TVPI (Total Value to Paid-In) measures the total value an LP has received or is on track to receive from a fund, relative to capital they’ve contributed. TVPI = (distributions + remaining NAV) / paid-in capital. A TVPI of 2.0x means the LP’s investment is worth 2x what they put in.
TVPI is complementary to IRR and is often displayed alongside DPI (realized portion) and RVPI (unrealized portion). All three appear on most LP portals.