Performance
Realized vs. Unrealized Value
Realized value is cash distributed to LPs; unrealized value is the GP's mark on positions still held in the fund.
The distinction is the difference between performance you can spend and performance that exists in a spreadsheet. DPI measures the first; RVPI measures the second; TVPI sums them.
In a slow exit environment, unrealized value can accumulate for years before being tested by an actual transaction. LPs should pressure-test marks against recent transaction comparables, public-market multiples, and the GP's own historical mark-to-realization spread.