How to Evaluate a VC Fund's Track Record Before Writing a Check
TL;DR: Top-quartile VC funds returned 3.3x-4.2x TVPI across 2014-2018 vintages, but many GPs bury the real numbers inside gross figures that never land in your bank account. Learn the five metrics tha
DPI Is Now the Only Number That Matters in Private Equity — And Most LPs Can't See Their Own
According to McKinsey's Global Private Equity Report 2026 , DPI as a percentage of PE AUM fell to 6% in the first half of 2025 — the lowest recorded level — down from a 16% average between 2015 and 20
DPI vs TVPI: The LP Metric That Actually Matters in 2026
TVPI (Total Value to Paid-In) includes unrealized paper gains. In 2026, LPs are demanding DPI because distributions fell to 6% of AUM, the lowest recorded level, while nine consecutive vintages failed
DPI in Private Equity: The Metric That Tells You When You Actually Get Paid
TL;DR: According to ILPA's formal definition , DPI (Distributed to Paid-In Capital) captures cumulative distributions at the fund level, net of fees and carry. It is the only private equity metric
DPI in Private Equity: The One Performance Metric That Actually Tells the Truth
TL;DR: DPI (distributions to paid-in capital) is the only private equity metric that measures real cash in your pocket. TVPI looks better because it includes unrealized gains. GPs know this. That's
DPI Is the Only Private Equity Metric That Actually Matters
TL;DR: Distributions as a share of NAV hit 11% in 2024—a record low. Bain's 2026 report confirms the industry is sitting on $3.2 trillion in unrealized value across 29,000 unsold companies. Yet fund
DPI vs TVPI: The PE Metric That Pays Your Bills (One of Them Doesn't)
Here is the number that should keep every private equity LP up at night: half of all PE funds raised between 2015 and 2018 have still not returned investors’ initial capital, according to ILPA d
TVPI Tells You What a Fund Is Worth. It Doesn't Tell You What You'll Get Paid.
A 2019-vintage fund that was showing 3.2x TVPI in early 2022 looked brilliant. By mid-2023, that same fund was sitting at 1.4x. Not a single company had been sold. The GP hadn't made a bad decision in those 18 months....