# Investment Multiple

**Investment multiple** is a synonym for [MOIC](/reporting-and-metrics/moic.md) (Multiple on Invested Capital). It expresses how many times the invested capital has grown, combining realized proceeds and remaining [fair value](/reporting-and-metrics/fair-value.md).

## Formula

```
Investment multiple = (Realized proceeds + Current fair value) / Cost basis
```

An investment multiple of 3.0× means the fund holds or has received three times what it put into the investment.

## Position Level vs Fund Level

**At the position level**, investment multiple is the primary metric GPs use to evaluate individual deal performance. It is computed per portfolio company:

```
Position investment multiple = (Total exit proceeds + Remaining fair value) / Total invested in this company
```

GPs track this gross — before any fee or carry attribution to the fund level.

**At the fund level**, investment multiple equals [TVPI](/reporting-and-metrics/tvpi.md) when computed on total [paid-in capital](/fund-mechanics/paid-in-capital.md):

```
Fund investment multiple = (Total LP distributions + Current fund NAV) / Total LP paid-in capital
```

The terms "investment multiple", "MOIC", and "TVPI" are used interchangeably in fund-level LP reporting.

## Gross vs Net

|                               | What is excluded                                                                    |
| ----------------------------- | ----------------------------------------------------------------------------------- |
| **Gross investment multiple** | Before management fees, fund expenses, and carried interest — reflects deal quality |
| **Net investment multiple**   | After all fees and carry — what LPs actually receive                                |

The spread between gross and net multiple is an indicator of total fee burden. A 2.5× gross / 1.8× net spread reflects a significant cost of carry and fees; a 2.5× gross / 2.2× net spread reflects a leaner structure.

## Relationship to Other Metrics

| Metric                                 | Same concept?          | Time-weighted? |
| -------------------------------------- | ---------------------- | -------------- |
| Investment multiple                    | Yes — synonym for MOIC | No             |
| [MOIC](/reporting-and-metrics/moic.md) | Yes                    | No             |
| [TVPI](/reporting-and-metrics/tvpi.md) | Yes (fund level)       | No             |
| [IRR](/reporting-and-metrics/irr.md)   | No — different formula | Yes            |

Investment multiple / MOIC / TVPI are all time-insensitive. Pair them with [IRR](/reporting-and-metrics/irr.md) for a complete return picture.

## How Gildi Displays Investment Multiple

Gildi displays investment multiple at both levels:

* **GP portfolio dashboard** — per-company gross investment multiple alongside cost basis and total value.
* **LP fund overview** — fund-level net investment multiple (equivalent to net TVPI) alongside IRR, DPI, and RVPI.


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