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TVPI

Total value to paid-in: DPI plus RVPI. The all-in multiple, read by allocators mainly through its realised component.

TVPI — Total value to paid-in: DPI plus RVPI. The all-in multiple, read by allocators mainly through its realised component.

TVPI is best read as two separate numbers rather than one — the DPI component (trusted, realised) and the RVPI component (an assertion, unrealised) — and a sophisticated allocator will always ask for that breakdown rather than accepting the combined figure at face value.

Frequently asked questions

Is TVPI the same as MOIC?

Similar in spirit — both are multiples on capital — but TVPI specifically refers to total value (realised plus unrealised) to paid-in capital at the fund level, while MOIC is used more broadly, including at the individual deal level.

Should I trust a fund's TVPI figure on its own?

Not without asking for the DPI and RVPI breakdown underneath it — a high TVPI resting mostly on unrealised value carries meaningfully less certainty than one built on realised distributions.

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.

DPIDistributions to paid-in capital: cash actually returned divided by capital drawn. The rea RVPIResidual value to paid-in: remaining unrealised value divided by capital drawn. The unreal Irr moic calculatorRelated reading.

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