# TVPI — Total Value to Paid-In

**TVPI** (Total Value to Paid-In Capital) is the primary multiple used to express a private fund's total return. It captures both realized and unrealized value in a single figure.

## Formula

```
TVPI = (Cumulative distributions + Current NAV) / Paid-in capital
```

A TVPI of 1.0× means LPs have exactly broken even (ignoring the time value of money). A TVPI of 2.0× means they hold or have received twice the capital called.

## Components

TVPI has two additive components — [DPI](/reporting-and-metrics/dpi.md) and [RVPI](/reporting-and-metrics/rvpi.md):

```
TVPI = DPI + RVPI

DPI  = Cumulative distributions / Paid-in capital   (realized)
RVPI = Current NAV / Paid-in capital                (unrealized)
```

Reporting all three together lets LPs see how much of the return is already in hand (DPI) versus still at risk in the portfolio (RVPI). A fund with TVPI of 2.0× but DPI of 0.2× has most of its return locked in unrealized fair values — those marks must still convert to cash.

## Gross vs Net TVPI

|                | What is excluded                                       |
| -------------- | ------------------------------------------------------ |
| **Gross TVPI** | Before management fees, expenses, and carried interest |
| **Net TVPI**   | After all fees and carry — what LPs actually receive   |

GPs report both. Net TVPI is the LP-relevant figure. The difference between gross and net TVPI reflects the total cost of the fee and carry structure over the fund's life.

## Interpretation by Stage

| Fund stage      | Typical DPI | Typical RVPI | What it means                                |
| --------------- | ----------- | ------------ | -------------------------------------------- |
| Early (yrs 1–3) | 0×          | \~1×         | Capital deployed, no exits yet               |
| Mid (yrs 4–7)   | 0.5–1×      | 1–2×         | Some exits, bulk still unrealized            |
| Late (yrs 8–10) | 1.5–2.5×    | 0.2–0.5×     | Most capital returned, tail positions remain |

## Time-Sensitivity Limitation

TVPI is time-insensitive — a 2.0× over 3 years and a 2.0× over 10 years both show the same TVPI but represent vastly different returns. Use [IRR](/reporting-and-metrics/irr.md) alongside TVPI to account for the time dimension.

## How Gildi Computes TVPI

Gildi computes TVPI at fund level and per-LP on every reporting date. The inputs are:

* **Cumulative distributions**: sum of all settled distributions to that LP (or all LPs for the fund total).
* **Current NAV**: the LP's pro-rata share of the current fund [NAV](/reporting-and-metrics/nav.md).
* [**Paid-in capital**](/fund-mechanics/paid-in-capital.md): cumulative settled contributions.

TVPI is displayed on the LP fund overview page and in the GP reporting dashboard.


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