Performance Metrics
What is DPI (Distributions to Paid-In)?
DPI (distributions to paid-in) measures how much cash a fund has actually returned to investors relative to the capital they paid in. A DPI of 1.0x means investors have gotten their money back.
DPI is a realized-return metric: total distributions divided by total paid-in capital. Because it counts only cash actually returned (not paper gains), it is the truest measure of money in the LP’s pocket. DPI of 1.0x means the fund has returned all paid-in capital; above 1.0x is profit.
DPI is often read alongside TVPI (which includes unrealized value) to see how much of a fund’s value has been converted to cash.
Also known as: distributions to paid-in, realization multiple