Total Value to Paid-In (TVPI)
Definition
A private equity and venture capital performance metric combining both realised returns (distributions) and unrealised value (remaining portfolio value) relative to total capital contributed. TVPI equals DPI plus RVPI and provides the most complete picture of a fund's overall performance.
Complementary Terms
Concepts that frequently appear alongside Total Value to Paid-In (TVPI) in practice.
A private equity and venture capital performance metric measuring the ratio of cumulative cash distributions returned to investors relative to the capital they have contributed. A DPI of 1.0x means investors have received back their original investment.
The total value of a business including both equity and debt, minus cash. Calculated as market capitalisation plus total debt minus cash and equivalents.
A measure of a company's financial performance that calculates the value created above the required return of investors, defined as net operating profit after tax minus the cost of capital employed. EVA highlights whether a firm's intangible and tangible assets are generating returns that exceed their cost of capital.
A visual and analytical framework that reconciles the difference between two valuations — typically entry and exit, or book value and market value — by attributing value changes to specific drivers such as revenue growth, margin improvement, multiple expansion, and intangible asset creation. Value bridges are widely used in private equity reporting and portfolio company management.
The total value of a company's or fund's assets minus its liabilities. For investment funds, NAV represents the per-share or per-unit value.
A structured strategy developed by private equity firms or management teams to systematically increase the value of a business over a defined holding period. Value creation plans typically address revenue growth, margin improvement, operational efficiency, and intangible asset development.
The present value of future profits from existing business, plus adjusted net asset value. Originally developed for insurance companies, the concept is increasingly applied to any business with long-duration revenue streams, subscription contracts, or intangible assets that generate predictable future cash flows.
A comprehensive measure of investment performance that combines share price appreciation and dividends over a given period. TSR is a key metric for assessing whether management's investment in both tangible and intangible assets is translating into value creation for shareholders.
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