How to Calculate TVPI: Step-by-Step Guide with Examples

Formula

TVPI = (cumulative distributions + residual value) ÷ paid-in capital

Paid-in capital

Every dollar you have sent the fund so far, including the part used for fees and expenses.

Distributions

Every payment the fund has made to you, in cash or shares.

Residual value

Your share of the fund’s net asset value (NAV): what its holdings are worth, minus what it owes.

These are the definitions in GIPS, the performance standards of the CFA Institute (GIPS 2020). The denominator is money paid in. Money you committed but the fund has not yet called stays out. That uncalled part is your unfunded commitment.

1. 1.0
   Total your paid-in capitalAdd up every capital call you have paid since the start. Include amounts used for fees. If the fund took back a distribution, add it here too.
2. 2.0
   Total your distributionsAdd up every payment the fund has made to you since the start, in cash or shares.
3. 3.0
   Take the latest valueFind your share of the fund’s NAV on your latest statement. Note its date.
4. 4.0
   Add and divideTVPI = (distributions + NAV) ÷ paid-in capital.
5. 5.0
   Split and checkDPI = distributions ÷ paid-in. RVPI = NAV ÷ paid-in. The two must add up to TVPI.

Here is one investor’s position in an illustrative fund. The investor commits $1,000,000 in March 2020. The fund calls $800,000 over three years and pays out twice. Every figure is cumulative and after fees.

Take the last row and run the steps. Paid in: $800,000. Distributed: $320,000 in 2023 plus $480,000 in 2025, or $800,000. NAV: $600,000. Then:

• TVPI($800,000 + $600,000) ÷ $800,000 = 1.75x
• DPI$800,000 ÷ $800,000 = 1.00x: every dollar paid in is back
• RVPI$600,000 ÷ $800,000 = 0.75x: still a valuation
• Check1.00x + 0.75x = 1.75x

The first row shows the J-curve. Fees come out of the first money called, so TVPI starts below 1.0x. As the fund sells companies, DPI rises and RVPI falls. What each ratio tells you is covered in DPI vs TVPI and RVPI.

In private equity and venture funds, TVPI is measured on the cash flows between the fund and its investors. That is why it comes out net of fees and carry. ILPA, a trade body for fund investors, says most managers show net TVPI on these fund-level flows (ILPA, 2025). Two details change the inputs.

• Credit linesMany funds borrow on a subscription credit line before calling your money. ILPA’s template reports net TVPI with and without that loan.
• Recalled distributionsSome funds can take back money they paid out. GIPS treats a recalled amount as more paid-in capital. That raises the denominator and lowers DPI, RVPI and TVPI.

The same formula works for a single-deal SPV, a company set up to hold one investment. Your paid-in capital is what you put in, fees included. Your residual value is your share of the SPV’s NAV in your latest report.

Net TVPI is the standard figure, after all fees, expenses and carry. The steps above give it. “Gross TVPI” has no definition in GIPS or ILPA, and managers use it in two ways. Using the same illustrative fund, where companies worth $1,550,000 cost $680,000, here is how the multiple shrinks from gross to net:

• Before fees and carry$1,550,000 ÷ $680,000 = 2.28x. This is the portfolio’s gross MOIC.
• Before carry only$1,550,000 ÷ $800,000 = 1.94x, on all money paid in
• Net TVPI$1,400,000 ÷ $800,000 = 1.75x, after $150,000 of carry

So when someone quotes a gross TVPI, ask which version it is. In US marketing, an adviser that shows a gross figure must show the net one as prominently, over the same period (SEC Rule 206(4)-1). The deal-level side of this is explained in MOIC vs TVPI and how to calculate MOIC.

• Dividing by the commitmentTVPI divides by money paid in. The amount you committed is a different figure, used in the PIC multiple.
• Leaving fees out of paid-inFees are part of the money you sent the fund. Leaving them out overstates TVPI.
• Using an old NAVMatch the NAV date to the cash flows. A year-old value with this year’s calls gives a wrong ratio.
• Mixing gross and netCompare net TVPI with net TVPI. A gross figure from a pitch deck is not comparable.
• Reading TVPI without DPIA high TVPI with a low DPI is mostly valuation. Check how much is cash.

You can calculate TVPI from your statements. Help is useful for what sits behind the inputs.

Valuations

The NAV is an estimate. If you plan to sell your stake on the secondary market, the price may differ from it.

Fund terms

Recallable distributions, credit lines and carry are set in the fund agreement. A lawyer can explain what each one does to your numbers.

Tax

TVPI is before your own tax. For a US fund taxed as a partnership, your Schedule K-1 shows the taxable income. A tax adviser can explain what you owe.

TVPI

Total value to paid-in: distributions plus residual value, divided by paid-in capital.

DPI

Distributions to paid-in: the cash part of TVPI.

RVPI

Residual value to paid-in: the part of TVPI still held as a valuation.

Paid-in capital

The money investors have actually sent the fund, including the part used for fees.

NAV (net asset value)

What a fund’s holdings are worth at their estimated value, minus what it owes.

PIC multiple

Paid-in capital divided by committed capital: how much of a commitment has been called.

J-curve

The early dip below 1.0x as fees are paid before investments grow.

Subscription credit line

A loan a fund draws on before it calls investors’ money.

Gross MOIC

The multiple on the fund’s investments in companies, before fees and carry.

Standards and rules were last checked on November 9, 2026. GIPS and ILPA are industry standards without the force of law. The SEC Marketing Rule applies to US investment advisers. The fund example is illustrative and contains no market data.