TVPI: Total Value to Paid in Capital. Total value of the fund’s assets divided by the total value of capital ‘called’ by fund. Quick example, let’s say a VC has a $100M fund. If they have called 50% of the capital ($50M), returned $20M to their investors from exits, and the remaining portfolio is worth $55M, then TVPI = ($20 + $55. TVPI = Total Value / Paid-In Capital If the TVPI is above 1.00x, it means the investment grew in value. For example, if a fund had a TVPI of 1.25x, it would mean that for every $1 investors contributed, they saw a return of $1.25 (a 25% return). The critical difference between IRR and TVPI is that TVPI doesn’t consider the timing of cash flows.