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VC & Fund Mechanics

DPI / TVPI / IRR

Also: DPI; TVPI; IRR

Fund return measures — DPI is cash actually returned, TVPI includes paper value, IRR is the annualised rate.

Why it matters

LPs ultimately care about DPI ('show me the money'); high TVPI on unrealised winners can evaporate.

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Get the real-world version of "DPI / TVPI / IRR" drawn from hundreds of conversations with founders and investors.

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Episodes on Venture Capital

Eric Ries on What Investors Get Wrong About Governance

First Cheque with Cheryl Mack & Maxine Minter · 3 August 2026

Eric Ries on What Investors Get Wrong About Governance
Alex Khor's Investment Thesis

Investment Thesis with Kali Norman · 24 July 2026

Alex Khor's Investment Thesis
What Makes a Founder Worth Backing at Pre-Seed? With Ilana Elbaz | GTM at Deel

First Cheque with Cheryl Mack & Maxine Minter · 20 July 2026

What Makes a Founder Worth Backing at Pre-Seed? With Ilana Elbaz | GTM at Deel
All Venture Capital episodes →
Related terms

Carry

The share of a fund's profits the GPs keep — classically 20% — after returning capital to LPs.

Limited partner (LP)

The investors in a VC fund — super funds, family offices, endowments, wealthy individuals — whose money the GPs deploy.

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