DPI divides distributions actually paid by called capital. It is the only one of the three performance multiples (DPI, RVPI, TVPI) that does not depend on any valuation assumption, which is why investors give it increasing weight as a fund moves through its life. On its own, it says nothing about total performance; relative to TVPI, it shows the share of value already realised.
Calculation convention
DPI = realised distributions / called capital
Only amounts actually paid count: a distribution declared but not paid, or escrow or an earn-out still pending, does not enter the numerator.
Worked example (fictional)
Called capital €40m, distributions paid €22m, NAV €28m, giving a TVPI of 1.25×.
| DPI | 22 / 40 = 0.55× |
|---|---|
| TVPI | 1.25× |
| Realised share of total value | 22 / 50 = 44.0% |
56.0% of total value still rests on NAV. Depending on the fund's age, this ratio reflects the exit timetable or calls for a review of the valuations that carry the rest of TVPI.
Review points
- Distribution declared but not paid counted in the numerator.
- Fund DPI compared with the exit proceeds of a single investment, on different denominators.
- Low DPI late in the fund's life read as a mere liquidity lag, without a review of residual NAV.
In Jolv
Realised distributions feed investment-level MoIC. From valuation campaigns, Jolv calculates gross multiples relative to invested cost; net multiples on called capital, which require fees and carried interest, are entered with their source, never recalculated. Jolv does not keep the fund's accounts.
Feature — Multi-fund Management
Further reading — MoIC or RVPI: two confused multiples, only one measures performance