It depends on strategy, vintage and fund age. Compare against peers of the same vintage and strategy rather than against a fixed number.

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LP reporting & performance

TVPI / DPI / RVPI

LP reporting & performance

TVPI, DPI and RVPI Explained: PE & VC Fund Performance Metrics

Q: What is the difference between TVPI and IRR?

TVPI is a multiple that ignores timing. IRR is a rate of return that accounts for when cash flows occurred. A fund can have a high TVPI and a low IRR if returns took a long time.

Q: What is the difference between TVPI and MOIC?

MOIC is usually a gross investment-level or fund-level multiple before fees and carry. TVPI is a net, LP-level multiple.

By aama.io Fund Operations Team · Last reviewed 2 October 2026

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.

Sourced information — it can change

This page is compiled from public sources (listed at the bottom) and last reviewed on 2 October 2026. Regulations, thresholds, fees and market practice change, so it may not reflect the latest position. Check with your fund documents and the ILPA reporting guidance before acting.

Key facts

DPI	Cumulative distributions ÷ paid-in capital (realised)
RVPI	Residual NAV ÷ paid-in capital (unrealised)
TVPI	(Distributions + residual NAV) ÷ paid-in capital = DPI + RVPI
Basis	Net to LPs, after fees and carry
Denominator	Paid-in capital, not total commitment
Reported	Quarterly in LP reports

How it works

Start with paid-in capital. Paid-in capital is the total an LP has actually contributed to date through capital calls. It is not the commitment, which includes capital not yet called.
Measure what has come back. DPI divides cumulative distributions to the LP by paid-in capital. It is the only one of the three that is cash in hand.
Measure what is still held. RVPI divides the LP's share of the fund's residual NAV by paid-in capital. It depends on valuations, so it is an estimate.
Add them for the total. TVPI is DPI plus RVPI. As a fund matures and exits investments, RVPI falls and DPI rises, while TVPI converges on the final multiple.

Worked example: A mid-life fund

An LP has paid in $80M. The fund has distributed $20M to it, and its share of remaining NAV is $100M.

DPI ($20M ÷ $80M)	0.25x
RVPI ($100M ÷ $80M)	1.25x
TVPI (0.25x + 1.25x)	1.50x

The fund shows a 1.50x total value, but only 0.25x has been returned in cash. That gap is why LPs watch DPI as closely as TVPI.

Common mistakes

Dividing by commitment instead of paid-in capital.
Reading a high TVPI as realised performance when most of it is RVPI, which rests on valuations.
Comparing a gross deal-level multiple (MOIC) with a net fund-level TVPI.
Comparing funds of different ages without adjusting for vintage. Young funds sit below 1.0x because of the J-curve.

The Singapore and APAC angle

There is no Singapore-specific definition, but APAC LPs are commonly multi-currency, so state the reporting currency and the FX basis behind paid-in capital, distributions and NAV. For a VCC, report at sub-fund level, since each sub-fund has its own investors, NAV and cash flows.

Frequently asked questions

What is a good TVPI?

What is the difference between TVPI and IRR?

What is the difference between TVPI and MOIC?

Free tools

IRR, TVPI, DPI & RVPI Calculator Fund Vintage Benchmarker (Quartile Ranking)

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Go deeper

TVPI, DPI, RVPI and IRR: The Four Numbers Every LP Uses to Judge a Fund

Related terms

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.

Carried Interest

Carried interest, or carry, is the share of a fund's profits paid to the general partner as performance compensation, typically 20%. It is earned only after limited partners have received their capital back and, in most funds, a preferred return, and it is paid through the fund's distribution waterfall.

Capital Call

A capital call, also called a drawdown, is a formal request from a fund manager for limited partners to pay in part of the capital they committed. Funds call capital as needed for investments, fees and expenses, rather than collecting the full commitment upfront, and each LP pays pro rata to its commitment.

Sources

ILPA Reporting Template

General information, not tax, legal, accounting or investment advice. This content is sourced from the references above and from public regulatory material, and it can become outdated. Always confirm the current position with your fund documents and the ILPA reporting guidance, and take professional advice for your specific situation, before relying on it.