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Fund MOIC Calculator
MOIC measures total return regardless of timing.
TVPI
1.88
DPI
1.5
RVPI
0.38
How the math works
DPI = distributed / invested. RVPI = remaining / invested. TVPI = DPI + RVPI.
$12M / $8M = 1.50x DPI + $3M / $8M = 0.38x RVPI = 1.88x TVPI.
How to Use
- Enter total invested.
- Enter total cash distributed.
- Enter remaining (unrealized) value.
- Read tvpi.
Frequently Asked Questions
MOIC vs IRR?
MOIC: total cash returned / invested. Time-blind metric. IRR: time-weighted return. Both valuable. MOIC > 2.0x is strong. 1.5–2.0x is decent. Below 1.5x weak (or negative if <1.0x). Top-quartile PE: MOIC 2.5x+. Real estate: MOIC 1.6–2.2x core+, 1.8–2.5x value-add, 2.0–3.0x opportunistic. DPI (distributed to paid-in): MOIC tracking before final distribution. RVPI (residual value to paid-in): unrealized portion. TVPI (total value to paid-in): DPI + RVPI.
How does this fit fund/portfolio analytics?
Fund managers use this calculator alongside NAV reporting, distribution coverage, asset-level reforecasts, and LP investor reporting. ILPA reporting standards expect transparency on fees, expenses, and waterfall mechanics. AVAR, MOIC, IRR, and DPI metrics tie back to underlying asset performance. This calculator provides one component of fund-level performance attribution.
Promote and waterfall mechanics?
Standard PE real estate waterfall: 8% pref to LP, 50/50 catch-up to GP, 80/20 split above pref, sometimes second-tier 70/30 above 15%. American (deal-by-deal) vs European (whole fund) waterfalls produce materially different GP timing and risk. Catch-up and lookback provisions critical to LP. GP commitment (5–10% of fund) aligns interests.
Cap calls and distribution coverage?
Capital calls during construction/value-add phases, distributions from stabilized cash flow + dispositions. Coverage ratio: distributions / cap calls. Healthy fund > 1.5x in years 3–7. Distribution waterfall flows through LP pref → GP catch-up → split. LP investor expectations: 15–22% net IRR, 1.6–2.2x MOIC for opportunistic; 8–12% net IRR, 1.4–1.7x for core+.
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