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DPI, RVPI & TVPI calculator

The three multiples every allocator checks first — and the one they trust most is the one built purely from realised cash.

DPI is distributions to paid-in capital — cash actually returned, divided by capital drawn. RVPI is residual value to paid-in — unrealised value still held, on the same basis. TVPI is simply DPI plus RVPI. Enter your fund's figures below.

Fund figures

Total paid-in capital $25,000,000

Total distributions to date $18,000,000

Residual (unrealised) value $22,000,000

Results

DPI (realised)—

RVPI (unrealised)—

TVPI (total)—

Share of TVPI that is realised

This calculator is for general illustration only. It ignores taxes, fund-specific mechanics and edge cases in your actual documents. It is not financial, legal or tax advice — check figures against your fund's actual governing documents.

Why allocators weight DPI more heavily than RVPI

DPI is built entirely from cash that has actually been returned — it does not depend on the manager's own valuation judgement. RVPI depends on how unrealised positions are marked, which is the manager's own assertion until an exit proves it right or wrong. A fund with a high TVPI resting mostly on RVPI is showing you a promise; a fund with a high DPI is showing you a result. More on presenting these multiples credibly →

Frequently asked questions

What is DPI in private equity?

Distributions to paid-in capital: the total cash actually distributed to investors, divided by the total capital they have contributed. It is the realised half of a fund's performance and does not depend on the manager's own valuation of remaining assets.

What is the difference between RVPI and TVPI?

RVPI is residual (unrealised) value divided by paid-in capital — the value of positions still held. TVPI is total value to paid-in, which is simply DPI plus RVPI: the realised and unrealised performance added together.

Why do allocators trust DPI more than TVPI?

Because DPI is built from cash that has actually been returned, while the RVPI portion of TVPI depends on the manager's own valuation marks for unrealised positions — an assertion rather than a proven result until an exit occurs.

What is a good TVPI for a private fund?

It depends heavily on strategy, vintage and fund age — a fund early in its life will naturally have a low DPI and TVPI dominated by RVPI, which is normal and not itself a warning sign. Comparing against a relevant vintage-year benchmark matters more than any single target number.

Should a young fund be judged harshly for having low DPI?

Not necessarily — realisations take time, and a fund only a few years into its life is expected to have most of its value in RVPI rather than DPI. What matters more at that stage is whether the unrealised marks are well-supported and whether early signs point toward eventual realisation.

Does this calculator account for fees when computing these multiples?

No — this tool computes multiples on paid-in capital as entered. Whether your own figures are gross or net of fees depends on how you source the distributions and paid-in capital numbers, so confirm that basis before comparing to another fund's reported figures.

Nothing on this page is legal, tax, or investment advice. SeRuM is not a registered broker-dealer, not a placement agent, and not an investment adviser.

Presenting a track recordHow DPI and TVPI should be presented to allocators.IRR & MOIC calculatorThe other core performance metrics, calculated from cash flows.GlossaryDefinitions for DPI, RVPI, TVPI and related terms.

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