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Glossary

TVPI (Total Value to Paid-In)

TVPI (Total Value to Paid-In) is a metric expressing the ratio of total fund value (realised distributions plus the remaining residual value of the portfolio) to invested capital. A TVPI of 1.5x means that for every franc invested, a total value of CHF 1.50 exists.

At a glance

  • TVPI takes into account both already realised distributions (DPI) and the unrealised residual value (RVPI).
  • Since residual value is based on valuation estimates, TVPI for funds still in operation carries inherent uncertainty.

Frequently asked questions

For funds still in operation, TVPI is only partially meaningful, as residual value is based on valuation models rather than realised transactions. The more reliable indicator for actual cash distributions is DPI, which considers only capital actually paid out. Both metrics should be analysed together.

Part of the topic

Private Markets