Performance Metrics
What is RVPI (Residual Value to Paid-In)?
RVPI (residual value to paid-in) measures the unrealized portion of a fund's value — the remaining NAV — relative to capital paid in. TVPI = DPI + RVPI.
RVPI is the complement to DPI: while DPI measures what a fund has already returned in cash, RVPI represents what is still "on paper" as unrealized holdings. Together, DPI + RVPI = TVPI (total value to paid-in).
High RVPI relative to TVPI means a fund has largely unrealized gains — still on paper. As a fund matures and exits portfolio companies, RVPI converts to DPI, providing the cash returns LPs are ultimately seeking.
Also known as: residual value to paid-in