# TVPI and DPI Calculator | Fund Multiples

> Calculate TVPI, DPI, and RVPI from paid-in capital, distributions, and NAV, with a plain-English read of what the fund multiples mean for LPs.

URL: https://raziel.co/tools/tvpi-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.

[Start free](https://app.raziel.co/sign-up)

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.

1. **DPI** is the cash-on-cash number. A DPI of 1.0x means LPs have their money back.
2. **RVPI** is the part still invested, valued at the latest NAV. It is an estimate until those holdings are sold.
3. **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

TVPI**1.20x**

## Further reading

- [Raziel Learn TVPI vs DPI vs RVPI: How to Read an LP Performance Line](https://raziel.co/learn/tvpi-vs-dpi-vs-rvpi)
- [Raziel Learn TVPI vs MOIC: Same Multiple, Different Books](https://raziel.co/learn/tvpi-vs-moic)
- [Raziel Learn How to Read an LP Capital Account Statement](https://raziel.co/learn/lp-capital-account-statement)

## 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.

Related tools

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- [Returns IRR Calculator Annualized return from any series of dated cash flows. Open calculator](https://raziel.co/tools/irr-calculator)
- [Returns MOIC Calculator Multiple on invested capital, realized and unrealized. Open calculator](https://raziel.co/tools/moic-calculator)