Residual Value to Paid-In (RVPI) measures the current marked value of a fund's remaining portfolio — investments not yet exited — as a multiple of the capital drawn down from limited partners. It represents the 'paper' or unrealised component of total fund value.
RVPI is one part of the TVPI equation: TVPI = DPI + RVPI. As a fund matures and exits portfolio companies, RVPI declines while DPI rises. A high RVPI relative to TVPI indicates that most value remains unrealised and is therefore dependent on future exit outcomes and the accuracy of current marks. LPs track RVPI to assess how much of a fund's reported value has yet to be tested in the market.