Performance
Residual Value to Paid-In (RVPI)
Remaining unrealized NAV divided by paid-in capital - the portion of the return still on paper.
RVPI complements DPI. The two together equal TVPI. A fund with high RVPI relative to DPI is still concentrated in unrealized positions and faces meaningful exit risk.
Late-stage funds with persistent high RVPI deserve scrutiny. The marks may be defensible, but the path to realization should be articulated in writing.