MOIC / TVPI
Multiple on Invested Capital and Total Value to Paid-In are related fund performance multiples. MOIC compares total value to capital invested; TVPI compares total value (distributions plus residual NAV) to paid-in capital.
MOIC / TVPI explained
Multiple on invested capital and total value to paid in both express value as a multiple rather than a rate. They ignore timing, which is their strength and their weakness: a multiple cannot be flattered by early distributions, but it also does not reward speed. They are read alongside a time weighted measure and the realised proportion.
How it works in practice
- Multiples are reported with the realised and unrealised split visible.
- Valuation policy behind the unrealised component is disclosed.
- Multiples and rate based measures are presented together.
Common mistake
Presenting a gross multiple as if it were net. The fee and carry drag between the two is significant.
Why it matters in private capital
MOIC / TVPI 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 MOIC / TVPI
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 MOIC / TVPI does not need to be re-entered per tool. Pricing is at /pricing.
Frequently asked questions
What is MOIC / TVPI?
Multiple on Invested Capital and Total Value to Paid-In are related fund performance multiples. MOIC compares total value to capital invested; TVPI compares total value (distributions plus residual NAV) to paid-in capital.
How does MOIC / TVPI work in practice?
Multiple on invested capital and total value to paid in both express value as a multiple rather than a rate. They ignore timing, which is their strength and their weakness: a multiple cannot be flattered by early distributions, but it also does not reward speed. They are read alongside a time weighted measure and the realised proportion.
What is the most common mistake with MOIC / TVPI?
Presenting a gross multiple as if it were net. The fee and carry drag between the two is significant.
How does Reuben AI handle MOIC / TVPI?
Reuben AI keeps MOIC / TVPI 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
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