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DPI

Distributions to paid-in capital: cash actually returned divided by capital drawn. The realised multiple, and the performance figure allocators trust most because it does not depend on the manager's own marks.

DPI — Distributions to paid-in capital: cash actually returned divided by capital drawn. The realised multiple, and the performance figure allocators trust most because it does not depend on the manager's own marks.

DPI is trusted above TVPI precisely because it requires no judgment call from the manager — cash either has been distributed or it hasn't, which is why experienced allocators read a fund's TVPI primarily through the size of its DPI component.

Frequently asked questions

What is considered a strong DPI?

It depends heavily on fund age and vintage — a young fund naturally has low DPI regardless of quality, while a fund past its harvest period should show DPI approaching or exceeding 1.0x for a successful vintage.

Why is DPI weighted more heavily than RVPI in diligence?

Because DPI reflects cash actually returned, while RVPI depends on the manager's own valuation of unrealised positions — an assertion rather than a proven outcome.

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.

TVPITotal value to paid-in: DPI plus RVPI. The all-in multiple, read by allocators mainly thro RVPIResidual value to paid-in: remaining unrealised value divided by capital drawn. The unreal DistributionA payment from a fund to its investors, of realisation proceeds or income.

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