MOIC (Multiple of Invested Capital) / TVPI

This ratio is calculated by dividing the remaining net asset value of a fund plus the cumulative distributions returned, by the total amount of capital that was paid in for investments, fees and expenses. The resulting ratio is used as a performance metric alternative to IRR. A net MOIC (also known as Total Value to Paid-in Capital “TVPI”) calculates the ratio of money generated to the money invested.