--- title: "Residual Value to Paid-In (RVPI) | Altss Glossary" description: "Residual value to paid-in (RVPI) is the net asset value of a fund attributable to its limited partners divided by the capital they have paid in; it is the…" canonical: "https://altss.com/glossary/rvpi" --- Glossary · Performance & benchmarking # Residual Value to Paid-In (RVPI) Also called: residual value to paid-in capital · unrealized multiple Residual value to paid-in (RVPI) is the net asset value of a fund attributable to its limited partners divided by the capital they have paid in; it is the unrealised component of total value to paid-in (TVPI). Publisher: Altss LLCPublished 2026-01-06Content modified 2026-10-01 ALTSS-PERF-013 RVPI measures how much of a fund's value is still on paper: the reported value of what the fund still holds, per dollar LPs have paid in. A high RVPI is normal early in a fund's life. Late in the life it means most of the outcome still depends on exits that have not happened and on valuations that have not been tested by a sale. ## Formula ### RVPI ``` RVPI = NAV attributable to LPs / paid-in capital = TVPI − DPI ``` `NAV` LPs' share of net asset value at the measurement date, net of accrued carried interest `PIC` paid-in capital, including capital called for fees and expenses The Global Investment Performance Standards (GIPS) call RVPI the unrealized multiple. The NAV is a fair-value estimate prepared under the fund's valuation policy and accounting framework, usually as of the last quarter-end and reported with a lag. 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 NAV goes into RVPI The numerator is the LPs' share of [net asset value](https://altss.com/glossary/net-asset-value): the [fair value](https://altss.com/glossary/fair-value) of remaining investments plus other net assets, less the carried interest that would be paid on a liquidation at those values. Fair value is estimated under Accounting Standards Codification (ASC) Topic 820 for reporting under US generally accepted accounting principles (GAAP) or International Financial Reporting Standard (IFRS) 13 and, for many managers, the [IPEV Valuation Guidelines](https://altss.com/glossary/ipev-valuation-guidelines). Because the inputs are largely unobservable, RVPI is the part of fund performance most exposed to valuation judgement, lags and stale marks. ## RVPI over a fund's life RVPI rises during the investment period as capital is deployed and holdings are revalued, peaks around the transition to harvesting, and falls as exits convert it into [DPI](https://altss.com/glossary/dpi). At final liquidation it is zero. A fund whose RVPI stays high after its scheduled term has an exit problem, a valuation problem, or both, and is a candidate for a fund term extension or a tail-end sale. ## Reading a high late-life RVPI Late in the life, RVPI is the value LPs are still waiting for. Two questions matter: how reliable the marks are (when were they last tested by a transaction, what share uses unobservable inputs) and how the remaining assets will be realised. Secondary buyers price these interests at a discount or premium to NAV (see [secondary pricing](https://altss.com/glossary/secondary-pricing)), which is the market's view of the same RVPI. ## How LPs use RVPI RVPI times paid-in capital is the LP's share of NAV, its current invested exposure to the fund; unfunded commitments come on top. LPs use it in exposure reporting, [commitment pacing](https://altss.com/glossary/commitment-pacing) and liquidity models, and divide it by TVPI to see how much of performance is still unrealised. It is not used on its own to rank managers. ## Worked examples ### Illustrative fund in year 4 ($ millions) LPs have paid in $70m and received $10m; NAV is $85m. RVPI = **1.21x** and DPI 0.14x. Almost all of the fund's 1.36x [TVPI](https://altss.com/glossary/tvpi) is unrealised, as expected at this age. ### The same fund in year 11 Paid-in has reached $100m, distributions $150m and NAV $45m: RVPI **0.45x**, DPI 1.50x, TVPI 1.95x. About 23% of total value (0.45 / 1.95) is still unrealised in a fund past its original term. Examples are illustrative; figures are not market data. ## Not the same as - [Distributions to Paid-In (DPI)](https://altss.com/glossary/dpi): DPI is the realised component, cash and in-kind value already distributed; RVPI is the unrealised component still held at reported value. - [Net Asset Value (NAV)](https://altss.com/glossary/net-asset-value): NAV is an amount; RVPI is NAV expressed per unit of paid-in capital. ## Common mistakes - Treating RVPI as realised return. It is a valuation, not cash. - Describing RVPI as a cash-on-cash check; that describes DPI. - Comparing RVPIs of funds of different ages without context. - Using NAV gross of accrued carry, which overstates RVPI. ## Edge cases - NAV is often reported one quarter in arrears; an RVPI computed with current-quarter flows and last-quarter NAV mixes dates. - A fund with a NAV facility reports NAV net of the borrowing; the gross asset value at risk is larger than RVPI suggests. - If a fund distributes in kind just before quarter-end, value moves from RVPI to DPI at the distribution-date price. ## External standards | Standard | Relation | Note | | --- | --- | --- | | GIPS 2020 for Firms (Provision 5.A.4.g: residual value to since-inception paid-in capital (unrealized multiple or RVPI)) | 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 - [International Private Equity and Venture Capital Valuation Guidelines (2025 edition)](https://www.privateequityvaluation.com/Portals/0/Documents/Guidelines/2025%20IPEV%20Valuation%20Guidelines.pdf). IPEV Board, IPEV, Published 11 December 2025; in effect for quarterly reporting periods beginning on or after 1 April 2026; early adoption encouraged. Status: Current; supersedes the December 2022 edition (checked 2026-10-01). Fair value definition — supports: Fair value as exit price at the measurement date, consistent with IFRS 13 / ASC 820; edition in effect for periods from 1 April 2026 - [ASU 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs](https://storage.fasb.org/ASU2011-04.pdf). Financial Accounting Standards Board, May 2011. Status: in force (codified in ASC 820) (checked 2026-10-01). Topic 820 — supports: US GAAP fair value measurement framework ## Related terms 6 terms - [Total Value to Paid-In (TVPI)](https://altss.com/glossary/tvpi) - [Distributions to Paid-In (DPI)](https://altss.com/glossary/dpi) - [Net Asset Value (NAV)](https://altss.com/glossary/net-asset-value) - [Fair Value](https://altss.com/glossary/fair-value) - [Secondary Pricing](https://altss.com/glossary/secondary-pricing) - [Paid-In Capital](https://altss.com/glossary/paid-in-capital-pic-contributed-capital) ## Referenced by 1 term - [Internal Rate of Return (IRR)](https://altss.com/glossary/irr) ## Concept record Concept ID ALTSS-PERF-013 Classification Performance & benchmarking Topics Performance & benchmarking Version 2.0.0 Last reviewed 2026-10-01 Structured data [JSON](https://altss.com/reference/concepts/rvpi.json) ## Canonical URL https://altss.com/glossary/rvpi