DPI (Distributions to Paid-In) measures the realized portion of an LP’s return — distributions received divided by capital contributed. A DPI of 1.0 means the LP has received their capital back; a DPI of 1.5 means they’ve received 1.5× their investment in cash.
DPI is more conservative than TVPI because it excludes unrealized value in the fund’s remaining portfolio. As a fund matures, DPI rises while RVPI (residual value) falls; at fund close, DPI ≈ TVPI. LP portals typically display all three (DPI, RVPI, TVPI) alongside IRR.