---
title: "What Is TVPI?"
term: "TVPI"
description: "TVPI (total value to paid-in capital) is a fund performance ratio — total value (distributions plus remaining NAV) divided by capital LPs contributed — showing gross multiple before timing."
date: 2026-07-25T00:00:00.000Z
updated: 2026-07-25T00:00:00.000Z
topics: ["fund-economics", "metrics"]
source: https://venturecapitaltracker.com/glossary/tvpi
---

# What Is TVPI?

> TVPI (total value to paid-in capital) is a fund performance ratio — total value (distributions plus remaining NAV) divided by capital LPs contributed — showing gross multiple before timing.

**TVPI** (total value to paid-in capital) measures how much total value a venture fund has created relative to LP contributions — the headline multiple on fund reports.

### How it works

Formula: TVPI = ([total value](/glossary/total-value)) / Paid-in capital = (Distributions + NAV) / Paid-in. Example: LPs paid $100M, received $30M back, remaining portfolio marked at $140M → TVPI = 1.7x. Net TVPI adjusts for fees and carry per LP agreement; gross TVPI appears in some marketing decks.

TVPI ignores timing — unlike IRR — so early marks can look strong before exits. DPI (distributions / paid-in) shows realized portion. [Top-quartile](/glossary/top-quartile) funds often target net TVPI above 3x over fund life, but vintage and stage matter.

GPs mark portfolios using last round prices, public comps, or ASC 820 fair value. [Unrealized value](/glossary/unrealized-value) dominates mid-life TVPI.

### Why it matters

- **LPs:** TVPI drives re-up decisions but must be read with DPI and age of fund. Paper TVPI without distributions is incomplete story.
- **GPs:** Fundraising markets successor funds on TVPI track record — write-down discipline protects credibility.

### Common mistake

Benchmarking TVPI on gross marks without fee load or comparing a 3-year-old fund to fully realized vintage peers.

### Related ideas

See also [total value](/glossary/total-value), DPI, IRR, [unrealized value](/glossary/unrealized-value), and [top quartile](/glossary/top-quartile).

## FAQ

### What is TVPI in simple terms?

TVPI tells LPs how many times their contributed capital is worth today — cash returned plus remaining portfolio value — divided by what they paid in. 2.0x TVPI means $2 of value per $1 contributed.

### Why does TVPI matter?

It summarizes fund success before full liquidity. LPs want rising TVPI with growing DPI; high TVPI with zero DPI may be unrealized marks that never distribute.


---
Source: https://venturecapitaltracker.com/glossary/tvpi