Glossary

Total Value to Paid-In Capital (TVPI)

Also known as: Total Value Multiple, Investment Multiple, TVPI

A closed-end fund performance multiple equal to the sum of cumulative distributions and the current unrealized value of remaining holdings, divided by cumulative capital paid in — the standard headline multiple used to report fund performance before final liquidation.

TVPI is arithmetically the sum of DPI and RVPI, and its reliability is only as good as the general partner's marks on the unrealized portion of the portfolio — marks that are appraisal-based, prepared or reviewed by the manager, and generally not subject to the same independent, continuous price discovery that a public security's price provides. Two funds reporting an identical TVPI can therefore carry meaningfully different risk, depending on how much of that multiple is already realized (DPI) versus still dependent on future disposition at or above the current mark (RVPI); sophisticated LPs always read TVPI alongside its DPI and RVPI components and alongside IRR, since a fund can show a high IRR driven by an early, small realization while its TVPI remains modest, or vice versa.