old fund?
Highly dependent on vintage and strategy, but many venture funds in the 1.5x-2.5x range at year 5 are tracking reasonably — the key question is whether DPI is starting to grow, not just RPI. Always benchmark against funds of the same vintage year.
Why is my TVPI going down even though the fund made an investment that's performing well?
TVPI can dip if other positions in the portfolio are written down, or if new capital is called (increasing paid-in capital, the denominator) faster than value is created. Look at the trend over several quarters, not one snapshot.
Is TVPI the same as MOIC?
They're closely related and often used interchangeably at the fund level — both combine realized and unrealized value into one multiple. TVPI is the standard LP-reporting term at the fund level; MOIC is more commonly used at the individual-deal level.
How does TVPI relate to net multiple?
Net multiple (as tracked here) reflects realized distributions only, equivalent to DPI. TVPI = DPI + RPI, so TVPI will always be equal to or greater than net multiple/DPI, with the gap representing unrealized value still in the portfolio.
Related
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