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.

Hear it from people who've done it

Get the real-world version of "DPI / TVPI / IRR" drawn from hundreds of conversations with founders and investors.

Go deeper

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

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Investment Thesis with Kali Norman · 29 May 2026

Related terms

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

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

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