Also called: Total Value to Paid-In
TL;DR
Total Value to Paid-In capital, the sum of distributions and remaining NAV divided by capital paid in, used by VC LPs.
TVPI is the LP-friendly version of MOIC for fund-level reporting. It divides total value (realized distributions + remaining NAV) by paid-in capital. A TVPI of 2.5× means the fund has produced 2.5 dollars of value for every dollar called.
TVPI is often paired with DPI and RVPI: TVPI = DPI + RVPI. Together they tell LPs how much value has been distributed versus how much remains on paper.
TVPI = (Distributions + Residual NAV) ÷ Paid-In Capital
TVPI = DPI + RVPI. It's the headline 'how is the fund doing' multiple before any time-value adjustment.
Fund I called $200M from LPs, has distributed $140M, and the remaining unrealized NAV is $260M. TVPI = ($140M + $260M) ÷ $200M = 2.0×, a solid mid-life mark for an early-stage fund.
Fund-level metric, not founder-deck content.
Distributions to Paid-In capital, the cash a fund has returned to LPs divided by total capital called, the realized portion of TVPI.
Residual Value to Paid-In capital, the unrealized portion of fund NAV divided by capital called, the paper 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.
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