--- title: "Distributions to Paid-In (DPI) | Altss Glossary" description: "Distributions to paid-in (DPI) is the cumulative value a fund has distributed to its limited partners divided by the capital they have paid in; it is the…" canonical: "https://altss.com/glossary/dpi" --- Glossary · Performance & benchmarking # Distributions to Paid-In (DPI) Also called: distributed to paid-in · realization multiple · cash-on-cash multiple (fund) Distributions to paid-in (DPI) is the cumulative value a fund has distributed to its limited partners divided by the capital they have paid in; it is the realised component of total value to paid-in (TVPI). Publisher: Altss LLCPublished 2025-12-29Content modified 2026-10-01 ALTSS-PERF-012 DPI measures what has actually come back. A DPI of 1.0x means LPs have received as much as they have put in so far; anything above that is realised profit. Because it counts only distributions, DPI cannot be raised by revaluing the portfolio, which is why LPs treat it as the hardest number in a fund report. ## Formula ### DPI ``` DPI = cumulative distributions to LPs / paid-in capital ``` `\sum D` cumulative distributions to LPs since inception, after carried interest; in-kind distributions at their value on the distribution date `PIC` paid-in capital, including capital called for fees and expenses GIPS calls DPI the realization multiple. Recallable distributions are handled in two ways (see the worked example): recorded gross, with any re-call added to paid-in, or netted, with only the amount not re-called counted as distributed. Calculator ## Fund cash-flow calculator Enter LP contributions and distributions with their dates and the latest reported NAV. IRR uses the XIRR convention (actual days / 365) and treats NAV as a final inflow on its date. Calculations run in your browser. Cash flow 1DateTypeContributionDistributionAmountRemoveCash flow 2DateTypeContributionDistributionAmountRemoveCash flow 3DateTypeContributionDistributionAmountRemoveCash flow 4DateTypeContributionDistributionAmountRemoveAdd cash flow Reported NAVNAV date Paid-in 15 Distributions 12 IRR (XIRR) 9.03% DPI 0.80x RVPI 0.60x TVPI 1.40x ## What counts as a distribution Distributions include exit proceeds, dividends and interest passed through to LPs, and securities distributed in kind, valued when distributed. They are measured after the GP's carried interest; amounts placed in a carry escrow are not LP distributions until released. A distribution counts whatever funded it: proceeds from a sale, a [dividend recapitalization](https://altss.com/glossary/dividend-recapitalization) at a portfolio company, or borrowing under a fund-level [NAV facility](https://altss.com/glossary/nav-facility). The last two raise DPI while adding leverage, so LPs ask how a distribution was financed, not only its size. Guidance on NAV-based facilities published in 2024 by the Institutional Limited Partners Association (ILPA) recommends consent from the [limited partner advisory committee](https://altss.com/glossary/lpac) (LPAC) whenever facility proceeds fund distributions. ## Recallable distributions Many limited partnership agreements (LPAs) let the GP re-call some distributions, typically to fund follow-ons or expenses within limits (see [recallable distributions](https://altss.com/glossary/recallable-distributions) and [recycling](https://altss.com/glossary/recycling-reinvestment-of-distributions)). Recorded gross, every distribution counts and every re-call is new paid-in capital; recorded net, the recalled amount is removed from distributions. The gross method usually gives the higher DPI, on a larger paid-in base: in the worked example 0.18x against 0.10x. It gives the lower figure only once distributions exceed paid-in capital plus the amount re-called. Neither is wrong, but mixing them across funds produces false comparisons. ## DPI over a fund's life DPI is zero or close to it during the [investment period](https://altss.com/glossary/investment-period), rises through the harvest years, and equals TVPI once the fund is fully realised. DPI is measured on paid-in capital, not on commitment: a fund that has called 70% of commitments and returned 1.0x of paid-in has returned 0.7x of the LP's commitment. ## How LPs use DPI DPI feeds liquidity planning and [commitment pacing](https://altss.com/glossary/commitment-pacing), because distributions fund future capital calls. It tests whether a manager converts reported value into cash, and it weighs heavily in re-up decisions for funds old enough to have exited. An LP that sells its interest in an [LP-led secondary](https://altss.com/glossary/lp-led-secondary) turns its own residual value into cash, often at a discount to NAV; the fund's DPI does not change. ## Worked examples ### Illustrative fund in year 5 ($ millions) LPs have paid in $90m and received $45m; NAV is $95m. DPI = **0.50x**, while [TVPI](https://altss.com/glossary/tvpi) is 1.56x. Half of what LPs paid in has come back as cash; most of the reported value is still unrealised. ### Recallable distributions, recorded gross An LP has paid in $100m and receives a $20m distribution that the LPA makes recallable; the GP later re-calls $10m for a follow-on investment. Recorded gross, paid-in becomes $110m and distributions stay at $20m: DPI **0.18x**. With NAV of $110m, TVPI is 1.18x. ### The same flows, netted Netted, only the $10m that was not re-called counts as a distribution and paid-in stays at $100m: DPI **0.10x**, TVPI 1.20x. Same cash, different ratios; the convention must be stated before funds are compared. Examples are illustrative; figures are not market data. ## Not the same as - [Total Value to Paid-In (TVPI)](https://altss.com/glossary/tvpi): TVPI adds remaining NAV to distributions; DPI counts only what has been distributed. - Realization Ratio: The realization ratio is DPI divided by TVPI, the share of total value already realised. The Global Investment Performance Standards (GIPS) use "realization multiple" as another name for DPI itself. - Cash-on-Cash Return: Cash-on-cash return in real estate is annual cash income divided by equity; fund DPI is cumulative distributions divided by paid-in capital. ## Common mistakes - Treating a low DPI in a young fund as poor performance; distributions follow exits. - Counting recallable distributions gross for one fund and net for another. - Quoting DPI on commitment rather than on paid-in capital without saying so. - Ignoring how distributions were funded (exits, recapitalisations, NAV borrowing). ## Edge cases - In-kind distributions of listed shares are valued at distribution; the LP's eventual sale price may differ. - In a GP-led continuation vehicle transaction, LPs that sell receive a distribution while rolling LPs do not, so the same fund produces different LP-level DPIs. - A clawback paid by the GP increases LP distributions late in the fund's life. ## Questions ### Is DPI the same as cash-on-cash return? At fund level, DPI is sometimes called the cash-on-cash multiple. It is different from the real estate cash-on-cash return, which is annual cash income divided by equity. ### What does a DPI above 1.0x mean? LPs have received more in distributions than they have paid in so far. It does not mean the fund is finished; NAV may still remain and more capital may still be called. ## External standards | Standard | Relation | Note | | --- | --- | --- | | GIPS 2020 for Firms (Provision 5.A.4.e: since-inception distributions to since-inception paid-in capital (realization multiple or DPI)) | equivalent | | ## Sources - [Global Investment Performance Standards (GIPS) for Firms 2020](https://www.gipsstandards.org/wp-content/uploads/2021/03/2020_gips_standards_firms.pdf). CFA Institute, 2020 edition; effective 1 January 2020; required for GIPS Reports with periods ending on or after 31 December 2020. Status: Current (checked 2026-10-01). 5.A.4 — supports: Composites with committed capital must present TVPI (investment multiple), DPI (realization multiple), PIC multiple and RVPI (unrealized multiple) - [GIPS Standards for Firms 2020 - Glossary (defined terms)](https://www.gipsstandards.org/wp-content/uploads/2021/03/2020_gips_standards_firms.pdf). CFA Institute, Glossary section of the 2020 edition. Status: Current (checked 2026-10-01). investment multiple (tvpi); realization multiple (dpi); unrealized multiple (rvpi); pic multiple — supports: Standard-setter definitions of the multiples - [NAV-Based Facilities: Guidance for LPs and GPs](https://ilpa.org/resources-tools/resource-library/nav-based-facilities-guidance/). Institutional Limited Partners Association, ILPA, Published 25 July 2024. Status: Current (checked 2026-10-01). Recommendations — supports: NAV facility proceeds used for distributions; LPAC consent recommended ## Related terms 8 terms - [Total Value to Paid-In (TVPI)](https://altss.com/glossary/tvpi) - [Residual Value to Paid-In (RVPI)](https://altss.com/glossary/rvpi) - [Paid-In Capital](https://altss.com/glossary/paid-in-capital-pic-contributed-capital) - [Recallable Distributions](https://altss.com/glossary/recallable-distributions) - [Distributions](https://altss.com/glossary/distributions) - [NAV Lending (NAV Facility)](https://altss.com/glossary/nav-facility) - [Commitment Pacing](https://altss.com/glossary/commitment-pacing) - [J-Curve](https://altss.com/glossary/j-curve) ## Referenced by 9 terms - [Continuation Vehicle (CV)](https://altss.com/glossary/continuation-vehicle) - [Dividend Recapitalization](https://altss.com/glossary/dividend-recapitalization) - [Earnout](https://altss.com/glossary/earnout) - [Equity Multiple](https://altss.com/glossary/equity-multiple) - [Internal Rate of Return (IRR)](https://altss.com/glossary/irr) - [Private Capital (Private Markets)](https://altss.com/glossary/private-capital) - [Quartile Ranking](https://altss.com/glossary/quartile-ranking) - [Subscription Line of Credit](https://altss.com/glossary/subscription-line) - [Venture Capital (VC)](https://altss.com/glossary/venture-capital) ## Concept record Concept ID ALTSS-PERF-012 Classification Performance & benchmarking Topics Performance & benchmarking Version 2.0.0 Last reviewed 2026-10-01 Structured data [JSON](https://altss.com/reference/concepts/dpi.json) ## Canonical URL https://altss.com/glossary/dpi