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23/1/2019 Allen Latta's Blog on Private Equity - Allen Latta's Thoughts on Private Equity, Etc.

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LP Corner: Fund Performance Metrics – Multiples TVPI, DPI and RVPI About this Blog
(//www.allenlatta.com/allens-blog/lp-corner-fund-performance-metrics-
This Blog is a collection of
multiples-tvpi-dpi-and-rvpi)
thoughts on a variety of topics of
2/3/2018
interest to me, including:
5 Comments (//www.allenlatta.com/allens-blog/lp-corner-fund-performance-metrics-multiples-tvpi-dpi-and-
rvpi#comments) Private Equity
Buyouts
This one of a series of posts on fund performance metrics. Other posts in this series include:
Growth Equity
LP Corner: Private Equity Fund Performance – An Overview (http://www.allenlatta.com/allens-blog/lp-corner-private-
Venture Capital
equity-fund-performance-an-overview)
Corporate Finance
LP Corner: Fund Performance Metrics – Multiples TVPI, DPI and RVPI (http://www.allenlatta.com/allens-blog/lp-corner-
Investment Banking
fund-performance-metrics-multiples-tvpi-dpi-and-rvpi) - this blog post.
IPOs
LP Corner: Fund Performance Metrics – Internal Rate of Return (IRR) – Part One (http://www.allenlatta.com/allens-
M&A
blog/lp-corner-fund-performance-metrics-internal-rate-of-return-irr-part-one)
Technology
LP Corner: Fund Performance Metrics – Internal Rate of Return (IRR) – Part Two (http://www.allenlatta.com/allens-
blog/lp-corner-fund-performance-metrics-internal-rate-of-return-irr-part-two) Economics
LP Corner: Fund Performance Metrics – Public Market Equivalent (PME) (http://www.allenlatta.com/allens-blog/lp-corner- Law
fund-performance-metrics-public-market-equivalent-pme) I hope you find this blog of
LP Corner: Fund Performance Metrics - Private Equity Fund Performance (http://www.allenlatta.com/allens-blog/lp- interest.
corner-evaluating-private-equity-fund-performance)
LP Corner: Gross vs Net Returns (http://www.allenlatta.com/allens-blog/lp-corner-gross-vs-net-returns) Find me on LinkedIn
(http://www.linkedin.com/in/allenl
atta)
In this post, we will explore using multiples as a tool to evaluate fund performance.
Find me on Twitter
(http://www.twitter.com/allenlatta)
The multiples are:
Distributions to Paid-in-Capital, or DPI
Residual Value to Paid-in-Capital, or RVPI
Total Value to Paid-in-Capital, or TVPI
(http://www.linkedin.com/in/allenl
atta)
Here’s some important terminology that will help explain the multiples:
Paid-in-Capital = the capital contributed by LPs to the fund. Paid-in-capital is also known as “contributed capital” or
“called capital” or sometimes “drawn capital.” Note that Paid-in-Capital is different than Committed Capital. Recall that
an investment in a private equity fund occurs over time. An investor in the fund, known as a limited partner or LP, agrees Copyright Notice:
(commits) to invest a certain amount in a fund, say $10 million, as and when the manager of the fund, known as a
general partner or GP, needs the capital. In this case, the $10 million is the LP’s commitment. As the GP asks for a All original works on this site are
portion of this commitment (known as a “call”), the amount paid by the LP to the fund is known as Paid-in-Capital, or PIC © 2011-2019 Allen J. Latta. All
(this is also known as “called capital”). rights reserved. Neither this
website nor any portion
Distributions = the value of the cash and stock that the fund has given back (distributed) to the LPs. Distributions are
thereof may be reproduced or
typically low early in a fund’s life, ramping up over time as investments are exited.
used in any manner whatsoever
Residual Value = the remaining value of the fund at a given point in time. Residual value is the value of the fund’s
without the express prior written
investments plus other fund assets (cash, etc.) less fund liabilities. So, for example, if the fund has 12 remaining
permission of Allen J. Latta.
investments with an aggregate estimated fair value of $100 million and another $3 million in cash, the Residual Value of
the Fund is $103 million. Early in a fund’s life when investments are being made residual value is typically high
(reflecting the value of the investments) and declines over time as the fund exits its investments and makes distributions
to the LPs.
Categories
Total Value = the total value of the fund, which is the sum of the distributions and the residual (remaining) value of the
fund at a given point in time. The mathematical relationship among these metrics is: All (/allens-blog/category/all)
Berlin (/allens-
blog/category/berlin)
Board Of Directors (/allens-
blog/category/board of directors)
To better understand the above terminology, let’s look at the terms graphically: Brazil (/allens-
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blog/category/buyouts)

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California (/allens-
blog/category/california)
China (/allens-
blog/category/china)
Cleantech (/allens-
blog/category/cleantech)
Corporate Finance (/allens-
blog/category/corporate finance)
Corporate Venture Capital
(/allens-blog/category/corporate
venture capital)
Crowdfunding (/allens-
blog/category/crowdfunding)
Dividend Recap (/allens-
blog/category/dividend recap)
Economics (/allens-
To read more, please click "Read More" to the right below. blog/category/economics)
Endowments (/allens-
blog/category/endowments)
Start at the top of the graphic, with the LPs. The LPs invest (contribute) cash into the fund over time. The amount contributed by
Entrepreneurship (/allens-
LPs in the fund through a particular date is known as Paid-in-Capital. The graphic shows PIC in red as it is a cash outflow for
blog/category/entrepreneurship)
LPs. (For a discussion of committed capital vs paid-in-capital, please see my blog post “LP Corner: On Committed Capital,
Europe (/allens-
Called Capital and Uncalled Capital. (http://www.allenlatta.com/allens-blog/lp-corner-size-matters-on-committed-capital-called-
blog/category/europe)
capital-and-uncalled-capital)”) The fund uses the Paid-in-Capital to invest in portfolio companies, and to pay management fee
Fund Terms (/allens-
and fund expenses. As the fund exits its investments (the portfolio company is sold, is recapitalized or goes public) the fund will
blog/category/fund-terms)
return cash and stock to the LPs. This return of cash and stock to LPs is known as Distributions. Distributions are shown in the
General (/allens-
graphic above in green, meaning they are cash inflows to LPs. The value remaining in the fund (primarily the value of the fund’s
blog/category/general)
investments) is known as Residual Value. Residual Value is also shown in green in the above graphic, as over time this will
Growth Equity (/allens-
become distributions to the LPs.
blog/category/growth equity)
Healthcare (/allens-
An Important Note: These are NET returns. In this discussion of multiples, we are discussing net multiples, meaning
blog/category/healthcare)
performance net of management fee, expenses and carried interest. Stated another way, these multiples are based on returns to
India (/allens-blog/category/india)
the LP. Please see my prior post “LP Corner: Private Equity Fund Performance – An Overview” for a discussion of gross vs net
Innovation (/allens-
returns.
blog/category/innovation)
Investment Banking (/allens-
Now, on to the multiples:
blog/category/investment
banking)
DPI (Distributions to Paid-in-Capital). Distributions to Paid-in-Capital is the ratio of Distributions to Paid-in-Capital, and that
Ipo (/allens-blog/category/ipo)
value is expressed as a multiple, such as 0.5, 1.2, 2.0, etc., but also expressed as 0.5x, 1.2x, 2.0x, etc. The DPI equation is as
Israel (/allens-
follows:
blog/category/israel)
Law (/allens-blog/category/law)
Legal (/allens-
blog/category/legal)
Libor (/allens-blog/category/libor)
Life Sciences (/allens-
blog/category/life sciences)
To me, DPI is a critical evaluation tool. The higher DPI, the better. A DPI of 1.0x means that the fund has returned to LPs an
Listed Private Equity (/allens-
amount equal to their Paid-in-Capital. A DPI of 3.0x means the fund has returned to LPs an amount equal to 3.0x their Paid-in-
blog/category/listed-private-
Capital. A 3.0x DPI for a fund is a good result.
equity)
London (/allens-
RVPI (Residual Value to Paid-in-Capital). Residual Value to Paid-in-Capital is the ratio of Residual Value (the remaining value
blog/category/london)
of the fund) to Paid-in-Capital, which is also expressed as a multiple, such as 1.0 or 1.0x. The RVPI equation is as follows:
Los Angeles (/allens-
blog/category/los angeles)
LP Corner (/allens-
blog/category/lp-corner)
M&A (/allens-
blog/category/macb9f8e4bcf)
Mexico (/allens-
TVPI (Total Value to Paid-in-Capital). Total Value to Paid-in-Capital is the ratio of Total Value to Paid-in-Capital, also expressed
blog/category/mexico)
as a multiple, such as 1.0x or 2.0x. The equation is as follows:
New York (/allens-
blog/category/new york)
Pensions (/allens-
blog/category/pensions)
Politics (/allens-
blog/category/politics)
Private Equity (/allens-
Recall that Total Value is the sum of Distributions and Residual Value. Thus, the above equation can also be expressed as:
blog/category/private equity)
Public Stocks (/allens-
blog/category/public stocks)
San Francisco (/allens-
blog/category/san francisco)
Secondaries (/allens-
blog/category/secondaries)
Secondary Exchanges (/allens-
Pros and Cons of Using Multiples to Evaluate Fund Performance
blog/category/secondary
Multiples are a common method used to evaluate the performance of a fund.
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Recuérdamelo más tarde. exchanges)
The main pros are:
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Silicon Valley (/allens-
Multiples are widely used. Acepto blog/category/silicon valley)

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Multiples are easy to calculate. South America (/allens-
The main cons are: blog/category/south-america)
Speaking (/allens-
Multiples don’t take into account the time value of money. So, for example, a 2x TVPI multiple may be a good result if the
blog/category/speaking)
fund life is 7 years, but may not be a good result if the fund life is 15 years.
Stock Market (/allens-
Until the fund is liquidated, multiples are indications of interim performance. The final results for a fund won’t be known blog/category/stock market)
until the fund is liquidated – usually after year 12, but sometimes much later, and so it is important to remember that if the Tax (/allens-blog/category/tax)
fund is still active, the performance multiples are interim, not final. Technology (/allens-
Residual value is largely based on estimates of the value of the remaining portfolio investments. If Residual Value makes blog/category/technology)
up most of Total Value (meaning there haven’t been many Distributions), then estimates of portfolio company investments Travel (/allens-
drive the Total Value. The problem here is that Residual Value is subject to changing valuations as the companies blog/category/travel)
mature. If the fund values an investment at $10 million at a particular point in time, but the company is sold and the fund United Kingdom (/allens-
only receives $2 million, then the Residual Value was overstated by $8 million. Conversely, if that investment is sold and blog/category/united kingdom)
the fund receives $20 million, then the Residual Value was understated by $10 million. Estimating values for portfolio Valuation (/allens-
company investments is more art than science, and so is subject to wide variability. blog/category/valuation)
Venture Capital (/allens-
Simple Example blog/category/venture capital)
Let’s say that as of the end a particular quarter, a fund has called $50 million of capital (PIC = $50), has distributed $60 million to
LPs (D = $60), and has a residual value of $70 million (RV = $70). Total value (TV) is calculated with the following equation: TV
= RV + D, so Total Value here is $130 million ($70 RV + $60 D). With this information, we can calculate the multiples:
TVPI is 2.6x ($130 TV / $50 PIC)
Archives
DPI is 1.2x ($60 D / $50 PIC) November 2018 (/allens-
RVPI is 1.4x ($70 RV / $50 PIC). This can also be calculated by using the formula TVPI = DPI + RVPI, so solving for blog/archives/11-2018)
RVPI = TVPI – DPI, which leads to RVPI = 1.4x (2.6 TVPI – 1.2x DPI). October 2018 (/allens-
A couple of observations. First, if DPI is greater than one, the fund has returned to the LPs all of their paid in capital. With a DPI blog/archives/10-2018)
of 1.2x, this means that LPs have received back all of their Paid-in-Capital, and have received 20% above that. Second, the September 2018 (/allens-
RVPI of 1.4x means that there is still a lot of value in this fund. However, we don’t know where the fund is in its fund term (is it in blog/archives/09-2018)
year 3 or 13?), and if the fund is early in its life, the RVPI may fluctuate. Finally, TVPI of 2.6 is in absolute terms a pretty good August 2018 (/allens-
result if that’s the final number. blog/archives/08-2018)
July 2018 (/allens-
blog/archives/07-2018)
Detailed Example: AdVenture Capital Fund 3, L.P. June 2018 (/allens-
This is an early-stage venture capital fund that has committed capital of $100 million. Committed capital is the total amount of blog/archives/06-2018)
capital that LPs have agreed (committed) to provide to the fund over the life of the fund. In private equity, funds “call” capital over May 2018 (/allens-
the life of the fund, with the bulk of the capital called during the investment term of the fund. This fund has a 10-year term, plus blog/archives/05-2018)
two 1-year extensions at the option of the general partner of the fund. The investment period for the fund is the first five years. April 2018 (/allens-
blog/archives/04-2018)
Paid-in-Capital (aka Called Capital) March 2018 (/allens-
Here’s what the capital calls look like over the 12-year life of the fund. blog/archives/03-2018)
February 2018 (/allens-
blog/archives/02-2018)
January 2018 (/allens-
blog/archives/01-2018)
Here’s what this looks like graphically: December 2017 (/allens-
blog/archives/12-2017)
November 2017 (/allens-
blog/archives/11-2017)
October 2017 (/allens-
blog/archives/10-2017)
September 2017 (/allens-
blog/archives/09-2017)
August 2017 (/allens-
blog/archives/08-2017)
July 2017 (/allens-
blog/archives/07-2017)
June 2017 (/allens-
blog/archives/06-2017)
May 2017 (/allens-
As the chart on the left indicates, most of the capital is called during the early years of the fund’s life, when it is making new
blog/archives/05-2017)
investments. The chart on the right shows the cumulative paid-in-capital over time.
April 2017 (/allens-
blog/archives/04-2017)
Distributions
March 2017 (/allens-
Funds typically make distributions to the LPs after it has exited an investment or two. For this venture capital fund, once it makes
blog/archives/03-2017)
an investment in a company, the fund will continue to hold that investment until the company is sold or goes public. This “holding
February 2017 (/allens-
period” is typically three to seven years, but can be as short as 6 months or as long as 15 years or more. This fund follows a
blog/archives/02-2017)
more common path – no distributions for the first couple of years, and then a growing amount of distributions during the “harvest
January 2017 (/allens-
phase”, declining as the fund sells its remaining investments.
blog/archives/01-2017)
December 2016 (/allens-
blog/archives/12-2016)
October 2016 (/allens-
blog/archives/10-2016)
September 2016 (/allens-
blog/archives/09-2016)
August 2016 (/allens-
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Acepto blog/archives/07-2016)
June 2016 (/allens-

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blog/archives/06-2016)
May 2016 (/allens-
blog/archives/05-2016)
April 2016 (/allens-
blog/archives/04-2016)
February 2016 (/allens-
blog/archives/02-2016)
January 2016 (/allens-
blog/archives/01-2016)
November 2015 (/allens-
blog/archives/11-2015)
October 2015 (/allens-
blog/archives/10-2015)
July 2015 (/allens-
blog/archives/07-2015)
June 2015 (/allens-
blog/archives/06-2015)
The annual distribution chart on the left shows that the annual distributions grow for a period of time and then decline as the fund
May 2015 (/allens-
nears the end of its term.
blog/archives/05-2015)
April 2015 (/allens-
Residual Value
blog/archives/04-2015)
Residual value is the value of a fund at a given point in time. Residual value will change over time as the fund calls capital, the
March 2015 (/allens-
fund makes investments, investment valuations change, investments are exited and distributions are made to the LPs. Residual
blog/archives/03-2015)
value is reported quarterly to LPs by the fund, and is called net asset value, or fund value in the financial statements.
February 2015 (/allens-
blog/archives/02-2015)
For Adventure Capital Fund 3, L.P., the residual value at the end of each year is as follows:
January 2015 (/allens-
blog/archives/01-2015)
December 2014 (/allens-
blog/archives/12-2014)
November 2014 (/allens-
blog/archives/11-2014)
October 2014 (/allens-
blog/archives/10-2014)
September 2014 (/allens-
blog/archives/09-2014)
August 2014 (/allens-
blog/archives/08-2014)
July 2014 (/allens-
blog/archives/07-2014)
June 2014 (/allens-
blog/archives/06-2014)
May 2014 (/allens-
Total Value blog/archives/05-2014)
Total value is the fund’s total value at a given point in time, and is the sum of distributions and residual value. Recall Total Value April 2014 (/allens-
= Distributions + Residual Value. blog/archives/04-2014)
March 2014 (/allens-
blog/archives/03-2014)
February 2014 (/allens-
blog/archives/02-2014)
January 2014 (/allens-
blog/archives/01-2014)
November 2013 (/allens-
blog/archives/11-2013)
October 2013 (/allens-
blog/archives/10-2013)
September 2013 (/allens-
blog/archives/09-2013)
August 2013 (/allens-
blog/archives/08-2013)
July 2013 (/allens-
blog/archives/07-2013)
June 2013 (/allens-
blog/archives/06-2013)
Multiples May 2013 (/allens-
Now let’s calculate the multiples for this fund. blog/archives/05-2013)
April 2013 (/allens-
blog/archives/04-2013)
February 2013 (/allens-
blog/archives/02-2013)
January 2013 (/allens-
blog/archives/01-2013)
Let’s focus first on TVPI (aka TV/PIC).
December 2012 (/allens-
blog/archives/12-2012)
November 2012 (/allens-
blog/archives/11-2012)
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blog/archives/10-2012)
Acepto September 2012 (/allens-

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blog/archives/09-2012)
August 2012 (/allens-
blog/archives/08-2012)
July 2012 (/allens-
blog/archives/07-2012)
June 2012 (/allens-
blog/archives/06-2012)
May 2012 (/allens-
blog/archives/05-2012)
April 2012 (/allens-
blog/archives/04-2012)
March 2012 (/allens-
blog/archives/03-2012)
February 2012 (/allens-
Note that in year 1, TVPI is 0.87x. This means that the total value of the LPs investment is 87% of what the LP has paid-in as blog/archives/02-2012)
capital. So, this means the LP has a loss on its investment. Year 2 is even worse, and then it begins to rebound in year 3, and is January 2012 (/allens-
greater than 1 in year 4. Why is this? This is known as the J-Curve, and it is explained in detail in my blog post “LP Corner: The blog/archives/01-2012)
J-Curve (http://www.allenlatta.com/allens-blog/lp-corner-the-j-curve).”. At around year 7, the value seems to level off. This is December 2011 (/allens-
expected as at the last stages of the fund’s life, new investments aren’t being made, and the fund is harvesting (exiting) the few blog/archives/12-2011)
remaining investments. Because the remaining investments are typically small in value compared to the overall value of the November 2011 (/allens-
fund, the TVPI multiple doesn’t change much at the end of the fund’s life. This could change, though, if there are a few large blog/archives/11-2011)
investments that are held by the fund near the end of the fund’s life, and they either are written off (the fund suffers a large loss) October 2011 (/allens-
or they are realized for much more than they were valued at by the fund. blog/archives/10-2011)

Now let’s look at DPI.

As the fund goes through its life, the fund exits its investments and makes distributions to the LPs. Over time, more investments
are exited and more distributions are made to the LPs. At the end of the fund’s life, all investments are exited, and the fund
makes a final distribution to LPs before the fund is liquidated. At the end of the fund’s life, the DPI and TVPI will converge to the
same multiple.

Finally, let’s take a look at Residual Value.

The above chart shows how residual value will fluctuate over time. Residual value is a function of investment, valuation changes
and distributions. While residual value is an important metric, I don’t think this above graph adds much value.

What all this means…

A few take-aways:
Multiples will fluctuate over the life of a fund. The multiples in early years, especially for venture capital, will likely not be
indicative of the final multiples. However, multiples after year 7 or 8 are more indicative of where the fund might end up.
In other words, multiples don’t mean much in the first few years of an early-stage venture capital fund’s life.
Interim vs final results. Until a fund is wound-up and fully liquidated, the performance multiples provide interim, not final,
results. As a fund ages, the multiples tend to have less variability over time, but I’ve had fund hold on to investments for
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to be sold for pennies on the dollar (compared to the valuation the fundRecuérdamelo
many years only(https://www.youronlinechoices.eu)
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más
was holding tarde.at) late in a
them
fund’s life.
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Residual Value is largely an estimate. Residual value is largely based on the estimated fair values of the underlying
portfolio investments. These estimates may be high or low, but are rarely exact. Because of this, it is important to
understand that the higher the Residual Value or RPI, the more variability the multiples may experience over time.
Fundraising and multiples. Most funds start fundraising for their next fund every 2-3 years. If you are trying to evaluate
an existing fund’s performance based on year 3 metrics, the multiples don’t necessarily tell you the whole story. You
must really dig into the exits to date and the existing portfolio to really understand the potential of the fund.

Please help me improve this post by commenting. Thanks.

© 2018 Allen J. Latta. All rights reserved.

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5 Comments (//www.allenlatta.com/allens-blog/lp-corner-fund-performance-metrics-multiples-tvpi-dpi-and-
rvpi#comments)

LP Multiples 2/6/2018 02:07:31 pm

Hi Allen,

There's a typo under the "Simple Example" heading. It reads "Total Value here is $130 million ($70 RV + $70
D)."

I think the second $70 should be a $60 in order for the math to check out.

Really like the blog by the way.

Reply

Allen 2/27/2018 08:54:19 am

Thanks for catching the typo! The post has been corrected.

Reply

Scott 10/19/2018 08:51:50 am

If LP capital is used as a short-term bridge (close deal before co-investors come in), can you exclude this bridge
from LP TVPI? It's rather punitive to be punished from a multiple perspective since the numerator and
denominator impact is 1:1. Is there a standard industry practice on this?

Reply

Allen 11/17/2018 02:24:30 pm

Good question. If the LPA provides for Bridge Securities (these provisions typically say the Bridge
Securities are not counted as a call), then the fund may present the TVPI, etc. without the impact of the
Bridge Securities, but then should also show the TVPI with the impact of the Bridge Securities. The true
"net to LP" returns include the impact of Bridge Securities. This is one of the reasons why the GP-
reported performance may differ from the actual performance the LP calculates (another being the
impact of distributed securities and how the value is calculated under the LPA).

Reply

Madhu 1/1/2019 02:08:22 pm

Very succinct and helpful post. Thank you!

Reply

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