TVPI vs MOIC: Same Multiple, Different Books

TVPI vs MOIC looks like one multiple with two names. It is not. Multiple on invested capital (MOIC) is usually deal-level total value divided by invested capital. Total value to paid-in (TVPI) is fund-level (DPI plus RVPI) divided by paid-in. Angels quote MOIC on a check. Limited partners quote TVPI on a commitment. Same calculator, different denominator. Say which book you are in. Raziel’s MOIC calculator is the deal box. This page is why a fund TVPI does not belong in it.

This is not legal, tax, or investment advice. Raziel Holdings, Inc. does not provide it. Copy the labeled figure from the statement you actually hold.

Same calculator, two denominators

Wall Street Prep writes deal MOIC as total cash inflows divided by total cash outflows, and, for a live portfolio, as realized value plus unrealized value, divided by total initial investment. Raziel’s MOIC calculator uses the same split: (total distributions plus residual value) divided by initial investment. Its worked example is $2,500,000 of distributions plus $500,000 of residual on $1,000,000 of initial capital, which is 3.0x.

TVPI uses a fund denominator. ILPA defines total value to paid-in as remaining investments plus distributions to date, relative to capital paid into the fund. Invest Europe writes TVPI as DPI plus RVPI, and says fund-level TVPI should be disclosed on a net of fees and carry basis. Cambridge Associates’ benchmark glossary matches that identity: residual value plus distributions received, relative to contributed capital. The sibling TVPI vs DPI vs RVPI page is those three columns on one LP commitment.

The fork is the bottom of the fraction. ILPA’s paid-in capital is committed capital a limited partner has actually transferred (the cumulative takedown), not the pledge. ILPA’s invested capital is drawndown capital actually invested in companies, equal in practice to drawndown less amounts used to pay fees or still awaiting investment. A fee call raises paid-in. It does not raise invested capital. Paste the wrong base into the same calculator and the multiple moves even when the deals did not.

Angels quote MOIC. LPs quote TVPI.

Invest Europe puts MOIC on the company and TVPI on the fund. MOIC is a gross metric for how an individual portfolio investment has grown, as a multiple of capital invested into that name. Total MOIC equals realised plus unrealised MOIC, is shown gross of all fees and expenses, and is also referred to as gross TVPI at the portfolio (investment) level. Fund-level DPI, RVPI, and TVPI are the net multiples to investors, and paid-in there is committed capital that has been called, not the headline commitment. Wall Street Prep’s LBO example is that deal book: a $20 million equity contribution and $80 million of Year 5 exit proceeds is a 4.0x MOIC, with no management-fee call in the denominator. An angel check with no fund wrapper lives there. An LP capital account does not.

ILPA’s Performance Template guidance (Gross Up Methodology v1.1, April 2025): most private fund GPs present gross IRRs and MOICs using portfolio-level (fund-to-investment) cash flows, and net IRRs and TVPIs using fund-level (fund-to-investor) cash flows. Portfolio-level gross typically starts at the time of investment. Fund-level net typically starts with the fund’s first capital call and includes fund-level subscription facilities. Cambridge Associates publishes the same split: fund-level benchmarks are net to the LP after fees, expenses, and carried interest. Investment-level figures are gross. In a 2017 paper (last updated November 28, 2025), Cambridge Associates estimated that fund-level fees cost private equity investors 616 basis points on average, or about 0.2x MOIC, over the life of a fund. That 0.2x is why a company MOIC and a commitment TVPI that look close are still two books.

Do not paste a fund TVPI into a deal MOIC box

GIPS has long labeled TVPI as “total value to since-inception paid-in capital (investment multiple or TVPI).” GIPS is still a paid-in statistic. Invest Europe’s “gross TVPI at the portfolio level” is total MOIC. ILPA’s TVPI is the LP line.

• Fees in the base. ILPA’s invested-capital line excludes amounts used to pay fees. Paid-in includes those calls.

• Recallables and recycling. Invest Europe: paid-in may include amounts recalled from previous distributions, so paid-in can exceed commitment. ILPA, citing GIPS, puts recallable distributions in the TVPI numerator and reinvested capital in the denominator. A deal MOIC does not recycle a fund distribution.

• Start date and facilities. ILPA: a subscription line can fund a deal before your capital call hits. Fund-level net TVPI is a with-and-without-facility pair on the 2026 Performance Template. Portfolio-level gross MOIC starts at investment.

ILPA even treats net portfolio-level MOIC as a synthesis: apply the ratio or spread of fund-level net TVPI to fund-level gross TVPI onto total portfolio-level gross MOIC. If you need the three-column LP split, use TVPI vs DPI vs RVPI. If you need magnitude versus pace, that is MOIC vs IRR, not this page.

Which book are you in?

Write the label before you write the multiple:

• Deal book (MOIC). One company or SPV. Denominator is invested capital. Numerator is exit proceeds, distributions, and any remaining mark. Gross unless the ticket itself has fees.

• Fund book (TVPI). One commitment. Denominator is paid-in (calls, including fee calls). Numerator is distributions plus remaining NAV. Net to the LP on a standard pack. TVPI equals DPI plus RVPI on that same paid-in base.

A workbook holds this if the rows hold. It fails when a quarterly TVPI is stored as “my MOIC” on the company, or a founder update MOIC is stored as fund TVPI. The how to measure investment performance page is the wider metric stack.

Raziel’s MOIC calculator takes invested capital, distributions, and residual value. Feed it one deal at a time. Leave the LP TVPI on the fund line. Raziel’s alternative-asset dashboard is the book those tickets already sit on. It does not relabel a fund multiple as a deal multiple for you.