Metrics & Performance
TVPI
Total Value to Paid-In Capital — the sum of all distributions made and remaining portfolio value, divided by invested capital. The all-in performance multiple combining realized and unrealized returns.
TVPI (Total Value to Paid-In Capital) is the comprehensive performance multiple for a venture fund, combining both realized distributions (DPI) and unrealized portfolio value (RVPI) relative to capital invested.
TVPI = DPI + RVPI = (Total Distributions + Remaining Portfolio Value) / Paid-In Capital
TVPI is sometimes called the 'investment multiple' or 'total value multiple.' For early-stage funds, TVPI will be dominated by RVPI (unrealized) since exits take years. For mature funds, TVPI should increasingly be made up of DPI as positions are exited.
A TVPI of 1.0x means the fund has neither gained nor lost value on paper. Venture funds targeting institutional LPs typically aim for net TVPI of 2.5-3x+ over a 10-year fund life.
In Practice
A $150M fund (vintage Year 1) has called $120M. By Year 6: it has distributed $80M (DPI = 0.67x), and holds unrealized positions valued at $200M (RVPI = 1.67x). TVPI = 0.67x + 1.67x = 2.33x. The fund looks good on TVPI but only 0.67x has been returned as cash. LPs will be watching closely whether the $200M in unrealized value actually converts to distributions.
Why It Matters
TVPI is the headline performance figure most VC funds report. It shows where a fund stands in total, combining what has been returned and what is still held. But TVPI is only as good as the NAV marks underlying RVPI — and NAV is an estimate, not cash. TVPI without DPI context can be misleading, especially in a down market where marks may lag reality.
VC Beast Take
TVPI is the number you'll see on every fund pitch deck. It's easy to show a strong TVPI in the first 5 years of a fund when portfolio companies are being marked up with each new financing round. The real test is what TVPI looks like after 8-10 years, when the fund needs to actually exit positions to prove those marks were real. Strong early TVPI with zero DPI is a yellow flag, not a green one.