Money Multiples

PIC
Paid-in Capital to Committed Capital shows you how much of the investors committed capital has been drawn.

Paid-in Capital to Committed Capital (PIC) = Paid-in capital (cumulative contributions)/committed capital

DPI

DPI Shows you how much of the invested capital was actually returned to investors. Early in the fund life cycle it tends to be zero until cash is distributed. When it is greater than 1, the fund has broken even. Calculated by taking the sum of all distributions divided by Total Invested.  Also known as the Cash on Cash (CoC) multiple.

Distributions to Paid-in Capital (DPI) = Distributions/Paid-in Capital

RVPI

Calculated by taking the residual valuation divided by Total Invested.

Residual Value to Paid-in Capital (RVPI) = NAV (net asset value)/Paid-in capital
TVPI

Calculated by taking the sum of all Distributions and Valuation divided by Total Invested. TVPI is a combination of DPI and RVPI.

Total value to paid-in capital (TVPI) = (NAV+Distributions)/Paid-in Capital

Investors who are required to select and monitor investment managers should develop a basic understanding of investment statistics. Quantitative tools can provide you with good insight that you can use in your qualitative interviews with managers and when monitoring your investments.