DPI (Distributed to Paid-In)
Computes the DPI of a private equity fund: the cumulative distributions to investors divided by the paid-in capital. It's the realized multiple, the money that has actually returned to the investor's pocket, not counting what's still locked in unsold holdings. A DPI of 1.0x marks the point where the fund has returned all contributed capital; above that, it's realized profit. It complements RVPI, which measures the unrealized part. Enter the distributions and the paid-in capital.
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DPI (Distributed to Paid-In)
Computes the DPI of a private equity fund: the cumulative distributions to investors divided by the paid-in capital. It's the realized multiple, the money that has actually returned to the investor's pocket, not counting what's still locked in unsold holdings. A DPI of 1.0x marks the point where the fund has returned all contributed capital; above that, it's realized profit. It complements RVPI, which measures the unrealized part. Enter the distributions and the paid-in capital.
How much real money has come back
Of all a private equity fund's multiples, DPI is the most honest, because it only counts what has actually landed in the investor's account. It divides the cumulative distributions by the paid-in capital, completely ignoring the value of the companies the fund still holds. It's cash in hand, not a promise.
The important milestone is a DPI of 1.0x: the moment the fund has returned exactly all the capital it received. Everything above that is already-realized profit, immune to market swings. That's why seasoned investors are wary of funds with a high TVPI but low DPI, where the return still lives in portfolio valuations that can shrink.
Enter the cumulative distributions and the paid-in capital. The tool returns the DPI as a multiple. Add it to RVPI, which measures the still-unrealized value, and you arrive at the TVPI, the total multiple. The typical path is for DPI to start near zero and grow as the fund sells its positions.
Related Tools
RVPI (Residual Value to Paid-In)
Computes the RVPI of a private equity fund: the residual value in the portfolio (NAV) divided by the paid-in capital. It's the unrealized multiple, how much is still alive in the holdings the fund hasn't sold, waiting to turn into cash. In a fund's early years, RVPI dominates; as it divests, RVPI falls and DPI rises. The sum of the two is the TVPI. Enter the NAV and the paid-in capital.
TVPI (Total Value to Paid-In)
Computes the TVPI of a private equity or venture capital fund: the total value created, adding what has already been distributed to investors to the residual value still in the portfolio (NAV), divided by the paid-in capital. It's a fund's most complete multiple, summing realized and unrealized — a TVPI of 1.5x means each dollar invested became one and a half in total value. It decomposes into DPI plus RVPI. Enter the distributions, the NAV and the paid-in capital.
Martin Ratio (UPI)
Computes the Martin ratio, also called the Ulcer Performance Index (UPI): the excess return over the risk-free rate divided by the ulcer index. The ulcer index is the root mean square of drawdowns, a measure of how deep and how long the portfolio stays below its peaks. The Martin ratio thus rewards the return earned per unit of that tail pain. Enter the portfolio return, the risk-free rate and the ulcer index, all in percent.
The results provided by this tool are for general informational and educational purposes only and do not constitute professional, financial, medical, legal, tax or accounting advice. Always confirm important decisions with a qualified professional and official sources.