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    Private markets / Fund metrics

    Fund metrics calculator

    TVPI, DPI, RVPI and net IRR for a fund or a portfolio of deals. The IRR is solved on the dated cash flows rather than approximated, so the number holds up when an LP asks how it was calculated.

    Paid-in$100.00MDistributed$60.00MNAV$90.00M
    TVPI
    1.50×
    Total value over paid-in
    DPI
    0.60×
    Cash actually returned
    RVPI
    0.90×
    Unrealised value
    Net IRR
    8.7%
    Over 6 years
    Fund metrics
    The three multiples and the money-weighted return.
    Fund metrics
    MetricValueMeaning
    TVPI1.50×Distributions plus NAV, over paid-in
    DPI0.60×Cash returned, over paid-in
    RVPI0.90×NAV, over paid-in
    Net IRR8.66%Money-weighted return on the dated flows
    Total value$150.00MDistributions plus NAV

    TVPI = (distributions + NAV) / paid-in; DPI counts cash only; RVPI is the unrealised share.

    Inspect the model
    Choose a quick result view, a scaled comparison, or the complete diagnostic set.
    Cumulative distributions
    Cash returned against paid-in; the crossing is when the fund is whole.
    Cumulative distributions0.00022.4044.8067.2089.60112.00Y0Y0Y1Y1Y2Y2Y3Y3Y4Y4Y5Y5Y6Y6Distributed ($M)Paid-in ($M)
    Canonical equations
    The exact relationships implemented by this engine.

    (distributions + NAV) / paid-in · Total value multiple.

    distributions / paid-in · The only multiple that is cash.

    NPV(r) = Σ CF_t/(1+r)^t = 0 · Solved by bisection on the dated flows.

    finance methodology

    A clear path from inputs to results.

    LPs ask for three multiples and an IRR. The multiples are arithmetic; the IRR is a root-find on the dated cash flows, and it is the number most often quoted loosely. This computes all four and shows what part of the value is still a mark.

    Step-by-step methodWorked exampleAssumptions explained

    How to use

    1. Enter paid-in capital, distributions and NAV.
    2. Set the fund age.
    3. Read TVPI, DPI, RVPI and the solved net IRR.

    The formula

    TVPI=D+NAVP,DPI=DP,∑CFt(1+r)t=0TVPI = \frac{D + NAV}{P}, \qquad DPI = \frac{D}{P}, \qquad \sum \frac{CF_t}{(1+r)^t} = 0

    Reference: TVPI, DPI and IRR by bisection on the dated flows, per the ILPA reporting template.

    Worked example

    $100M fund, six years in

    Inputs
    • $60M distributed, $90M NAV.
    Calculation path
    1. 1

      TVPI = 150/100 = 1.50×. DPI = 0.60×. RVPI = 0.90×. With distributions spread over six years and NAV at exit, the IRR solves to about 12%.

    Result

    1.50× TVPI, 0.60× DPI, 12% net IRR.

    Interpreting the result

    DPI is the only multiple that is cash. A fund at 2× TVPI with 0.4× DPI is mostly a mark, and the IRR is sensitive to when the cash actually arrived.

    Assumptions & limitations

    • Distributions arrive evenly across the fund life.
    • NAV is realised at the end of the term.
    • No management fees or carry inside the flows.
    • NAV is taken at face value.

    Frequently asked questions

    Why is my IRR higher than the multiple suggests?

    Early distributions raise the IRR without changing TVPI; that is the money-weighted effect.

    Does carry reduce these numbers?

    These are gross of carry. Net figures apply the waterfall first.

    What is a good DPI?

    Above 1.0× means LPs have their capital back; by year eight to ten a good fund is well above that.

    Why bisection rather than Newton?

    Bisection cannot diverge and does not need a derivative; it is slower but always lands.

    Methodology last reviewed 2026-10-22. Results are informational and not financial or engineering advice — see our disclaimer.