IRR vs MOIC vs DPI vs TVPI: The 4 VC Return Metrics Every LP Asks About
Understanding IRR, MOIC, DPI, and TVPI is essential for anyone working with VC funds. Here's what each actually measures and why DPI dominates LP conversations in 2026.
LP Relations & Venture Capital Fund Economics
Limited partners shape the venture capital industry through allocation decisions, fund sizing, and manager selection. Our LP relations coverage explores fund economics, emerging manager dynamics, and the institutional trends driving VC fundraising.
LP & Fund Economics Topics
- Fund structures: Management fees, carry, hurdle rates, and fund life
- LP allocation: Endowments, pensions, family offices, and fund-of-funds
- Performance metrics: TVPI, DPI, IRR, and vintage-year comparisons
- Emerging managers: First-time funds and diversification strategies
Read LP relations and fund economics articles below.
Related Articles (29 articles)
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What Is a GP (General Partner) in Venture Capital? How VCs Actually Run a Fund
GPs manage VC funds, make investment decisions, and sit on boards. Here's how they get paid, how they're evaluated, and what LPs really expect from them.
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What Is an LP (Limited Partner) in Venture Capital? The Capital Behind the Fund
LPs are the investors in VC funds. Understanding who they are, how they allocate, and what they want is critical for GPs, founders, and anyone building in venture.
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Raising a Venture Capital Fund: The Emerging Manager's Playbook for 2026
Raising an LP-backed VC fund is harder than raising a Series B. Here's the structure, diligence, and pitch content that actually moves LP commitments.
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The VC J-Curve: Why New Funds Look Bad Before They Look Good
The J-curve describes how VC fund returns dip in early years before recovering and accelerating. Here's why it happens and how LPs plan around it.
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Fund of Funds (FoF): How It Works in Venture Capital and Private Equity
A fund of funds invests in other funds rather than directly in companies. Here's the 2026 landscape, fee structure, and when a FoF is the right LP choice.