TVPI and DPI Calculator

Turn paid-in capital, distributions and NAV into TVPI, DPI and RVPI, with a plain-English read of what the multiples say about a fund.

Results

TVPI

1.20x

Total value to paid-in capital

DPI (realized): 0.30x; Distributions / paid-in
RVPI (unrealized): 0.90x; NAV / paid-in
Share of value realized: 25.0%; DPI / TVPI
Total value: $12,000,000; Distributions + NAV
Gain or loss: $2,000,000; Total value - paid-in
Commitment called: 80.0%; $2,500,000 still uncalled

Every $1.00 paid in is worth $1.20 today, counting cash returned and remaining NAV. With a DPI of 0.30x, LPs have received 30% of paid-in capital back in cash so far; the other 0.90x of value is still on paper.

Paid in versus value today

1.00x

$10M

$3M$9M$12M (1.20x)

Paid inValue today

Paid-in capital
Distributions (DPI)
Remaining NAV (RVPI)

Track fund multiples in Raziel

Log capital calls, distributions and NAV for every fund and SPV, and keep TVPI and DPI current.

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The math

How fund multiples work

Every LP performance line boils down to three numbers: what you paid in, what you got back in cash, and what the fund says the rest is worth. The multiples divide the last two by the first.

DPI is the cash-on-cash number. A DPI of 1.0x means LPs have their money back.
RVPI is the part still invested, valued at the latest NAV. It is an estimate until those holdings are sold.
TVPI adds the two. It shows whether the fund is above or below cost today, counting both realized and unrealized value.

Early in a fund’s life DPI is usually near zero and TVPI is mostly NAV. Over time, exits move value from RVPI into DPI.

DPI  = cumulative distributions / paid-in capital
RVPI = residual NAV / paid-in capital
TVPI = (distributions + NAV) / paid-in = DPI + RVPI

Assumptions and simplifications

Multiples are only as current as the NAV you enter; funds typically report NAV quarterly and with a lag.
Recallable distributions, in-kind distributions and fees paid outside the fund are not adjusted for; enter the figures from your capital account statement.
No time value of money. Use the IRR calculator to account for when cash moved.

Worked example

A fund with 80% of commitments called

Paid-in capital: $10,000,000
Distributions: $3,000,000
Residual NAV: $9,000,000
DPI: $3,000,000 / $10,000,000 = 0.30x
RVPI: $9,000,000 / $10,000,000 = 0.90x

TVPI1.20x

Frequently Asked Questions

Common questions about the TVPI and DPI calculator and the math behind it.

What is the difference between TVPI and DPI?

DPI (distributions to paid-in) counts only cash the fund has actually sent back to LPs. TVPI (total value to paid-in) adds the remaining net asset value, the fund’s current estimate of what it still holds. DPI is realized; the NAV part of TVPI is still on paper and can move up or down.

What is RVPI?

RVPI (residual value to paid-in) is remaining NAV divided by paid-in capital. It is the unrealized part of TVPI, so TVPI always equals DPI plus RVPI. As a fund matures and exits companies, RVPI should shrink and DPI should grow.

Why is paid-in capital used instead of commitments?

Multiples measure what happened to the money LPs actually sent. Capital that has not been called yet has not been invested, so it is left out. The calculator shows the called share of the commitment separately so you can see how far along the fund is.

Are these multiples net or gross of fees?

That depends on the numbers you enter. Using an LP’s paid-in capital (which includes management fees) and the distributions and NAV on its capital account statement gives net multiples, which is what LPs usually look at. Fund-level deal multiples before fees and carry are gross.

Does TVPI account for how long the money was invested?

No. TVPI and DPI are multiples, so a 2.0x after three years and a 2.0x after twelve look the same. Pair them with IRR, which accounts for timing, to compare funds of different ages.

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