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DPI, TVPI & RVPI Calculator

Separate cash already distributed from remaining private-fund NAV and calculate the three fund multiples without confusing marked value with realised proceeds.

Editable assumptionsIndian rupeesBrowser-only inputs

Interactive model

Separate cash from remaining value

Inputs stay on this device

Use figures from the same reporting date. Paid-in capital is cumulative capital contributed—not total commitment.

Paid-in capital

₹

Cumulative distributions

₹

Remaining NAV

₹

Do not enter unfunded commitment as paid-in capital. Check whether NAV is gross or net of fees and expenses.

TVPI1.50×Total value multiple

DPI0.60×Realised cash

RVPI0.90×Remaining value

Unrealised share60.0%Of reported total value

DPI0.60×

RVPI0.90×

Explain my result

For every ₹1 paid in, the fund has returned 0.60× in cash and reports 0.90× of remaining NAV. The 1.50× TVPI is therefore not all realised. The residual share still carries valuation, timing and exit risk.

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What this means

A 1.50× TVPI does not mean the investor has received 1.50×. If DPI is 0.60×, the other 0.90× is still residual value.

Private-fund presentations often lead with one total-value multiple. Separating realised and residual value reveals the liquidity and valuation work still left to do.

Calculation method

How this tool works

DPI = distributions ÷ paid-in capital. RVPI = remaining NAV ÷ paid-in capital. TVPI = (distributions + NAV) ÷ paid-in capital.

Enter paid-in capital, cumulative distributions and the latest remaining NAV on the same reporting date. The tool does not validate the manager's valuation policy or include unfunded commitments.

View calculation limitations

Results depend entirely on the values and scenarios entered. The model simplifies real legal, tax, liquidity, valuation and market conditions and should be used to understand relationships—not to predict an actual investment outcome.

Common mistakes

Where a correct calculation can still mislead.

01
Calling TVPI a cash-on-cash return.
02
Comparing a young fund's DPI with a mature fund without adjusting for age.
03
Ignoring valuation policy, FX and post-reporting exits.
04
Treating unfunded commitment as though it were already included in paid-in capital.

Continue through the knowledge graph

Tools, guides and real cases connected to this result.

Learn the concept

Private Equity: Fund Structure, Returns and the J-Curve→Investment Return Measures→Private-Market Valuation: DCF, Comparables and Waterfalls→

Test it in a case

IPEV 2025: a private-company mark is a documented judgement, not a market price→NAV loans: when an early distribution is funded by a new senior claim→

Questions investors ask

Answers without the sales pitch.

Can TVPI fall after it has risen?

Yes. Remaining NAV can be marked down, exits can occur below marks and fees or expenses can reduce value.

Which metric is realised?

DPI is based on distributions. RVPI is residual value and usually depends on manager or third-party valuation.

Does TVPI include time?

No. It is a multiple. Use dated cash flows and XIRR to measure annualised timing.

Important information

AssetsNest tools and calculations are provided solely for educational and informational purposes. Results are illustrative and depend on assumptions entered by the user. Actual performance, liquidity, fees, taxes, risks and outcomes may differ materially. Nothing on this page is investment advice, a recommendation, solicitation, assurance of returns or an offer to buy or sell any security or investment product. Investors should conduct independent due diligence and consult appropriately qualified financial, legal and tax professionals where required. AssetsNest Investor Services — ARN 318691.

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