TVPI

Category: Returns & Fund Performance · Level: Advanced · 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.

Formula

TVPI = (Distributions + Residual NAV) ÷ Paid-In Capital

  • Distributions — Cash and stock returned to LPs to date
  • Residual NAV — Net asset value of remaining unrealized positions, marked to fair value
  • Paid-In Capital — Total capital actually called from LPs (not committed)

TVPI = DPI + RVPI. It's the headline 'how is the fund doing' multiple before any time-value adjustment.

Worked example

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.

Common pitfalls

  • Reporting TVPI without separating DPI from RVPI.
  • Marking up unrealized NAV aggressively to inflate TVPI.
  • Comparing TVPI across vintages with different market regimes.

When this shows up in a pitch deck

Fund-level metric, not founder-deck content.

Related terms

  • DPI — Distributions to Paid-In capital — the cash a fund has returned to LPs divided by total capital called, the realized portion of TVPI.
  • RVPI — Residual Value to Paid-In capital — the unrealized portion of fund NAV divided by capital called, the paper 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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