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1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsCalculate each private equity multiple using paid-in capital as the denominator: DPI is cumulative distributions divided by paid-in capital; RVPI is residual value divided by paid-in capital; and TVPI is distributions plus residual value divided by paid-in capital. When the scope and denominator match, TVPI equals DPI plus RVPI.
How to calculate DPI, RVPI, and TVPI
Use since-inception paid-in capital—not total committed capital—as the common denominator. Apply the same reporting scope and capital treatment to all three calculations.
- DPI (distributions to paid-in capital) = cumulative distributions ÷ paid-in capital.
- RVPI (residual value to paid-in capital) = residual value ÷ paid-in capital.
- TVPI (total value to paid-in capital) = (cumulative distributions + residual value) ÷ paid-in capital.
The GIPS Standards Handbook says paid-in capital includes distributions that are recalled and reinvested. Define whether those amounts are included and use that convention consistently. GIPS Standards Handbook for Firms
Worked example
Suppose a fund has $100 million in paid-in capital, has distributed $60 million, and holds $50 million in residual value. These figures are illustrative and describe no actual fund.
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| Metric | Calculation | Result | What it captures |
|---|---|---|---|
| DPI | $60m ÷ $100m | 0.60x | Value distributed so far per dollar paid in |
| RVPI | $50m ÷ $100m | 0.50x | Remaining portfolio value per dollar paid in |
| TVPI | ($60m + $50m) ÷ $100m | 1.10x | Distributed plus remaining value per dollar paid in |
Here, TVPI is 0.60x + 0.50x = 1.10x. That identity holds when the distribution and residual-value components use the same scope and denominator.
What the three multiples tell you
DPI: value already distributed
DPI reflects realized value returned through distributions. It does not count the value of assets the fund still holds.
RVPI: estimated value still held
RVPI captures the residual value of the fund’s remaining holdings. Because that value is based on fair-value estimates, it can change and may not ultimately be realized at the reported amount.
TVPI: distributed and remaining value together
TVPI adds DPI’s distributed value to RVPI’s residual value. It therefore combines realized proceeds with an estimate of unrealized value; it is not a measure of cash already returned in full.
Check whether a reported multiple is net or gross
Fund-level net and portfolio-level gross multiples are different reporting views, so do not compare them as though they were calculated on the same basis. Invest Europe describes fund-level net TVPI as realized proceeds returned to investors plus the current fair value of assets still held, divided by contributed capital (capital called); fund-level TVPI should be net of fees and carry. Its gross portfolio-level multiples exclude management fees and fund-level expenses. Invest Europe performance measurement
When reading or presenting a multiple, label its level and treatment—for example, fund-level net or portfolio-level gross—and state how fees and carry are handled. Also check the reporting date and residual-valuation basis: a TVPI whose RVPI reflects a different valuation date may not be meaningfully comparable.
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What multiples cannot tell you
DPI, RVPI, and TVPI are multiples, not annualized rates of return. They do not show when contributions or distributions occurred, so a multiple alone cannot establish how quickly capital was returned or replace a time-sensitive return measure such as IRR. The CFA Institute Research Foundation also notes that private, illiquid holdings make interim valuations uncertain. A higher TVPI by itself therefore does not prove faster performance or guarantee that residual value will be realized at the reported amount. CFA Institute Research Foundation, The Economics of Private Equity: A Critical Review
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Use standardized reporting without confusing it with the arithmetic
ILPA’s Performance Template is intended to standardize performance metrics and related contribution and distribution data. ILPA says the template should be used for funds commencing operations on or after January 1, 2026. Its granular and gross-up versions show the same fund- and portfolio-level metrics and cash-flow data, but differ in transaction detail and fund-level gross-performance calculation; ILPA directs general partners to select the version that fits how they call capital and calculate gross performance. The template standardizes reporting—it does not change the basic DPI, RVPI, or TVPI formulas. ILPA Performance Template
Best Value
ILPA released Performance Template version 1.1 on April 28, 2025. The update reflected two SEC Marketing Rule FAQs from March 2025 and a transaction-type mapping change. ILPA Performance Template – Granular Methodology (v. 1.1)
Quick Recap
Checklist for comparing private equity multiples
- Confirm whether the figure is fund-level net or portfolio-level gross, and how fees and carry are treated.
- Check the paid-in or contributed capital denominator; do not substitute total committed capital for these standard paid-in multiples.
- Confirm how recalled and reinvested distributions are treated.
- Separate realized DPI from valuation-dependent RVPI, especially when interpreting TVPI.
- Compare reporting dates and residual-valuation bases.
- Consider the time horizon and cash-flow timing; a multiple alone does not annualize performance.
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