RVPI (Residual Value to Paid-In)
RVPI measures the remaining unrealized value of a fund relative to paid-in capital (what’s still “left” vs what investors contributed).
Allocator relevance
Cash-on-cash truth check—RVPI tells allocators how much of reported performance depends on unrealized marks rather than distributions.
Expanded Definition
RVPI is typically calculated as NAV ÷ Paid-In Capital (PIC). It complements DPI (distributed value) and TVPI (total value). High RVPI can indicate a young fund (normal) or a fund where outcomes rely heavily on marks (riskier late in life).
Decision Authority & Governance
Governance focus is on valuation policy, third-party marks where applicable, audit quality, and consistency across quarters—because RVPI is mark-sensitive.
Common Misconceptions
- High RVPI always means strong performance.
- RVPI is “real” return (it’s not realized).
- NAV is objective and fully market-priced in all strategies.
Key Takeaways
- RVPI is unrealized value—pair it with DPI for truth.
- Late-life high RVPI can signal exit risk.
- Valuation discipline is the core trust signal.