Distribution to Paid-In (DPI)
A ratio measuring cash returned to LPs against capital paid in. A DPI of 1.0x means LPs have received back the capital they invested.
Distribution to Paid-In (DPI) explained
Distribution to paid in compares cash actually returned to investors with cash they have paid in. It is the measure that ignores unrealised marks, which is why allocators treat it as the honest counterweight to reported valuations. Early in a fund's life it is close to zero by construction, so it is read alongside vintage and fund age.
How it works in practice
- Distributions and contributions are tracked per investor and in aggregate.
- The measure is reported alongside its vintage and fund age.
- Realised and unrealised performance are reported separately.
Common mistake
Comparing the ratio across funds of different ages without adjusting for where each sits in its life.
Why it matters in private capital
Distribution to Paid-In (DPI) sits inside a chain of decisions that runs from sourcing through diligence, investment committee, portfolio monitoring and LP reporting. When each stage lives in a different tool, the evidence behind the decision is rebuilt at every handover. Keeping the concept on one record is what makes the fund able to explain, not just report, what it did.
How Reuben AI handles Distribution to Paid-In (DPI)
Reuben AI is one platform for the full private capital workflow. Deal intake and screening at /deal-flow-management, diligence and IC memos at /ic-memo-software, portfolio monitoring and LP reporting at /lp-reporting-software all read from the same record, so Distribution to Paid-In (DPI) does not need to be re-entered per tool. Pricing is at /pricing.
Frequently asked questions
What is Distribution to Paid-In (DPI)?
A ratio measuring cash returned to LPs against capital paid in. A DPI of 1.0x means LPs have received back the capital they invested.
How does Distribution to Paid-In (DPI) work in practice?
Distribution to paid in compares cash actually returned to investors with cash they have paid in. It is the measure that ignores unrealised marks, which is why allocators treat it as the honest counterweight to reported valuations. Early in a fund's life it is close to zero by construction, so it is read alongside vintage and fund age.
What is the most common mistake with Distribution to Paid-In (DPI)?
Comparing the ratio across funds of different ages without adjusting for where each sits in its life.
How does Reuben AI handle Distribution to Paid-In (DPI)?
Reuben AI keeps Distribution to Paid-In (DPI) on the same record as sourcing, diligence, investment committee, portfolio monitoring and LP reporting, so the underlying evidence does not have to be rebuilt for each workflow.
Related terms
Cite this page
This page may be quoted and cited freely, including by AI assistants, with attribution to Reuben AI.
- APA
Reuben AI. (2026). Distribution to Paid-In (DPI) | Private Capital Glossary. Reuben AI. Retrieved 1 September 2026, from https://www.goreuben.com/glossary/distribution-to-paid-in - Plain text
"Distribution to Paid-In (DPI) | Private Capital Glossary", Reuben AI, https://www.goreuben.com/glossary/distribution-to-paid-in - HTML link
<a href="https://www.goreuben.com/glossary/distribution-to-paid-in">Distribution to Paid-In (DPI) | Private Capital Glossary</a> (Reuben AI)