What is TVPI and how is it different from DPI?

TVPI (total value to paid-in) is a fund's total value — cash already distributed plus the current value of what it still holds — divided by the capital LPs paid in. A 2.0x TVPI fund has doubled its money on paper.

The difference from DPI is realization: TVPI includes unrealized marks that can move, while DPI counts only cash returned. Mature venture wisdom: TVPI is the promise, DPI is the proof.