DPI (Distributions to Paid-In)

DPI measures cash actually returned to LPs relative to what they paid in, ignoring the paper value of unrealized holdings. A DPI of 1.0x means investors have their money back; anything above is realized profit. In venture, where holds are long and marks are soft, DPI is the metric sophisticated LPs anchor on — 'you can't eat TVPI' is the industry's oldest joke for a reason.