TVPI, DPI & MOIC
The multiples LPs use to measure fund performance in dollars returned per dollar invested: DPI (realized), RVPI (unrealized), and TVPI/MOIC (their sum).
Definition
TVPI, DPI, and MOIC are the family of multiples LPs use to measure how much value a fund has produced per dollar of paid-in capital, as distinct from IRR, which measures the pace of that return rather than its size. DPI (Distributions to Paid-In) is the realized multiple — cumulative cash distributions received divided by paid-in capital; it is often described as the 'show me the money' metric because it only counts cash an LP has actually received, not a mark on paper. RVPI (Residual Value to Paid-In) is the unrealized multiple — the current value of the LP's remaining, un-distributed stake divided by paid-in capital.
TVPI (Total Value to Paid-In) combines the two: it is the sum of everything an LP has received plus everything still held, divided by what they put in. MOIC (Multiple on Invested Capital) is commonly used interchangeably with TVPI in fund reporting, though the term is sometimes applied more narrowly to a specific deal or position rather than the whole fund — in either usage it expresses the same idea, a pure multiple with no reference to how long the return took.
Because these are all multiples rather than annualized rates, a 1.30x TVPI means the fund has produced $1.30 of total value for every $1.00 paid in — a 30% total gain on paid-in capital to date, over whatever period that has taken, not a 30% annual return.
Why it matters
DPI and TVPI answer different questions, and LPs typically want both. DPI tells an LP how much of a fund's stated performance has actually been converted to cash in hand; TVPI tells them the full picture including the unrealized mark on positions still held. A fund reporting a strong TVPI built almost entirely from RVPI — with little or no DPI — has not yet proven it can convert paper gains into cash distributions.
These multiples are also central to how LPs benchmark managers against each other and against a fund's own stated targets, and they are frequently quoted alongside IRR precisely because neither figure alone tells the complete story: a high multiple achieved slowly and a modest multiple achieved quickly can both be defensible outcomes depending on what an LP is optimizing for.
DPI, RVPI, and TVPI
Splitting realized from unrealized value
An LP has paid in $2,000,000 to a fund. To date, the fund has distributed $900,000 in cash, and the LP's remaining stake is currently valued at $1,700,000.
DPI = $900,000 ÷ $2,000,000 = 0.45x. RVPI = $1,700,000 ÷ $2,000,000 = 0.85x. TVPI = DPI + RVPI = 0.45x + 0.85x = 1.30x — equivalently, ($900,000 + $1,700,000) ÷ $2,000,000 = $2,600,000 ÷ $2,000,000 = 1.30x.
| Metric | Calculation | Result |
|---|---|---|
| DPI (realized) | $900,000 ÷ $2,000,000 | 0.45x |
| RVPI (unrealized) | $1,700,000 ÷ $2,000,000 | 0.85x |
| TVPI (total) | $2,600,000 ÷ $2,000,000 | 1.30x |
Common mistakes
Reading a TVPI or MOIC figure as an annual percentage return rather than a multiple — a 1.30x TVPI is a 30% total gain on paid-in capital over the life of the investment to date, and says nothing on its own about the time period involved.
Treating a high TVPI as value already in hand — the RVPI portion is an unrealized mark on positions still held, not cash the LP has actually received; only DPI reflects money that has actually been distributed.
Comparing TVPI across two funds without checking their vintage or age — a young fund's TVPI is often mostly RVPI (unrealized) and is not directly comparable to a mature fund that has substantially converted its gains to DPI.
Overlooking whether a quoted multiple is gross or net of fees and carried interest — TVPI and DPI are commonly presented both ways, and the gap between gross and net figures can be material.
In practice
TVPI in a crypto fund is only as reliable as the valuation of the residual, unrealized portion — RVPI depends directly on how illiquid or locked positions (staked tokens, vesting allocations, DeFi liquidity-provider positions) are marked under the fund's fair-value hierarchy. A fund marking illiquid tokens aggressively can show an inflated TVPI that later has to be written down once those positions are actually realized.
Because DPI only counts cash already distributed, it is comparatively insulated from valuation judgment calls, which is part of why LPs weight it heavily when comparing crypto managers whose portfolios include less liquid or harder-to-price positions.
Questions, answered
What do TVPI, DPI, and MOIC mean?
DPI (Distributions to Paid-In) is the realized multiple — cash actually distributed divided by capital paid in. TVPI (Total Value to Paid-In) adds the residual value of any remaining stake to that, giving a total multiple. MOIC (Multiple on Invested Capital) is commonly used interchangeably with TVPI.
What is a good TVPI for a fund?
There is no universal benchmark — a reasonable TVPI depends heavily on the strategy, the fund's age, and its stage in the investment cycle. A young fund with a low TVPI is not necessarily underperforming; it may simply not have had time to realize value yet.
Why would a fund have a high TVPI but a low DPI?
This happens when most of the fund's value is unrealized — held in positions that have appreciated on paper but have not yet been sold or distributed as cash. It signals that reported performance has not yet been converted into actual cash returned to investors.
Is TVPI the same as IRR?
No. TVPI is a pure multiple of capital that ignores how long the return took to achieve. IRR is a money-weighted rate that accounts for exactly when capital was called and distributed. A fund can have a strong TVPI with a weak IRR if the return took a long time to materialize, or the reverse.
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