VC10X For LPs and fund managers

Fund performance calculator: TVPI, DPI, IRR and PME

Enter a fund's yearly capital calls, distributions and current NAV. Get TVPI, DPI, RVPI and IRR, and a public market equivalent that shows whether it beat an index.

Your fund

Cash flows, $M per year
Today and the benchmark
$M
%

Starts with a sample fund. Replace it with your own numbers.

TVPI

DPI

Net IRR

Kaplan–Schoar PME

Cumulative net cash flow: the J-curve

Distributions less calls, to datePlus NAV

All metrics

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Download the cash flows and metrics, or save a PDF for your investment committee or LP report.

The metrics, in one line each

  • Paid-in: all capital called so far.
  • DPI: distributions divided by paid-in. Cash actually returned.
  • RVPI: current NAV divided by paid-in. Value still in the fund.
  • TVPI: DPI plus RVPI. Total value created per dollar paid in.
  • IRR: the annual return implied by the timing of the cash flows.
  • PME: how the fund did against an index with the same cash flows.

Reading them together

Early in a fund's life, TVPI and IRR are mostly NAV, which is an estimate. DPI tells you how much is real. A high IRR with a low DPI often means early markups. A PME above 1.0 means the fund did better than the index would have with the same money at the same times.

What this calculator assumes

  • Annual cash flows, each at the end of its year. The current NAV is valued at the end of the last year.
  • Figures are net to LPs: enter calls and distributions as the LP sees them.
  • PME uses one steady index return each year. For a precise PME, use the index's actual yearly returns.

This is an analysis tool, not investment advice.

Frequently asked questions

What is the difference between DPI and TVPI?

DPI (distributions to paid-in) counts only the cash a fund has returned. TVPI (total value to paid-in) adds the fund's remaining NAV to those distributions. DPI is realized; the NAV in TVPI is still an estimate.

What is RVPI?

Residual value to paid-in: the fund's current NAV divided by the capital paid in. DPI plus RVPI equals TVPI.

How do you calculate a private fund's IRR?

IRR is the annual rate that makes the present value of all contributions, distributions and the current NAV equal to zero. This calculator uses annual cash flows; exact cash-flow dates give a more precise figure.

What is a public market equivalent (PME)?

A way to compare a private fund with a public index by imagining the same cash flows invested in the index. The Kaplan–Schoar PME divides the fund's distributions plus NAV, grown at the index return, by its contributions grown the same way. Above 1.0 means the fund beat the index.

Why do LPs focus on DPI?

Because distributions are cash in hand. NAV can be marked down, and an IRR can look strong early on, but DPI shows what a fund has actually returned. It matters most in later years and in tight markets.

From VC10X, hosted by Prashant Choubey. Updated .

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