How to read the result
- TVPI above 1.0x means the fund's value, realized plus unrealized, exceeds what LPs have paid in. It says nothing about when, so pair it with IRR.
- A high TVPI with a low DPI means most of the value is still on paper. That is normal early in a fund's life; it becomes a question later.
- Always state the basis. Say whether the figures are net or gross of fees and carry, and the date they are as of.
For the definitions, a worked example and common mistakes, read DPI, TVPI and RVPI explained. To see the numbers a report should carry, use the LP reporting checklist.
This calculator is an educational aid. It does not replace your fund's accounts or administrator.