What is TVPI?
TVPI (Total Value to Paid-In) measures a venture fund’s total value — distributions already paid to LPs plus the residual NAV of unrealised holdings — divided by capital LPs have paid in. A TVPI of 2.5× means the fund has generated 2.5× of paid-in capital across realised cash and remaining portfolio value.
The formula
TVPI = (Cumulative Distributions + Residual NAV) ÷ Paid-In Capital. It combines DPI (the realised portion) and RVPI (the unrealised portion). Unlike MOIC, which is calculated on invested capital, TVPI uses paid-in capital — capturing recycling and management fees as part of the denominator.
TVPI vs. DPI vs. IRR
TVPI shows total economic value; DPI shows realised cash; IRR shows time-weighted return. A 2.5× TVPI with 1.0× DPI means half the value is still locked in NAV — sensitive to mark-to-market assumptions. Sophisticated LPs cross-check TVPI against DPI to assess “paper” vs. “real” performance.
Top-quartile TVPI benchmarks
Cambridge Associates benchmarks suggest top-quartile US venture funds (vintages 2010-2018) targeted net TVPI of 2.5× to 4×, with top-decile reaching 5×+. For Turkish CMB-licensed venture funds (GSYF), benchmarks are less public but TRY-denominated net TVPI targets are typically higher in nominal terms to offset currency depreciation.
Why founders should care
A GP with high TVPI but low DPI is under-distributed — they may push for partial exits, secondaries, or recapitalisations to demonstrate realised returns when fundraising the next vintage. A GP with strong DPI can be patient for the home-run outcome.
Related: Fund Returns, DPI, RVPI, IRR, MOIC, Power Law, Carry.