# RVPI — Residual Value to Paid-In

**RVPI** (Residual Value to Paid-In Capital) measures the unrealized portion of a fund's return — the fair value of positions that have not yet been exited, expressed as a multiple of paid-in capital.

## Formula

```
RVPI = Current NAV / Paid-in capital
```

RVPI represents value still at risk. It fluctuates as portfolio [fair values](/reporting-and-metrics/fair-value.md) are remarked each quarter and falls to zero when all positions are exited.

## Relationship to TVPI and DPI

```
TVPI = DPI + RVPI
```

RVPI and [DPI](/reporting-and-metrics/dpi.md) sum to [TVPI](/reporting-and-metrics/tvpi.md) by definition. As a fund matures:

* **RVPI rises** in the investment period as the GP deploys capital and marks up positions.
* **RVPI peaks** around the middle of the harvesting phase when the portfolio is fully built and marks are at their highest.
* **RVPI falls** as positions are exited and distributions flow — DPI rises by the same amount.

A healthy wind-down fund should show RVPI approaching 0× as the last positions are exited.

## What High RVPI Late in a Fund's Life Signals

A fund in its ninth or tenth year with a high RVPI relative to DPI may indicate:

* **Unsold tail positions** — the GP has not yet been able to exit the remaining portfolio.
* **Optimistic marks** — the NAV may be marked at a fair value that has not yet been tested in a real sale.

LPs scrutinize late-fund RVPI carefully because unrealized marks are subject to fair value risk until converted to distributions.

## How Gildi Computes RVPI

RVPI is computed per-LP and at the fund level on every reporting date:

* **Current NAV**: the LP's pro-rata share of the current fund [NAV](/reporting-and-metrics/nav.md) (LP commitment / total fund commitment × fund NAV).
* [**Paid-in capital**](/fund-mechanics/paid-in-capital.md): cumulative settled contributions.

RVPI is displayed on the LP fund overview page alongside [DPI](/reporting-and-metrics/dpi.md) and [TVPI](/reporting-and-metrics/tvpi.md). It updates automatically whenever a new NAV mark is entered for the fund.


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