Private Equity Glossary

Total Value to Paid In (TVPI)

The ratio of the current value of remaining investments within a fund, plus the total value of all distributions to date, relative to the total amount of capital paid into the fund to date. As defined in the current GIPS Standards (, any recallable distributions should be included in the numerator of this ratio. Any reinvested capital (resulting from recallable distributions) should be included in the denominator.

Perhaps the best available measure of performance before the end of a fund’s life.

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