MOIC / TVPI Calculator

What This Calculator Does

The MOIC / TVPI Calculator is designed to quickly and accurately track the total value to paid-in capital for investment funds or portfolios. This tool is essential for investors, fund managers, analysts, and anyone seeking to benchmark fund performance with industry-standard metrics. By providing instant calculations of MOIC (Multiple on Invested Capital), TVPI (Total Value to Paid-In), DPI (Distributed to Paid-In), and RVPI (Residual Value to Paid-In), this calculator helps you make informed decisions and compare fund results with confidence.

Whether you are evaluating private equity returns, monitoring venture capital portfolios, or just seeking a quick snapshot of your investments, this comprehensive calculator enables you to assess fund-level performance and understand the value generated over time.

How to Use This Calculator

1. Enter the Paid-In Capital (PIC), which is the total amount of capital contributed to the fund or investment by all partners.
2. Input the Residual Value (NAV), representing the current net asset value or the remaining value of investments held in the fund.
3. Provide the Distributions to Date, which is the total amount of capital already distributed back to investors.
4. Click the calculate button to instantly see the results for MOIC / TVPI, DPI, and RVPI.
5. Review the output metrics to benchmark your fund’s performance against industry standards or compare different investment vehicles.

Definitions of Key Terms

Paid-In Capital (PIC)

The total amount of capital that investors have contributed to a fund. This figure forms the basis for calculating all other fund-level return multiples.

Residual Value (NAV)

Also called Net Asset Value, this is the current value of remaining, unrealized investments within the fund. It reflects the estimated worth of assets that have not yet been liquidated or distributed.

Distributions to Date

The cumulative total of all cash or stock distributions made by the fund to its investors up to the present date.

MOIC / TVPI

MOIC (Multiple on Invested Capital) and TVPI (Total Value to Paid-In) both measure the overall value generated by the fund relative to the capital invested. They are calculated by adding the residual value and distributions, then dividing by paid-in capital. This metric is essential for assessing total fund performance.

DPI (Distributed to Paid-In)

DPI measures the cumulative value returned to investors relative to their invested capital. It is the ratio of total distributions to paid-in capital, showing how much capital has been distributed back.

RVPI (Residual Value to Paid-In)

RVPI represents the value of the fund’s remaining (unrealized) assets compared to the total capital invested. It helps track the potential future value still held within the fund.

Calculation Methodology

This calculator uses straightforward, widely accepted formulas to compute core private equity and fund-level multiples. Here’s how each metric is calculated:

MOIC / TVPI = (Residual Value + Distributions to Date) / Paid-In Capital

DPI = Distributions to Date / Paid-In Capital

RVPI = Residual Value / Paid-In Capital

Paid-In Capital (PIC): The denominator in all formulas, representing total invested capital.
Residual Value (NAV): The current, unrealized value of assets still held by the fund.
Distributions to Date: The sum of all distributions returned to investors so far.

By combining these variables, the calculator provides a comprehensive snapshot of both realized and unrealized fund performance.

Practical Scenarios

• Comparing Private Equity Funds: An investor wants to benchmark two private equity funds. By entering each fund’s paid-in capital, residual value, and distributions to date, you can instantly compare their MOIC / TVPI and DPI, revealing which fund has delivered higher returns.
• Quarterly Fund Reporting: A fund manager needs to prepare a quarterly report. By inputting updated figures into the calculator, the manager can quickly generate up-to-date MOIC, DPI, and RVPI metrics for stakeholders.
• Portfolio Monitoring: An institutional investor is tracking the ongoing performance of multiple funds in a portfolio. Using the calculator, they can efficiently monitor residual values and distributions, ensuring that performance targets are being met.
• Assessing Exit Timing: An analyst is evaluating whether to exit an investment. By viewing RVPI and DPI, the analyst can determine how much unrealized value remains versus what has already been returned, supporting data-driven exit decisions.

Advanced Tips & Best Practices

• Ensure Consistent Data: Always use the latest and most accurate figures for paid-in capital, NAV, and distributions to ensure that your multiples are reliable and directly comparable across funds or periods.
• Analyze Trends Over Time: Track MOIC / TVPI, DPI, and RVPI at regular intervals. This allows you to observe how fund performance evolves, providing early signals on value creation and return of capital.
• Contextualize Your Results: Use industry benchmarks and peer group comparisons to interpret your calculated multiples. High MOIC or TVPI values may suggest strong performance, but always evaluate in light of market conditions and fund strategy.
• Decompose Performance: Break down TVPI into its components (DPI and RVPI) to distinguish between realized and unrealized returns. This helps in understanding whether a fund’s performance is driven by returned capital or remaining assets.
• Factor in Fees and Expenses: Where possible, use net of fees data for a more accurate reflection of investor returns. Gross multiples can overstate performance if significant management fees or carried interest have been deducted.

Frequently Asked Questions (Optional)

What is the difference between MOIC and TVPI?

MOIC (Multiple on Invested Capital) and TVPI (Total Value to Paid-In) are often used interchangeably. Both represent the ratio of total value (distributions plus residual value) to paid-in capital. In most contexts, they mean the same thing.

What values should I use for Residual Value?

Use the current net asset value (NAV) of remaining investments that have not yet been distributed or sold. This should reflect the fair market value of assets still held within the fund.

Why do my calculated multiples seem unusually high or low?

Unusually high or low multiples may result from outdated or inconsistent data, such as missing distributions or incorrect NAV figures. Always double-check your inputs and ensure you are using the most recent, accurate information for all values.