PerformanceLP / GP
DPI (Distributed to Paid-In)
Cash and stock returned to LPs divided by paid-in capital — the primary measure of realized return.
DPI answers: how much money has actually come back to limited partners relative to what they put in? It is expressed as a multiple (e.g., 0.5x) or ratio.
Because it reflects realizations, not marks, DPI is often prioritized ahead of paper multiples when assessing fund performance. A high TVPI with low DPI may indicate uncrystallized value or timing effects.