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Private equity reports often include a collection of acronyms:
DPI. TVPI. RVPI. MOIC.
They sound complicated, but they answer four relatively simple questions. It’s really important to understand these terms and to track them. MyFO helps with both.
DPI: How Much Cash Have I Actually Gotten Back?
DPI stands for Distributed to Paid-In Capital.
Formula:
DPI = Distributions ÷ Paid-In Capital
Suppose you invested $10 million and have received $6 million back.
DPI = $6M ÷ $10M = 0.6x
You have received 60 cents back for every dollar invested.
ILPA defines DPI as distributions to LPs relative to their contributions.
Why DPI Matters
DPI is based on actual distributions, not estimated valuations.
A fund can report an impressive valuation while returning very little cash.
DPI tells you what has actually come back.
RVPI: How Much Value Is Still in the Fund?
RVPI stands for Residual Value to Paid-In Capital.
Formula:
RVPI = Remaining Value ÷ Paid-In Capital
Suppose:
Paid-In Capital = $10M
Remaining NAV = $9M
RVPI = 0.9x
That means 90 cents of remaining reported value exists for every dollar invested.
ILPA defines RVPI as the current value of remaining investments relative to LP contributions.
TVPI: What Is the Investment Worth in Total?
TVPI stands for Total Value to Paid-In Capital.
It combines:
cash already returned + remaining investment value.
Formula:
TVPI = (Distributions + Remaining Value) ÷ Paid-In Capital
Using our example:
Paid-In = $10M
Distributions = $6M
Remaining NAV = $9M
TVPI:
($6M + $9M) ÷ $10M = 1.5x
ILPA defines TVPI as remaining value plus distributions relative to paid-in capital.
The Easy Relationship
A useful shortcut is:
TVPI = DPI + RVPI
In our example:
0.6x DPI + 0.9x RVPI = 1.5x TVPI
What Is MOIC?
MOIC stands for Multiple on Invested Capital.
At its simplest, it tells you:
How many times your invested capital is the investment currently worth?
For example:
Invested: $10M
Total Value: $20M
MOIC = 2.0x
MOIC is widely used in private markets, but you should verify exactly how a manager defines the numerator and denominator before comparing funds because reporting conventions can differ.
ILPA's updated performance framework standardizes reporting around metrics including TVPI/MOIC and IRR to improve comparability.
DPI vs. TVPI
This distinction is especially important.
Imagine two funds:
Both report 2.0x TVPI.
But Fund A has already returned most of its value in cash.
Fund B's performance remains mostly unrealized.
That's a very different situation.
How MyFO Helps
MyFO tracks the underlying data needed to understand the performance of private-fund investments, including:
- Paid-in capital
- Distributions
- Current NAV
- Total commitments
- Unfunded commitments
Using this data, MyFO automatically calculates key private-market performance metrics, including DPI, TVPI, RVPI and MOIC, directly within the application.
Users can easily view these metrics at the individual fund level, generate reports to analyze performance across multiple funds on an aggregate basis, or use MyFO's Claude MCP connection to perform additional analysis using their portfolio data.
Because MyFO's performance engine applies a consistent methodology to a clean, structured data set, family offices can rely on standardized calculations across their private investments rather than maintaining separate spreadsheets or manually calculating performance metrics.
DPI, RVPI and TVPI
alongside the underlying investment rather than maintaining a separate private-equity spreadsheet.
It also lets the investment team see those metrics alongside the family's broader portfolio and liquidity position.
In One Sentence
DPI = cash back.
RVPI = value still invested.
TVPI = cash back + remaining value.
MOIC = total multiple on invested capital.
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