TVPI (total value to paid-in capital)
TVPI, total value to paid-in capital, is the sum of distributions to limited partners and the current net asset value of the fund, divided by the capital LPs have contributed. It is the fund's headline multiple and includes unrealised marks.
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Example
Paid-in capital of $40M, distributions of $28M, residual NAV of $60M. TVPI is (28 + 60) / 40, or 2.2x. DPI is 0.7x.
Confused with
MOIC. Multiple on invested capital is usually measured at the deal level on invested cost, before fees. TVPI is at the fund level on paid-in capital, net of fees.
Related terms
- DPI (distributions to paid-in capital) DPI, distributions to paid-in capital, is the total cash and stock distributed to limited partners divided by the total capital they have contributed.
- Capital account A capital account is the running balance of a single partner's economic interest in a fund: contributions in, allocations of income, gains and losses, less distributions out.