Glossary · Tax & Reporting
Total Value to Paid-In (TVPI)
Total value to paid-in (TVPI) is the ratio of a fund’s cumulative distributions plus remaining NAV to the capital investors have paid in.
TVPI measures the total value created per dollar contributed, combining realized and unrealized value. It equals DPI (distributions ÷ paid-in) plus RVPI (residual value ÷ paid-in). TVPI is usually reported net of fees, expenses and carried interest at the LP level.
TVPI is simple to understand and not affected by the timing of cash flows, which is why it is reported alongside IRR. Early in a fund’s life TVPI is mostly unrealized and depends heavily on valuations; as the fund matures, DPI makes up a larger share.
Pitfalls include inconsistent definitions of paid-in capital (for example whether fees are included), stale NAV inputs, and comparing TVPI across funds of different vintages without context. Consistent definitions across reporting periods and clear labeling of gross versus net figures make TVPI comparable over time. Industry reporting templates, such as those published by ILPA, set out common presentation conventions.
Example
Investors have paid in $50M. The fund has distributed $30M and has a remaining NAV of $45M. TVPI = ($30M + $45M) ÷ $50M = 1.50x. DPI = 0.60x and RVPI = 0.90x.
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