Metrics
How Zahlenwerk calculates TVPI, DPI, RVPI, IRR and the current value.
All metrics are calculated from the stored cashflows and the latest valuation, not taken from the figures in the report. That keeps them comparable across all positions.
Formulas
| Metric | Calculation |
|---|---|
| Contributed (paid-in) | Sum of all contributions (subscription, capital calls, fees) |
| Distributed | Sum of all inflows (distributions, dividends, exit proceeds) |
| TVPI (= MOIC) | (Distributed + NAV) ÷ Contributed |
| DPI | Distributed ÷ Contributed |
| RVPI | NAV ÷ Contributed |
| IRR | Internal rate of return (XIRR) over all dated cashflows, with the NAV as the final inflow on the valuation date |
TVPI, DPI and IRR are calculated for funds, SPVs, direct investments and secondaries.
Rules that affect the numbers
- Rolled-forward NAV: payments after the latest valuation date are added to the NAV. The interface points this out ("Incl. … of cash moved since the … mark"), and value, TVPI and IRR are then considered estimates.
- Open capital calls don't count. A call is only included once it is marked as wired. Cancelled calls never count.
- Foreign currencies: cashflows in a currency other than the position's are not included and are shown as "events excluded (cross-currency)".
Reporting currency
Under SettingsGeneralReporting currency, you choose the currency in which totals are shown. Amounts are converted with the European Central Bank's daily reference rates for the relevant date. Without a choice, Zahlenwerk shows totals per currency.
Fund metrics such as TVPI are never averaged across currencies.