On this page is a *TVPI calculator*, or *Total Value to Paid-In Capital calculator*. Enter the amount the fund has called, its cumulative distributions to this point, and the fund's residual value – either from the perspective of one investor, or everyone in the fund.

## Total Value to Paid-In Capital Calculator

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## Using the TVPI Calculator

Before you can use the TVPI calculator, grab a few inputs to put in the tool:

**Cumulative Distributions**- distributions made to investors due to liquidity events.**Residual Value**- the book value of the remaining investment**after**any fees, expenses, carry, promote, or similar expenses.**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.

Assuming all LPs started at the same time, the math will work for all investors in the fund or just a single investor. Make sure you either use total numbers or pro-rated numbers for one LP, depending on which numbers you choose to input.

## What is TVPI?

TVPI is the *Total Value to Paid-In Capital* multiple. It's usually a *net* measure that uses the residual value of any investments still in the fund plus the cumulative distributions in the numerator over the paid-in capital from investors in the denominator.

Sometimes funds will report TVPI using a gross value or book value. Make sure you know whether the TVPI your fund is reporting is net or gross – fees, expenses, carry, promote, and other charges to LPs can have a significant effect on the multiple you'll realize. Also, note that it isn't a time-aware multiple; IRR would let you better compare an investment to alternatives.

## TVPI in Investments

TVPI, at least the *net* variety, is a great multiple to look at when judging the current performance of an investment. It is, however, **not a guarantee** – Residual Value is, at best, an estimate of what the fund will eventually distribute to the LPs and is merely a mark.

DPI, or the Distributions to Paid-in Capital multiple, is where you *ultimately* want the residual value to end up. As they say – the return isn't real until you have the money back in your bank account.

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