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What should an LP clarify about DPI, RVPI, and TVPI at a cross-border venture fund?
a cross-border venture fund: DPI, RVPI, and TVPI distinguish distributed value, remaining value, and their total relative to paid-in capital under the stated definitions.
DPI, RVPI, and TVPI distinguish distributed value, remaining value, and their total relative to paid-in capital under the stated definitions. Confirm whether figures are fund-level or investor-level, gross or net, and measured on the same date before comparing them.
Start with the decision
Reconcile distributions, remaining value, and paid-in capital to the applicable report. In a simplified example, TVPI equals DPI plus RVPI when the definitions and denominator match. Ask about fees, carry, recycling, and adjustments in the actual methodology.
The illustrative scenario
This is an educational workbook. The company or fund and all numerical inputs below are fictional. They are not ADIN results, customer claims, market benchmarks, or a forecast.
The fictional fund invests in companies operating across two markets. Its strategy relies on local sourcing and expansion support. The LP needs to understand geography, currency, service-provider, and execution dependencies in concrete terms.
Cross-border access introduces questions that a sector label cannot resolve. Do not assume any tax treatment, regulatory permission, currency protection, or enforceability without qualified review.
Separate distributed cash from remaining value
Use a single fictional reporting date and a simplified common denominator of $22,000,000.00 paid in. Cash distributions are $4,000,000.00 and the assumed remaining value is $27,000,000.00. These invented values are not ADIN performance, peer benchmarks, or a return forecast.
Under those definitions, the total multiple is the sum of the distributed and remaining-value multiples. A revision to remaining value changes RVPI and TVPI without changing the cash already distributed. Ask whether a real report uses gross or net figures, what fees and carry are included, and how adjustments or recycling affect its definitions.
This table does not calculate IRR: there are no dated cash flows from which to do so. Identical multiples can coexist with different timing and different uncertainty. Compare the claimed market access with actual examples and responsibilities. Separate a local introduction from demonstrated ability to assess, execute, and support an investment. Reconcile actual metrics to the applicable reports and methodology with the relevant accounting or performance specialist.
| Item | Illustration |
|---|---|
| Fictional paid-in capital | $22,000,000.00 |
| Fictional distributions | $4,000,000.00 |
| Assumed remaining value | $27,000,000.00 |
| DPI: distributions / paid-in | 0.18× |
| RVPI: remaining value / paid-in | 1.23× |
| TVPI: total value / paid-in | 1.41× |
Use this worksheet
Answer the questions with a source, date, owner, and next action. Mark an unknown as unknown. Use public or permissioned information and involve a qualified specialist when a question requires expertise beyond the team’s competence.
- What is the denominator?
- What is the valuation date?
- Is the figure gross or net?
- What has been distributed?
- What adjustments apply?
Questions specific to this scenario
- Who verifies local assumptions?
- Which currency is used for reporting?
- What specialist advice is documented?
Request a geographic exposure map, operating roles, relevant local references, currency conventions, and specialist explanations of applicable arrangements. Keep the investment entity distinct from the company's customer locations.
A concrete next test
Choose one proposed investment and map operating locations, investment entities, reporting currency, and local responsibilities. Ask qualified specialists which assumptions need review. Keep sourced evidence of local access separate from unsupported assurances about legal treatment, enforcement, or currency outcomes.
Interpret the result
A multiple containing substantial remaining value depends on valuation assumptions. It is not equivalent to cash returned, and a higher multiple alone does not explain timing, risk, or whether two funds are comparable.
Compare the claimed market access with actual examples and responsibilities. Separate a local introduction from demonstrated ability to assess, execute, and support an investment.
Sources and method
These primary resources provide background for the concepts. The fictional scenario, calculations, and worksheet are ADIN educational examples; the sources do not report or validate those invented results. Reviewed October 11, 2026.