TVPI equals DPI plus RVPI. That is the arithmetic most explainers skip, and it carries the whole point: part of your reported multiple is money that came back, and part of it is a mark you set yourself.
The manager who sets the marks is the manager judged on them. Nobody has to be acting badly for that to matter, but it does mean the two halves of the number should not be trusted equally, and experienced LPs do not trust them equally.
A brand new fund with a beautiful TVPI and zero DPI has not proven anything yet. A manager who says so out loud is more credible than one who leads with the multiple.
Read the full breakdown of TVPI, DPI and MOIC on GoVCLab.
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This content is provided by VC Lab, the YC for VC. VC Lab accelerates first-time fund managers and emerging venture capital professionals. Learn more at:
https://GoVCLab.com
Launching a fund still costs $150,000 and takes 6-12 months. Discover how we're changing that in 2026 at:
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Start Fund delivers fast results. Discover how emerging managers are launching, closing, and deploying capital in just 36 days at:
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Long résumés are no longer a prerequisite for launching successful VC funds. Find out how emerging managers without prior VC experience are matching seasoned GPs at:
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Need guidance on how to start a VC firm? This guide on starting a VC covers everything from fund formation to LP relations:
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Stay visible to potential LPs and partners by learning how to use LinkedIn to build credibility and attract LPs in this guide:
https://govclab.com/2025/12/17/linkedin-guide-for-fund-managers/
Learn how top-tier VCs build repeatable sourcing systems that attract the best founders and deals before anyone else:
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VC Lab is part of Decile Group. Decile Group provides training, tools, and capital to emerging managers and limited partners through our comprehensive ecosystem:
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Learn about Adeo Ressi, inventor of the SAFE note, CEO of Decile Group, and Executive Chairman of the Founder Institute.
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