Also called: Residual Value to Paid-In, Unrealized multiple
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.
RVPI = Residual NAV ÷ Paid-In Capital
RVPI is the 'paper' multiple, the part of TVPI that is still at risk of mark-down before realization.
Fund III has called $250M, residual NAV is $400M. RVPI = $400M ÷ $250M = 1.6×, meaningful unrealized upside, but markdowns are common in 1.5 to 4 years before exits.
Fund-level metric.
Total Value to Paid-In capital, the sum of distributions and remaining NAV divided by capital paid in, used by VC LPs.
Distributions to Paid-In capital, the cash a fund has returned to LPs divided by total capital called, the realized portion of TVPI.
Multiple on Invested Capital, total value (realized + unrealized) divided by total capital invested, a simple time-insensitive return metric.
Internal Rate of Return, the annualized return that makes the net present value of all fund cash flows equal to zero.
The pattern of early-fund losses followed by later gains as investments mature, which produces a J-shaped cumulative return chart for VC funds.
Deckmetric scores your pitch across 10 VC frameworks and against 8 investor types.