Tvpi calculation
- TVPI, cents of total value per dollar paid in (185 = 1.85x)
- 185
- Uncalled commitment
- $3,500,000
- Paid-in capital, percent of commitments
- 65
- Total value: distributed plus residual
- $12,025,000
Every figure here comes from the numbers you enter and the method stated beside it: your own commitments, your own paid-in capital, your own distributions and residual value. This site publishes no benchmark return and no fund's performance. What your fund has returned to its investors is your figure, worked from your record, not ours.
The figures above start from a worked example (185). Change any input and the answer updates as you type, the way it will on the LP letter.
Download the Tvpi calculation worked example (CSV)
This worksheet computes the figures on a quarterly investor update from four numbers you already have: the fund's total commitments, the capital paid in to date, the distributions made to date, and the residual value of what the fund still holds. It gives you the uncalled commitment, paid-in capital as a share of commitments, total value, the gain over paid-in, and DPI, RVPI and TVPI as cents per dollar paid in, which is the TVPI calculation an LP letter carries and the one an investor checks against the last quarter's.
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Keeping the record behind the figure
The worksheets are free. Pro is what happens after the figure is right: the call becomes a notice on the investor's record, the quarter's figures become the report that went out, and next year you can still see what was called from whom, when, and what they were told.
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What a GP asks before running the Tvpi calculation
Why is TVPI shown as 185 rather than 1.85x?
The worksheet prints multiples as whole cents per dollar paid in, so 185 is a TVPI of 1.85x, 40 is a DPI of 0.40x and 145 is an RVPI of 1.45x. DPI and RVPI always add up to TVPI, which is the first check an investor makes on a letter.
Is paid-in capital the same as the commitment?
No. The commitment is what the investor signed for; paid-in capital is what has actually been called and received, for investments, fees and expenses together. TVPI is over paid-in, not over the commitment, which is why a young fund's TVPI can look high while most of the commitment is still uncalled.
Where does residual value come from?
From the fund's valuation of what it still holds at the quarter end, net of liabilities: the administrator's NAV if the fund has one, otherwise the fund's own valuation under its policy. The worksheet does not value anything; it takes that figure as an input and says so.
Is this net or gross of fees and carry?
It is whatever you enter. Paid-in capital including fees and distributions net of carry give the net multiples an LP letter reports; excluding them gives gross. Enter the figures the way your report defines them and the arithmetic is the same.
Where the constants in this worksheet come from
GIPS Standards, the presentation of private-fund multiples and returns.