Glossary
DPI (Distributions to Paid-In)
DPI (Distributions to Paid-In) measures the ratio of capital actually distributed to investors relative to total invested capital. A DPI of 1.0x means investors have received their full invested capital back. DPI captures only realised distributions.
At a glance
01
DPI is considered the most reliable measure of actual distributions, as it contains no valuation estimates.
02
A DPI below 1.0x for a closed fund signals a loss of capital.
Frequently asked questions
DPI is based solely on funds actually paid out and is therefore independent of valuation models and unrealised book values. Particularly for older funds where the portfolio is largely realised, DPI provides a more reliable basis for comparison. Unrealised values may still change until final liquidation.
