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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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Investment Thesis with Kali Norman · 18 September 2026

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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
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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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