What is distributions to paid-in capital, or DPI?
Answer: Distributions to paid-in capital (DPI) measures how much a private investment fund has returned to investors relative to their contributed capital. Calculate it by dividing cumulative distributions by paid-in capital. A DPI of 1.5x means investors have received $1.50 for every $1 contributed. It excludes remaining investment value and does not account for timing.
By Edward Papier, CIMA, CF2, CM&AA ยท Last updated November 5, 2026
What is MOIC in private equity?
MOIC, or multiple on invested capital, compares the total value of an investment, money already returned plus the value still held, to the amount invested. A MOIC of 2.0x means each dollar is now worth two dollars. Unlike DPI, it counts unrealized value, so it shows potential, not cash in hand, and it ignores how long the gain took.
What is the difference between DPI, RVPI and TVPI?
DPI measures cash already returned to investors. RVPI, residual value to paid-in capital, measures the estimated value of investments the fund still holds. TVPI, total value to paid-in capital, is the two added together. Early in a fund's life most of the value is RVPI; by the end, a strong fund's value should be mostly DPI.
Why does DPI matter to investors?
DPI is the only one of these figures that reflects money actually returned. Reported values for unsold investments are estimates, and they can change. Many investors watch DPI closely, especially in older funds, because a fund with a high reported value but a low DPI has not yet proven it can turn that value into cash.
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Edward Papier, CIMA, CF2, CM&AA
President, Amadeus Wealth Alternatives, Hackensack, NJ
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