IRR and MOIC from real, dated cash flows
Enter each capital call, follow-on, dividend and exit with its date. Get XIRR, MOIC, net profit and holding period, see how much interim distributions lift IRR, and convert between IRR and MOIC for any hold.
- Interim distributions add 2.3% of IRR compared with receiving all proceeds on the last date. MOIC is unchanged.
Cumulative cash position
Running total of all cash flows. It crosses zero when capital is fully returned.
Cash flows used
| Date | Label | Amount |
|---|---|---|
| 2021-03-15 | Initial equity investment | −$10,000,000 |
| 2022-09-30 | Follow-on for add-on acquisition | −$2,500,000 |
| 2024-06-28 | Dividend recap | $6,000,000 |
| 2026-09-30 | Exit proceeds | $27,500,000 |
| Net | $21,000,000 |
MOIC needed for a target IRR
Single investment and single exit. Rows: target IRR. Columns: holding period.
| Target IRR | 3 yrs | 4 yrs | 5 yrs | 6 yrs | 7 yrs |
|---|---|---|---|---|---|
| 15% | 1.52x | 1.75x | 2.01x | 2.31x | 2.66x |
| 20% | 1.73x | 2.07x | 2.49x | 2.99x | 3.58x |
| 25% | 1.95x | 2.44x | 3.05x | 3.81x | 4.77x |
| 30% | 2.20x | 2.86x | 3.71x | 4.83x | 6.27x |
Acquifolio records dated capital events and computes deal and fund returns from them, with the evidence behind each cash flow.
XIRR uses an Actual/365 day count, the same convention as Excel's XIRR. Not investment, tax or legal advice. Everything runs in your browser and nothing you enter is stored or sent.
How it works
XIRR is the annual rate r that makes the present value of all dated cash flows zero: Σ CFᵢ ÷ (1 + r)^((dateᵢ − date₀) ÷ 365) = 0. It is solved numerically and matches Excel's XIRR.
MOIC is total positive flows ÷ total negative flows. It ignores timing, which is why you need both numbers.
Timing effect: the tool also recomputes IRR as if every distribution arrived on the last date. The difference shows how much of the IRR comes from getting cash back early, for example through a dividend recap.
Conversions assume one investment and one exit: MOIC = (1 + IRR)^years and IRR = MOIC^(1/years) − 1.
Questions
What is the difference between IRR and MOIC?+
MOIC tells you how many times your money came back. IRR tells you how fast. A 2.0x MOIC is a 26% IRR over three years but only 10% over seven. Funds report both because a high IRR on a quick flip can return little cash, and a high MOIC over a long hold can earn a mediocre rate.
Why use XIRR instead of IRR?+
Spreadsheet IRR assumes evenly spaced periods. Private equity cash flows land on irregular dates, so XIRR, which uses the actual days between flows, gives the correct annualized return.
How do I calculate IRR on an unrealized investment?+
Add the current fair value (NAV) as a positive cash flow on the valuation date. The result is an interim IRR, the same way funds report unrealized returns to LPs.
Does a dividend recap increase IRR?+
Yes. Returning cash earlier raises IRR even when total proceeds, and therefore MOIC, stay the same. The calculator quantifies this effect when your cash flows include interim distributions.
Is this gross or net IRR?+
Whatever you enter. Deal-level flows give gross IRR. To estimate net IRR to LPs, use the LP's actual capital calls and distributions, which already reflect fees and carried interest.
Debt coverage by year, cash after debt service, IRR and the max price that hits your target.
Open tool Deal screeningLBO ModelSources & uses, senior and sub debt paydown with cash sweep, returns attribution and an entry × exit grid.
Open tool Deal screeningDebt Capacity CalculatorHow much senior debt a business can carry under a leverage cap and a minimum DSCR, and which one binds.
Open toolAcquifolio connects sourcing, diligence evidence, the investment committee, the portfolio and your LPs, so every number keeps its source.