TVPI (Total Value to Paid-In)

TVPI is the total value a fund has created per dollar called from LPs, combining cash already distributed (DPI) with the current value of remaining holdings (RVPI). A 2.5x TVPI means every $1 called is worth $2.50 in realized plus unrealized value. Because venture marks are driven by the latest round price, TVPI is heavily paper-based until late in a fund's life — impressive interim TVPI with no DPI is the classic emerging manager mirage.