Total Value to Paid-In (TVPI)
定义
TVPI is the total value a fund has generated for its LPs, distributed cash plus the current estimated value of remaining holdings, divided by the total capital those LPs have paid in.
它在融资中如何出现
Funds report TVPI heavily in their early and middle years, before many exits have happened, since it captures markups on paper even though none of that value has been paid out yet.
常见问题
Why can TVPI be misleading for a young fund?
Most of a young fund's TVPI comes from unrealized markups on portfolio companies, which can shrink or disappear before an actual exit, so a high early TVPI does not guarantee a strong final return.
How do DPI and TVPI relate to each other over a fund's life?
TVPI usually leads DPI in a fund's early years since little has been distributed yet, and the two numbers should converge toward the same figure as the fund matures and winds down.