Total Value to Paid-In (TVPI)
The ratio of a fund's cumulative distributions plus remaining net asset value to total capital contributed by limited partners.
TVPI is the primary gross performance measure for private market funds, capturing both realized and unrealized value. A TVPI of 1.5x means the fund has returned or holds 1.5 times the capital invested.
Formula: TVPI = (Distributions + Remaining NAV) / Paid-In Capital
TVPI is often decomposed into DPI (distributions to paid-in — the realized component) and RVPI (residual value to paid-in — the unrealized component). Mature funds should have high DPI; younger funds will have mostly RVPI.
Frequently Asked Questions
What is TVPI?
TVPI (Total Value to Paid-In) is the primary performance measure for private market funds. It equals cumulative distributions plus remaining NAV divided by total capital contributed. A TVPI of 2.0x means the fund has generated twice the invested capital.
How is TVPI calculated?
TVPI = (Distributions + Remaining NAV) / Paid-In Capital. It captures both realized returns (distributions) and unrealized value (remaining portfolio) relative to capital invested.
What is the difference between TVPI and DPI?
TVPI includes both realized and unrealized value. DPI (Distributions to Paid-In) only counts actual cash returned to LPs. Mature funds should show high DPI; younger funds show mostly TVPI from unrealized NAV.
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