Performance
Total Value to Paid-In (TVPI)
Sum of distributions and remaining NAV, divided by capital paid in.
TVPI is the standard 'multiple' measure used in private fund reporting. It includes both realized distributions and the GP's mark on remaining holdings.
Because TVPI relies on unrealized marks, two funds can show the same TVPI with very different underlying realism. Cross-check against DPI to see how much of TVPI has actually been returned in cash.
At fund maturity, TVPI and DPI should converge as the portfolio is liquidated.