TVPI calculator

TVPI is total value to paid-in capital: (cash paid back to investors + value of what the fund still holds) ÷ money investors have paid in.

The formula

TVPI = (Paid back + value still held) ÷ paid in

Worked example: 1.50x

The example uses the guide's seed round, £200,000 for 20%, with a matching cap table, exit, fund and market.

(£12.0m + £33.0m) ÷ £30.0m = 1.50x

Try it with your numbers

Work out your TVPI

It starts on the example. Replace any figure with your own; nothing you type leaves your browser.

Your deal numbers

Start with any one figure. Each one you add works out more below. Your numbers are kept in this browser only.

What this calculation uses

Paid in by investors so far (needed)

Paid back to investors (needed)

Value of what the fund still holds (needed)

Add more of your numbers

Open a group to fill it in. Everything you add shows up in the list below the calculator.

An investment offer

Investment offered

For this share of the company

Your round

Pre-money valuation

You can type 2m or 750k.

New investment

Shares in issue

Options already granted

Unallocated option pool

In shares. 0 if you have none.

Option pool wanted after the round

Your own shares

Money converting at the round

Amount converting

From an ASA, SAFE or loan note.

Valuation cap

Leave blank for no cap.

Discount

Interest a year (loan notes)

Months since the note was issued

A sale of the company

Sale price of the company

What the preferred investor put in

What the preferred investor owns

1x2x

Participating preference

What the founders own

An investor's return

Amount invested

Share bought

Later dilution

30 means later rounds shrink that share by 30%.

Sale price at the exit

Years to the exit

The next round

Share you own now

Size of the next round

Its pre-money valuation

Last round's post-money

New round's pre-money

A venture fund

Fund size (committed)

Invested in companies so far

Your market

Potential customers

What one pays a year

Share you can serve

Share of those you could win

A SEIS, EIS or VCT investment

Amount an investor puts in

Shares that vest

Shares or options granted

Vesting period

Cliff

Months worked so far

Your TVPI

1.50x

(£12.0m + £33.0m) ÷ £30.0m = 1.50x

Formula: (Paid back + value still held) ÷ paid in.

DPI: 0.40x; the cash part

How to read your result

TVPI includes paper value, so it moves with valuations. DPI shows how much has actually come back in cash.

Watch out for

Early in a fund's life TVPI is mostly valuations, and fees can keep it below 1x for the first years.

Last checked 24 October 2026. Estimates only, not financial, tax or legal advice: check your accounts and documents, and take advice before you act. More terms in the startup glossary.