Total Value to Paid-In (TVPI) is a fund-level performance multiple that equals the sum of all distributions made to date (DPI) plus the current net asset value of unrealised investments (RVPI), divided by total capital drawn down from limited partners. It provides a comprehensive picture of total value created.
TVPI = DPI + RVPI. A TVPI of 2.0x means the fund has returned (or currently holds) twice the capital invested. Unlike IRR, TVPI does not account for the timing of cash flows, so a high-TVPI fund with slow capital deployment can show a lower IRR. TVPI is most meaningful in the later stages of a fund's life when the portfolio is substantially realised; early-stage TVPI is heavily influenced by subjective marks on unrealised investments.