About this tool
LPs judge a fund on four numbers: IRR (the money-weighted return), and the TVPI, DPI and RVPI multiples. Together they capture both the rate of return and how much value has been realised versus still held at NAV.
This calculator takes your dated capital calls and distributions plus the current NAV and computes all four metrics with a true XIRR, and plots the cash-flow J-curve.
How to use it
- Enter each capital call and distribution with its date.
- Add the current NAV (residual value) and valuation date.
- Read the IRR, TVPI, DPI and RVPI, and the cumulative J-curve.
Frequently asked questions
What do TVPI, DPI and RVPI mean?
TVPI (Total Value to Paid-In) is total value — distributions plus NAV — divided by paid-in capital. DPI (Distributions to Paid-In) is realised cash returned divided by paid-in. RVPI (Residual Value to Paid-In) is unrealised NAV divided by paid-in. TVPI equals DPI plus RVPI.
What is the difference between IRR and TVPI?
IRR is a time-weighted-for-cash-flows (money-weighted) annual rate of return that accounts for the timing of cash flows. TVPI is a simple multiple of total value over paid-in capital and ignores timing. A fund can have a high TVPI but a modest IRR if value took a long time to build.
What is a good DPI for a fund?
DPI above 1.0x means a fund has returned more cash than LPs paid in. Early in a fund's life DPI is low (the J-curve), and a DPI of 1.0x+ before final wind-down is generally considered strong realised performance.
How is fund IRR calculated?
Fund IRR is the discount rate that makes the net present value of all dated cash flows — capital calls as outflows, distributions and ending NAV as inflows — equal to zero. With irregular dates this is an XIRR calculation.