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Unrealized and Realized MOIC Calculator - Breakdown of Multiple on Invested Capital

Written by:
PK

On this page are a Realized MOIC calculator and an Unrealized MOIC calculator, which breakdown the Multiple On Invested Capital. Enter either the fund book value and the invested capital, or the fund's cumulative distributions and invested capital to see the breakdown.

Unrealized Multiple on Invested Capital Calculator

Realized Multiple on Invested Capital Calculator

Using the Realized and Unrealized MOIC Calculators

Before you can use the breakdown of MOIC calculators, you'll have to gather a couple of inputs. First, for either tool, you'll need to find:

  • Invested Capital - the money invested in any deals in the fund plus any expenses used to make those investments (legal fees, transfer costs, etc.).

Then, depending on which tool you're using, find:

  • Cumulative Distributions to Fund - distributions made to investors due to partial or full liquidity events.
  • Current Fund Book Value - the marked book value of the remaining investment before any fees, expenses, carry, promote, or similar expenses.

What is the Unrealized MOIC and the Realized MOIC?

MOIC is the gross multiple on invested capital for a fund or investment. (See our MOIC calculator here). It breaks into two parts:

  • The unrealized MOIC, which factors in the current book value of the fund before any fees, expenses, carry, promote, and so on charged to LPs.
  • The realized MOIC, which only includes the distributions the fund has paid out to LPs.

Both also require the funds Invested Capital measure. Invested capital only includes deployed funds (and any costs to invest), not funds that have been called but not yet invested. From that perspective, all MOIC measurements are best to judge the GP or sponsor's prowess; TVPI and its constituents better show a fund's performance for the LP base. 

Other private investment and general calculators:

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