TVPI, DPI, net IRR and PME from your fund's cash flows
Paste an LP's capital calls, distributions and the latest NAV. Get the multiples, a dated net IRR, a Kaplan-Schoar PME against the public market return you choose, and the fund's cash-flow J-curve. Preloaded with a 2019-vintage buyout fund.
- A 1.79x TVPI at 7.2 years is around or above the typical median for buyout funds (rough guide: ≥1.9x strong, ~1.6x median, <1.3x weak).
- DPI of 0.97x after 7.2 years: most value is still unrealized NAV (46% of TVPI).
- KS-PME of 1.12x: the fund outperformed the index return you entered on a cash-flow-matched basis.
Cash flow J-curve
Cumulative paid-in and distributions; the shaded area is the LP's net cash position (lowest point −$7.5M). The final point adds NAV to distributions.
Acquifolio’s LP Lens computes DPI, RVPI, TVPI and dated-cash-flow returns, and the investor portal shows each LP only their own data.
Benchmark ranges are indicative rules of thumb, not licensed benchmark data. KS-PME uses a constant index return rather than actual index levels on each cash flow date. Not investment, tax or legal advice. Everything runs in your browser and nothing you enter is stored or sent.
How it works
DPI = distributions ÷ paid-in,RVPI = NAV ÷ paid-in,TVPI = DPI + RVPI.- Net IRR is an XIRR (Actual/365) on the dated flows: calls negative, distributions positive, and the NAV treated as a final distribution on the NAV date.
- KS-PME compounds every call and distribution to the NAV date at the index return you enter, then divides (future value of distributions + NAV) by the future value of calls. Above 1.0x means the fund beat the index on a cash-flow-matched basis.
- Excess return vs index is net IRR minus the index return: a simple approximation of direct alpha.
The PME here uses a constant annual index return instead of actual index levels on each date. That is a reasonable screen when you know the index's annualized total return over the fund's life, but it ignores the path of the market between flows.
Questions
What is the difference between TVPI, DPI and RVPI?+
DPI (distributions to paid-in) measures cash actually returned. RVPI (residual value to paid-in) measures unrealized value still held at NAV. TVPI is their sum: total value created per unit of capital paid in. LPs increasingly focus on DPI because NAV is an estimate until it is realized.
What is a Kaplan-Schoar PME?+
The Kaplan-Schoar public market equivalent compares a fund to an index by investing each capital call in the index and discounting each distribution by the index's growth. A KS-PME of 1.15x means the fund delivered 15% more value than the same cash flows would have earned in the index.
What is a good TVPI for a private equity fund?+
It depends heavily on vintage year and fund age. As a rough guide for buyout funds, a TVPI around 1.6x after five to eight years is near the median and 1.9x or more is often top-quartile territory, but quartile breakpoints vary by vintage and data provider. The guidance in this tool is indicative only, not licensed benchmark data.
Why is IRR negative early in the fund's life?+
That is the J-curve. Management fees and early capital calls go out before portfolio companies are marked up or sold, so early IRRs and TVPIs are often below 1.0x. Performance metrics are rarely meaningful in the first two to three years.
Should I use gross or net cash flows?+
Enter cash flows from the LP's perspective: the capital actually called (including fees) and the distributions actually received after carry. That gives net IRR and net multiples, which is how LPs compare funds.
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