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VC & Fund Mechanics

DPI / TVPI / IRR

Also: DPI; TVPI; IRR

Fund return measures — DPI is cash actually returned, TVPI includes paper value, IRR is the annualised rate.

Why it matters

LPs ultimately care about DPI ('show me the money'); high TVPI on unrealised winners can evaporate.

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Episodes on Venture Capital

Trust Over Likability: How Charles Hudson Built a 450-Company Portfolio

First Cheque with Cheryl Mack & Maxine Minter · 31 August 2026

Trust Over Likability: How Charles Hudson Built a 450-Company Portfolio
Sidecars 101: Why Venture Funds Are Investing on the Side

First Cheque with Cheryl Mack & Maxine Minter · 17 August 2026

Sidecars 101: Why Venture Funds Are Investing on the Side
Eric Ries on What Investors Get Wrong About Governance

First Cheque with Cheryl Mack & Maxine Minter · 3 August 2026

Eric Ries on What Investors Get Wrong About Governance
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Related terms

Carry

The share of a fund's profits the GPs keep — classically 20% — after returning capital to LPs.

Limited partner (LP)

The investors in a VC fund — super funds, family offices, endowments, wealthy individuals — whose money the GPs deploy.

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