RVPI (Residual Value to Paid-In)

RVPI is the current value of a fund's remaining, unrealized holdings divided by capital paid in — the unrealized half of TVPI (TVPI = DPI + RVPI). Early in a fund's life almost all value sits in RVPI; a healthy fund converts RVPI into DPI as companies exit. A mature fund still carrying high RVPI and low DPI is either sitting on genuine winners or on stale marks.