{"concept_id":"ALTSS-PERF-012","slug":"dpi","canonical_name":"Distributions to Paid-In","acronym":"DPI","aliases":["distributed to paid-in","realization multiple","cash-on-cash multiple (fund)"],"kind":"metric","authority":"industry","facets":["PRF"],"domains":["PERFORMANCE"],"display_title":"Distributions to Paid-In (DPI)","search_aliases":["what is dpi","dpi meaning private equity","dpi formula","distributed to paid in","realization multiple","dpi vs tvpi"],"one_sentence_definition":"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).","plain_english":"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.","parent_concepts":[],"child_concepts":[],"related_concepts":["tvpi","rvpi","dpi-vs-tvpi","realization-ratio","paid-in-capital-pic-contributed-capital","recallable-distributions","distributions","nav-facility","commitment-pacing","j-curve"],"comparison_concepts":[],"not_the_same_as":[{"slug":"tvpi","distinction":"TVPI adds remaining NAV to distributions; DPI counts only what has been distributed."},{"slug":"realization-ratio","distinction":"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."},{"slug":"cash-on-cash-return","distinction":"Cash-on-cash return in real estate is annual cash income divided by equity; fund DPI is cumulative distributions divided by paid-in capital."}],"formula_ids":["F-PERF-012-dpi"],"worked_examples":[{"title":"Illustrative fund in year 5 ($ millions)","paragraphs":["LPs have paid in $90m and received $45m; NAV is $95m. DPI = **0.50x**, while [TVPI](/glossary/tvpi) is 1.56x. Half of what LPs paid in has come back as cash; most of the reported value is still unrealised."],"calc":{"fn":"fund_multiples","inputs":{"paid_in":90,"distributions":45,"nav":95},"expected":{"dpi":0.5,"tvpi":1.5556},"tol":0.0005}},{"title":"Recallable distributions, recorded gross","paragraphs":["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."],"calc":{"fn":"fund_multiples","inputs":{"paid_in":110,"distributions":20,"nav":110},"expected":{"dpi":0.1818,"tvpi":1.1818},"tol":0.0005}},{"title":"The same flows, netted","paragraphs":["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."],"calc":{"fn":"fund_multiples","inputs":{"paid_in":100,"distributions":10,"nav":110},"expected":{"dpi":0.1,"tvpi":1.2},"tol":0.0005}}],"sections":[{"heading":"What counts as a distribution","paragraphs":["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](/glossary/dividend-recapitalization) at a portfolio company, or borrowing under a fund-level [NAV facility](/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](/glossary/lpac) (LPAC) whenever facility proceeds fund distributions."]},{"heading":"Recallable distributions","paragraphs":["Many limited partnership agreements (LPAs) let the GP re-call some distributions, typically to fund follow-ons or expenses within limits (see [recallable distributions](/glossary/recallable-distributions) and [recycling](/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."]},{"heading":"DPI over a fund's life","paragraphs":["DPI is zero or close to it during the [investment period](/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."]},{"heading":"How LPs use DPI","paragraphs":["DPI feeds liquidity planning and [commitment pacing](/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](/glossary/lp-led-secondary) turns its own residual value into cash, often at a discount to NAV; the fund's DPI does not change."]}],"classification_rules":[],"calculation_rules":[],"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."],"external_standard_mappings":[{"standard":"GIPS 2020 for Firms","reference":"Provision 5.A.4.e: since-inception distributions to since-inception paid-in capital (realization multiple or DPI)","relation":"equivalent","source_id":"SRC-GIPS-2020-FIRMS"}],"source_ids":["SRC-GIPS-2020-FIRMS","SRC-GIPS-2020-GLOSSARY","SRC-ILPA-NAV-FACILITIES-2024"],"citations":[{"source_id":"SRC-GIPS-2020-FIRMS","pinpoint":"5.A.4","supports":"Composites with committed capital must present TVPI (investment multiple), DPI (realization multiple), PIC multiple and RVPI (unrealized multiple)","source":{"source_id":"SRC-GIPS-2020-FIRMS","title":"Global Investment Performance Standards (GIPS) for Firms 2020","authors":"CFA Institute","publisher":"CFA Institute","document_type":"standard","url":"https://www.gipsstandards.org/wp-content/uploads/2021/03/2020_gips_standards_firms.pdf","year":2019,"publication_date":"2020 edition; effective 1 January 2020; required for GIPS Reports with periods ending on or after 31 December 2020","jurisdiction":"intl","status":"Current","last_verified":"2026-10-01"}},{"source_id":"SRC-GIPS-2020-GLOSSARY","pinpoint":"investment multiple (tvpi); realization multiple (dpi); unrealized multiple (rvpi); pic multiple","supports":"Standard-setter definitions of the multiples","source":{"source_id":"SRC-GIPS-2020-GLOSSARY","title":"GIPS Standards for Firms 2020 - Glossary (defined terms)","authors":"CFA Institute","publisher":"CFA Institute","document_type":"standard","url":"https://www.gipsstandards.org/wp-content/uploads/2021/03/2020_gips_standards_firms.pdf","year":2019,"publication_date":"Glossary section of the 2020 edition","jurisdiction":"intl","status":"Current","last_verified":"2026-10-01"}},{"source_id":"SRC-ILPA-NAV-FACILITIES-2024","pinpoint":"Recommendations","supports":"NAV facility proceeds used for distributions; LPAC consent recommended","source":{"source_id":"SRC-ILPA-NAV-FACILITIES-2024","title":"NAV-Based Facilities: Guidance for LPs and GPs","authors":"Institutional Limited Partners Association","publisher":"ILPA","document_type":"guidance","url":"https://ilpa.org/resources-tools/resource-library/nav-based-facilities-guidance/","year":2024,"publication_date":"Published 25 July 2024","jurisdiction":"intl","status":"Current","last_verified":"2026-10-01"}}],"faq":[{"q":"Is DPI the same as cash-on-cash return?","a":"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."},{"q":"What does a DPI above 1.0x mean?","a":"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."}],"seo":{},"first_published":"2025-12-29","last_reviewed":"2026-10-01","last_modified":"2026-10-01","content_version":"2.0.0","url":"https://altss.com/glossary/dpi","json_url":"https://altss.com/reference/concepts/dpi.json","title":"Distributions to Paid-In (DPI)","formulas":[{"formula_id":"F-PERF-012-dpi","concept_id":"ALTSS-PERF-012","label":"DPI","plain":"DPI = cumulative distributions to LPs / paid-in capital","latex":"\\mathrm{DPI}=\\frac{\\sum D}{\\mathrm{PIC}}","variables":[{"symbol":"\\sum D","meaning":"cumulative distributions to LPs since inception, after carried interest; in-kind distributions at their value on the distribution date"},{"symbol":"PIC","meaning":"paid-in capital, including capital called for fees and expenses"}],"convention_note":"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.","implementation":"fund_multiples"}],"sources":[{"source_id":"SRC-GIPS-2020-FIRMS","title":"Global Investment Performance Standards (GIPS) for Firms 2020","authors":"CFA Institute","publisher":"CFA Institute","document_type":"standard","url":"https://www.gipsstandards.org/wp-content/uploads/2021/03/2020_gips_standards_firms.pdf","year":2019,"publication_date":"2020 edition; effective 1 January 2020; required for GIPS Reports with periods ending on or after 31 December 2020","jurisdiction":"intl","status":"Current","last_verified":"2026-10-01"},{"source_id":"SRC-GIPS-2020-GLOSSARY","title":"GIPS Standards for Firms 2020 - Glossary (defined terms)","authors":"CFA Institute","publisher":"CFA Institute","document_type":"standard","url":"https://www.gipsstandards.org/wp-content/uploads/2021/03/2020_gips_standards_firms.pdf","year":2019,"publication_date":"Glossary section of the 2020 edition","jurisdiction":"intl","status":"Current","last_verified":"2026-10-01"},{"source_id":"SRC-ILPA-NAV-FACILITIES-2024","title":"NAV-Based Facilities: Guidance for LPs and GPs","authors":"Institutional Limited Partners Association","publisher":"ILPA","document_type":"guidance","url":"https://ilpa.org/resources-tools/resource-library/nav-based-facilities-guidance/","year":2024,"publication_date":"Published 25 July 2024","jurisdiction":"intl","status":"Current","last_verified":"2026-10-01"}]}