RVPI (Residual Value to Paid-In Capital)

The portion of a fund's total value still held in unrealized, unsold portfolio positions.

RVPI measures the current estimated value of a fund's remaining unrealized holdings — companies that haven't been sold, gone public, or otherwise generated a cash distribution yet — relative to LP paid-in capital. It represents the 'still in the pot' portion of TVPI.

RVPI naturally declines over a fund's life as positions get realized (converting RVPI into DPI); a fund late in its life with unusually high RVPI relative to DPI signals either that exits are being delayed, or that the GP is holding onto positions expecting future upside that hasn't yet materialized in cash.

Formula
TVPI = DPI + RVPI
Worked example

A fund shows a TVPI of 2.0x. If its DPI is 1.6x (realized), its RVPI is the remaining 0.4x — value still sitting in unsold portfolio companies.

In practice

Watch how RVPI trends over successive reporting periods for a fund you're invested in — RVPI that keeps growing late in a fund's life without converting into DPI can mean marks are stale or exits are stalled.

Is high RVPI good or bad?

It depends entirely on fund stage — high RVPI early in a fund's life is completely normal since companies haven't had time to exit, but persistently high RVPI in a mature, late-life fund is a caution sign.

Related terms

TVPI (Total Value to Paid-In Capital)DPI (Distributions to Paid-In Capital)IRR (Internal Rate of Return)MOIC (Multiple on Invested Capital)

Run the numbers yourself: dilution, SAFE conversion, and fund-returner calculators.