What is MOIC?

MOIC (multiple on invested capital) is the simplest return measure: total value divided by cost, for a single deal or a whole fund, ignoring time. A $2M investment now worth $10M is a 5x MOIC.

Gross MOIC per deal is how investors talk about outcomes; at fund level, net multiples (TVPI/DPI) and IRR complete the picture by adding fees and time.