LP reporting & performance

TVPI, DPI and RVPI

DPI, RVPI and TVPI are fund performance multiples measured against paid-in capital. DPI is distributions divided by paid-in capital, the cash actually returned. RVPI is remaining net asset value divided by paid-in capital, the value still held. TVPI is DPI plus RVPI, the total value created so far.

IRR vs MOIC

MOIC, the multiple on invested capital, is total value divided by capital invested, showing how many times money was returned. IRR, the internal rate of return, is the annualised return that accounts for when cash flows occurred. Two investments with the same MOIC can have very different IRRs if one took longer.