TVPI-to-DPI Forecaster for Private Equity LPs
See how a private equity fund might turn NAV into cash before it ends. Track DPI and the value still held in the fund. For institutional LPs.
Questions this calculator answers1. If our private equity fund reports 2.0x TVPI, when might that value turn into cash distributions?2. When could DPI reach 1.0x, so we have received as much cash as we paid in?3. If the fund sells its holdings more slowly, how much cash might we get each year?
Projected conversion timing
DPI rises only when modeled distributions are paid; RVPI remains the value still held in NAV.
First projected distribution
2026
50% of current NAV is projected to be realized by 2028; terminal DPI 1.65x in 2031.
Annual distributions
Cash returned from the NAV available after growth and markdowns.
Annual distributions
DPI, RVPI and TVPI
Every year reconciles as TVPI = DPI + RVPI.
DPIRVPITVPI
Remaining NAV and projected distributions
Compare value still held with cumulative cash produced during the forecast.
Remaining NAVCumulative projected distributions
How the forecast works
Each year, beginning NAV grows and is marked down before the selected share is realized. Distributions reduce NAV and increase DPI. The model divides the NAV left by paid-in capital to find RVPI. TVPI always equals DPI plus RVPI.
Frequently asked questions
How does TVPI convert to DPI?
As modeled NAV is realized and distributed, DPI increases while RVPI declines. TVPI remains the sum of DPI and RVPI.
Does projected DPI include remaining NAV?
No. DPI counts all cash returned so far. RVPI shows the NAV still held. TVPI is DPI plus RVPI.
Is the realization rate a prediction?
No. It is a yearly assumption you can change, not a forecast from the manager. It applies to NAV after growth and markdowns.