Total value to paid-in capital is a ratio used to measure the performance of a venture capital fund. It divides total value of a fund by the initial capital investment made by limited partners.
For example, a venture capital fund that received $20 million from limited partners and has returned $12 million in distributions while its remaining portfolio is valued at $18 million has a TVPI of ($12M + $18M) ÷ $20M = 1.5x, meaning every dollar invested is currently worth $1.50 in combined realized and unrealized value.
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