Metrics & Performance
TVPI
Total Value to Paid-In Capital — a fund performance metric representing total value (realized + unrealized) relative to capital invested by LPs.
TVPI (Total Value to Paid-In Capital) is the comprehensive performance metric for a VC fund. TVPI = (Residual Value + Cumulative Distributions) / Total Paid-In Capital. Residual value is the current marked value of unrealized portfolio holdings; distributions are cash already returned to LPs. A TVPI of 1.0x means the fund is at breakeven (on paper). Top-quartile funds target net TVPI of 2.5x or higher. The key distinction from DPI: TVPI includes unrealized marks, which are estimates based on most recent round valuations. A fund can show a high TVPI early in its life based on strong paper marks, only to underperform as companies fail to achieve exit valuations. TVPI and DPI together tell the full story — TVPI shows total value creation, DPI shows what's actually been returned.