Performance
Total value to paid-in
Also known as TVPI
A fund's total value, realised and unrealised, divided by capital LPs have paid in.
It is DPI plus RVPI. It shows how much value a fund has created so far but includes valuations that may not yet be realised.
Why it matters when you raise
Managers report it net of fees to LPs, and LPs compare it with peers from the same vintage.