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.
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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.
What's still alive in the portfolio
A private equity fund spends years buying companies before it starts selling them. During that time, much of the value it has created is still on paper, inside the unrealized holdings. RVPI measures exactly that: the residual portfolio value, the NAV, divided by the capital the investors paid in.
It's the mirror of DPI. While DPI counts what has already become cash, RVPI counts what still promises to. In a fund's early years, RVPI dominates and DPI is nearly zero; over time, the balance flips as divestments happen. The sum of the two, at any moment, is the TVPI.
Enter the residual portfolio value (NAV) and the paid-in capital. The tool returns the RVPI as a multiple. Remember the NAV is a fair-value estimate made by the manager, not a realized market price, so a high RVPI carries more uncertainty than a high DPI.
Related Tools
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.
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.
Appraisal Ratio (Treynor-Black)
Computes the Treynor-Black appraisal ratio: a manager's alpha divided by the standard deviation of residual risk, the part not explained by the market. It measures the quality of security selection per unit of specific risk taken, and is the central metric for deciding how much to allocate to an active strategy. The higher it is, the better the manager extracts abnormal return without taking on too much diversifiable risk. Enter the alpha and the residual standard deviation.
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.