---
title: "What Is RVPI?"
term: "RVPI"
description: "RVPI (residual value to paid-in capital) measures unrealized portfolio value plus remaining fund assets divided by LP capital contributed — showing paper value still in the fund."
date: 2026-07-25T00:00:00.000Z
updated: 2026-07-25T00:00:00.000Z
topics: ["fund-economics", "metrics"]
source: https://venturecapitaltracker.com/glossary/rvpi
---

# What Is RVPI?

> RVPI (residual value to paid-in capital) measures unrealized portfolio value plus remaining fund assets divided by LP capital contributed — showing paper value still in the fund.

**RVPI** (residual value to paid-in capital) is the ratio of a fund's remaining net asset value to cumulative capital LPs have contributed.

### How it works

**RVPI = Net asset value (NAV) ÷ Paid-in capital**

NAV includes fair-valued portfolio companies plus cash minus liabilities. It excludes distributions already sent to LPs.

**TVPI = DPI + RVPI** (total value to paid-in). Example: LPs paid $100M; received $40M distributions ([DPI](/glossary/dpi) = 0.4x); NAV is $90M → RVPI = 0.9x, TVPI = 1.3x.

Early fund years show high RVPI, low DPI — everything is unrealized. Mature funds should convert RVPI into DPI via exits; persistent high RVPI with low DPI raises **mark** skepticism.

GPs mark portfolios using last round pricing, comps, or board valuations — RVPI moves with write-ups and write-downs.

### Why it matters

- **LPs:** Stress-test RVPI quality in years 8–10 of a fund; ask which holdings drive NAV and exit timing.
- **GPs:** Reporting RVPI transparently after down rounds builds LP trust; inflated marks eventually harm DPI credibility.

### Common mistake

Equating high RVPI with successful fund performance. Until DPI materializes, RVPI is opinion; one large markdown can erase years of reported gains.

### Related ideas

See also [DPI](/glossary/dpi), [TVPI](/glossary/tvpi), [IRR](/glossary/irr), and [paper gain](/glossary/paper-gain).

## FAQ

### What is RVPI in simple terms?

RVPI tells LPs how much net asset value remains in the fund per dollar they contributed, before counting cash already distributed. RVPI of 1.5x means there is still $1.50 of marked portfolio value for every $1 paid in, on paper.

### Why does RVPI matter?

For LPs, high RVPI late in fund life means DPI may still rise — or marks may be stale if exits disappoint. For GPs, RVPI supports fundraising narrative but DPI is the ultimate proof of returns.


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Source: https://venturecapitaltracker.com/glossary/rvpi