On this page is a *DPI calculator*, or *Distributions to Paid-In Capital calculator* (or *realization multiple*). Enter the amount the fund has paid out to LPs, and the amount LPs have paid into the fund – the amount of capital called – to compute the DPI multiple.

## Distributions to Paid-In Capital Calculator

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## Using the DPI Calculator

Before you can use the DPI calculator, you'll need to find two inputs:

**Cumulative Distributions**- distributions made to investors due to liquidity events.**Called/Paid-In Capital**- the called money paid into the fund (not including future capital calls). Include any called capital, not just capital allocated to investments.

You can either run the math for all investors in the fund (assuming they started at the same time) or use numbers for a single investor – be sure to use the total or the pro-rated amounts, respectively.

## What is DPI?

DPI is the *Distributions to Paid-In Capital multiple*. It shows how much the fund has paid out versus how much investors have paid into a fund. It's also known as the realization multiple, since it measures the money investors have so far realized from their investment.

It's closely related to the TVPI multiple or *Total Value to Paid-In Capital*. TVPI adds an estimate of the fund's residual value, essentially all investments yet to pay out to investors net of any estimated costs and fees (such as carried interest or promote).

DPI is not a time-aware multiple. For that, use IRR of the fund. DPI naturally is lower in the earlier stages of an investment but (hopefully) increases and crosses 1x later in the fund's life due to liquidity events.

## DPI in Investments

DPI is superior to most multiples in a significant way – once money is paid out, LPs can use it in other investments or for expenses! The success of a fund hinges on how well it can convert the marked investment value from other ratios into actual distributions. DPI shows how well a fund has returned capital up to a point.

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