RVPI

TL;DR

Residual Value to Paid-In capital — the unrealized portion of fund NAV divided by capital called, the paper portion of TVPI.

RVPI captures the value LPs hold on paper but haven't received in cash. A high RVPI on a young fund is normal and healthy; a high RVPI on a fund past its expected harvest period suggests either delayed exits or aggressive marks that haven't materialized.

RVPI + DPI = TVPI, by definition. LP analysis usually focuses on the trajectory of RVPI converting into DPI over time.

Formula

RVPI = Residual NAV ÷ Paid-In Capital

• Residual NAV — Marked-to-fair-value of remaining unrealized positions
• Paid-In Capital — Total capital called from LPs to date

RVPI is the 'paper' multiple — the part of TVPI that is still at risk of mark-down before realization.

Worked example

Fund III has called $250M, residual NAV is $400M. RVPI = $400M ÷ $250M = 1.6× — meaningful unrealized upside, but markdowns are common in 1.5–4 years before exits.

Common pitfalls

• Marking up unrealized positions aggressively to make RVPI (and TVPI) look better.
• Holding paper positions past their natural exit window.
• Failing to communicate RVPI sensitivity to LPs in volatile markets.

When this shows up in a pitch deck

Fund-level metric.

Related terms

• TVPI — Total Value to Paid-In capital — the sum of distributions and remaining NAV divided by capital paid in, used by VC LPs.
• DPI — Distributions to Paid-In capital — the cash a fund has returned to LPs divided by total capital called, the realized portion of TVPI.
• MOIC — Multiple on Invested Capital — total value (realized + unrealized) divided by total capital invested, a simple time-insensitive return metric.
• IRR — Internal Rate of Return — the annualized return that makes the net present value of all fund cash flows equal to zero.
• J-Curve — The pattern of early-fund losses followed by later gains as investments mature, which produces a J-shaped cumulative return chart for VC funds.

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