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IRR & MOIC calculator

Enter capital calls and distributions with their dates. IRR and MOIC compute live as you type.

IRR (internal rate of return) is the money-weighted annualised return that makes the net present value of all cash flows equal zero. MOIC (multiple on invested capital) is simply total distributions divided by total capital invested, with no regard for timing. Enter your fund's cash flows below — negative for capital called, positive for distributions — to compute both.

Cash flows

Results

IRR (annualised)—

MOIC—

Total called—

Total distributed—

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.

How IRR and MOIC are calculated

MOIC is arithmetic: total distributions divided by total capital called, ignoring when each cash flow happened. A fund that returns 2x in eighteen months and a fund that returns 2x in twelve years have the same MOIC but very different IRRs.

IRR solves for the discount rate that makes the net present value of every dated cash flow equal zero — the calculation above uses XIRR, which handles irregularly-spaced dates (the standard case for capital calls and distributions) rather than assuming even annual periods.

Neither metric alone tells the whole story. A high IRR driven by one fast early distribution can be a misleading headline if the rest of the capital is still tied up; pairing IRR with MOIC and with DPI (realised distributions alone) gives a fuller picture. More on presenting these figures credibly →

Frequently asked questions

What is a good IRR for a private fund?

It varies enormously by strategy, vintage, and market conditions, so there is no single benchmark. What matters more than the number in isolation is how it compares to a relevant peer set and benchmark for the same strategy and vintage year, and whether it holds up net of fees.

Why does my IRR look different from what my fund reports?

Funds typically report on their own defined cash-flow set and dates, and different tools handle irregular timing, tiny residual balances, or fee-related outflows differently. Small differences in exactly which flows are included commonly move IRR by a percentage point or more.

What is the difference between gross and net IRR?

Gross IRR is calculated on cash flows before management fees and carried interest; net IRR is calculated after them. Net IRR is what an investor actually experiences and is the figure that should be used when comparing a fund to alternatives.

Can IRR be misleading?

Yes — it is sensitive to timing in ways that can flatter a fund. A single large distribution early in a fund's life can produce a high IRR even if most capital remains invested and its ultimate outcome is uncertain, which is why DPI and MOIC are usually reviewed alongside it.

What is XIRR and why does it matter here?

XIRR is the IRR calculation method that accounts for the actual, irregular dates of each cash flow rather than assuming even periodic intervals. Private fund capital calls and distributions almost never land on neat annual dates, so XIRR is the appropriate method rather than a simplified annual IRR.

Does this calculator save my data?

No. Everything runs in your browser and nothing is transmitted or stored — refreshing the page clears it.

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 to present IRR and MOIC credibly to allocators.DPI & TVPI calculatorThe realised-vs-total distinction IRR alone doesn't show.What LPs look forHow allocators actually weigh these numbers.

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