DPI, TVPI, RVPI, and MOIC are investment-return multiples, but they answer different questions. DPI shows how much value has been distributed relative to paid-in capital; RVPI shows the remaining portfolio value on the same basis; and TVPI combines those realized and unrealized components. MOIC is a related multiple whose meaning depends on what capital and value are included. None of these multiples, on its own, shows how long returns took or guarantees that unrealized valuations will be realized.
What do DPI, RVPI, and TVPI mean?
These three metrics use paid-in capital as their common fund-level denominator. The U.S. Securities and Exchange Commission’s 2023 rules and regulations describe the components and their relationship in fund-performance reporting.
| Metric | What it measures | Fund-level formula |
|---|---|---|
| DPI (distributions to paid-in capital) | Cumulative distributions relative to capital paid in or called. It measures the realized-cash component. | Distributions ÷ paid-in capital |
| RVPI (residual value to paid-in capital) | The value attributed to investments still held, relative to paid-in capital. It measures the unrealized component. | Residual value ÷ paid-in capital |
| TVPI (total value to paid-in capital) | Distributions plus residual value, relative to paid-in capital. It combines realized and unrealized value. | (Distributions + residual value) ÷ paid-in capital |
At the fund level, TVPI = DPI + RVPI, provided the figures use the same reporting basis, denominator, and date. TVPI is not all cash returned to investors: its RVPI portion remains invested and depends on the valuations assigned to the remaining holdings. Invest Europe’s performance-measurement guidance likewise distinguishes distributed value from residual value.
What does MOIC mean, and how is it different?
MOIC means multiple of invested capital. Broadly, it compares value with the capital invested to generate it. It can be reported for a whole fund or for an individual investment or portion of a portfolio. Because the scope and denominator can vary, a MOIC figure is not automatically interchangeable with fund-level TVPI.
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Why the denominator matters
Fund-level TVPI divides total value by paid-in capital. An investment-level MOIC may instead divide that investment’s value by the capital attributed to it. Before comparing either number, check which capital is counted and whether the reported value includes distributions, remaining holdings, or both.
Do not add realized and unrealized MOICs
Realized and unrealized investment multiples are not added together to produce a total. When combined, their MOIC is a weighted average based on the relevant invested capital. GIPS standards guidance treats performance measures in relation to the scope and capital being measured.
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How to calculate the multiples
Consider an invented example, used only to demonstrate the arithmetic: a fund has paid-in capital of 100, has distributed 40, and has remaining portfolio value of 80.
- DPI: 40 ÷ 100 = 0.4x.
- RVPI: 80 ÷ 100 = 0.8x.
- TVPI: (40 + 80) ÷ 100 = 1.2x, which also equals 0.4x + 0.8x.
The example does not describe an actual fund or an industry result. Its TVPI includes both the 40 already distributed and the 80 still represented by portfolio holdings.
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How should you interpret these figures?
- A higher DPI means more value has been distributed relative to paid-in capital. It is the clearest of these measures of cash already returned, subject to the reporting basis.
- RVPI depends on marks for investments that have not yet been realized. It is a valuation of remaining holdings, not proof that the stated value will be received in cash.
- TVPI combines cash distributed with remaining value. A TVPI above 1.0x does not mean investors have received that multiple in cash.
- MOIC needs a scope and denominator to be meaningful. A fund-level multiple and an investment-level multiple can look similar while measuring different things.
- Multiples do not show timing. INREV notes that TVPI does not take time invested into consideration. Two funds with the same multiple can have different cash-flow timing and investment durations.
How to compare private-equity fund multiples fairly
Before treating one fund’s multiple as better than another’s, align the reporting details. ILPA separates fund-to-investor performance from portfolio-to-investment performance, and its guidance highlights the importance of methodology and cash-flow treatment.
- Level: compare fund with fund or investment with investment.
- Gross or net: confirm whether returns are before or after fees and expenses, and whether the compared figures use the same basis.
- Denominator: establish whether the calculation uses paid-in capital or capital attributed to a particular investment.
- Reporting date: compare values measured as of the same date, since residual valuations can change.
- Subscription-facility treatment: check how any facility-related cash flows are treated in the reported performance.
- Context: where available, consider vintage, strategy, geography, and cash-flow timing. A single multiple does not establish which fund performed better.
Invest Europe describes public market equivalent (PME) methods as a way to compare a fund’s cash flows with a public-market index. Such time-aware comparisons can add context that a standalone multiple does not provide.
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What do ILPA’s current performance templates change?
ILPA’s Performance Template is designed to standardize return-calculation methodologies and present performance metrics alongside contributions and distributions. Its two versions provide the same broad performance metrics and cash-flow data, but differ in how fund-level gross performance is calculated.
- Granular methodology: suited to general partners using investor cash flows and itemizing capital calls.
- Gross-up methodology: suited to general partners using fund-to-investment cash flows or grossing up non-itemized calls.
ILPA released Performance Template version 1.1 in April 2025 and says it is intended for funds commencing operations on or after January 1, 2026. Applicability depends on the fund’s reporting context. ILPA separately released Reporting Template version 2.0 in January 2025; it is intended to replace the 2016 template for funds still in their investment period during Q1 2026 or commencing operations on or after January 1, 2026. These templates concern standardized reporting; they do not make differently defined multiples comparable without checking the underlying basis.
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Sources and reporting guidance
- U.S. Securities and Exchange Commission / Federal Register, 2023 Rules and Regulations
- Invest Europe, Performance measurement
- INREV, Performance Measurement
- GIPS, Standards Handbook for Firms
- ILPA, Performance Template
- ILPA, Performance Template Suggested Guidance – Granular Methodology
- ILPA, Reporting Template
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