Tool 15 · the lab · Read: Ch. 9 — Fund Economics & Ch. 6 — Performance Benchmarks

Fund Return Metrics: DPI / TVPI / RVPI / Net IRR

Enter capital calls, distributions, and period-end NAV for up to 10 fund years. Computes the four LP reporting metrics every GP must know: DPI (distributed to paid-in), RVPI (residual value to paid-in), TVPI (total value), and Net IRR. Includes J-Curve visualization and LP-grade verdict commentary.

Based on Sutton Capital LP Wish List framework: “Net IRR/DPI/TVPI + last-round valuation — the four numbers every GP must have cold.”

Fund Parameters

Total Fund Commitments ($M)

Management Fee (% p.a.)

Carried Interest (%)

Preferred Return / Hurdle (%)

Annual Fund Activity (Year 1 – 10)

Enter capital calls (positive = LP pays in), distributions (positive = LP receives), and period-end NAV of unrealized portfolio. All figures in $M.

Year Capital Called ($M) Distributions ($M) NAV ($M)

J-Curve — Cumulative Net Cash Flow by Year ($M)

LP Reporting Definitions (Sutton Capital / GoingVC Ch. 9)

DPI (Distributed to Paid-In): Total distributions ÷ total capital called. The only “real money back” metric. DPI >1.0x = LP has received full capital back.
RVPI (Residual Value to Paid-In): Current NAV ÷ total capital called. Measures unrealized portfolio value. High RVPI late in fund life is a yellow flag.
TVPI (Total Value to Paid-In): DPI + RVPI. The headline MOIC for LPs. Top-quartile = 2.5x+ for PE, 3x+ for VC.
Net IRR: Time-weighted return accounting for timing of cash flows, net of fees and carry. LP benchmark: 15%+ for PE, 20%+ for VC.
J-Curve: Early fund years show negative net cash flow (capital calls > distributions). Inflection typically years 4-6 as portfolio matures and distributions begin.
LP Wish List (Sutton Capital): “Decks with the right metrics, clearly mapped (Net IRR/DPI/TVPI + last-round valuation).” Know these four numbers cold.