TVPI: The PE Metric That Flatters Every Fund Manager (And How to See Through It)
TVPI: The PE Metric That Flatters Every Fund Manager (And How to See Through It) Vista Equity Partners Fund VII is sitting at an estimated 1.3x–1.7x TVPI as of 2024. Sounds like progress. But the fund's DPI — the cash...
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
Vintage Year in Private Equity: Why Entry Timing Explains Most of Your Returns
The year a private equity fund deploys capital, its vintage year, explains roughly 70% of that fund's long-run performance variance. Funds that entered the market in 2001 and 2009 posted median net...
TVPI Explained: The PE Metric LPs Use to Grade Fund Returns
TL;DR TVPI (Total Value to Paid-In Capital) measures every dollar of value a private equity fund has generated relative to the capital you invested. It combines the cash you have already received with
DPI: The Only Private Equity Metric That Shows You Real Cash
Quick take: Private equity distributions as a share of NAV collapsed from 29% in 2021 to just 9% in the first half of 2024 -- the lowest level in over a decade, according to Goldman Sachs Asset
TVPI Explained: The Private Equity Metric Every LP Needs to Understand
TL;DR: TVPI (Total Value to Paid-In Capital) measures how many dollars a private equity fund has created for every dollar you invested. A 2.0x TVPI means your capital has doubled in total value , b...
TVPI Explained: What Total Value to Paid-In Capital Tells You About a Private Fund
TVPI Explained: What Total Value to Paid-In Capital Tells You About a Private Fund TLDR: CalPERS's disclosed fund data shows private equity TVPI ranging from 0.3x (near-total loss) to 4.2x within the…
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....