acalculator

What is my MOIC?

Enter what you put in, what has come back as cash and what the holdings still left are worth. The calculator gives the multiple on invested capital (MOIC, called TVPI for a whole fund), split into its realized and unrealized parts, and the yearly return if you add the years held.

Your numbers

MOIC (TVPI)
2.50

With $10,000,000.00 invested, $15,000,000.00 returned and $10,000,000.00 still held, the multiple on invested capital is 2.50x.

Total value
$25,000,000.00
Gain or loss
$15,000,000.00
Realized multiple (DPI)
1.50
Unrealized multiple (RVPI)
1.00

MOIC (TVPI): 2.50. With $10,000,000.00 invested, $15,000,000.00 returned and $10,000,000.00 still held, the multiple on invested capital is 2.50x.

The results are estimates for information only. They are not financial, tax, or legal advice. Check the numbers with your lender or a qualified professional before you decide. Terms of use

How to calculate

Computes the multiple on invested capital (MOIC, or TVPI for a fund) from the capital invested, the value already returned and the value still held, with its realized and unrealized parts.

Example with the default inputs (Invested capital (paid in) $10,000,000.00, Realized value (distributions) $15,000,000.00, Unrealized value (still held) $10,000,000.00): With $10,000,000.00 invested, $15,000,000.00 returned and $10,000,000.00 still held, the multiple on invested capital is 2.50x.

Method: MOIC = (realized value + unrealized value) ÷ invested capital = DPI + RVPI; yearly return = MOIC^(1 ÷ years) − 1.

  • Realized value is the cash already returned; unrealized value is what the holdings still held are worth today.
  • MOIC ignores when the money went in and came out; the yearly return assumes one sum in at the start and all value at the end.
  • Arithmetic is exact on the typed decimals; the yearly return uses a floating-point root.

Machine-readable copies: Markdown, JSON.

Worked examples

Each example is checked against the calculator on every build.

  1. Invested capital (paid in) $10,000,000.00, Realized value (distributions) $15,000,000.00, Unrealized value (still held) $10,000,000.00 gives MOIC (TVPI) 2.5, Total value $25,000,000.00, Gain or loss $15,000,000.00, Realized multiple (DPI) 1.5, Unrealized multiple (RVPI) 1.Source: Documentation of Registered Investment Adviser Compliance Reviews, Release No. IA-6383, 88 Fed. Reg. 63206 (Sept. 14, 2023), at 63313: MOIC is the net asset value of the investment plus all distributions received, divided by the total amount paid in. https://www.govinfo.gov/content/pkg/FR-2023-09-14/html/2023-18660.htm
  2. Invested capital (paid in) $79.30, Realized value (distributions) $224.59, Unrealized value (still held) $0.00, Years held (optional) 5 gives MOIC (TVPI) 2.832156, Yearly return (one sum in, one value out) 23.146889%.Source: OpenStax, Principles of Finance, 15.1 Risk and Return to an Individual Asset (holding period return; EAR = (1 + HPR)^m − 1; Facebook bought at $79.30 and sold at $224.59 five years later: 183.22%, 23.15% a year). https://openstax.org/books/principles-finance/pages/15-1-risk-and-return-to-an-individual-asset (OpenStax shows 183.22% and 23.15%); Documentation of Registered Investment Adviser Compliance Reviews, Release No. IA-6383, 88 Fed. Reg. 63206 (Sept. 14, 2023), at 63313: MOIC is the net asset value of the investment plus all distributions received, divided by the total amount paid in. https://www.govinfo.gov/content/pkg/FR-2023-09-14/html/2023-18660.htm
  3. Invested capital (paid in) $1,000,000.00, Realized value (distributions) $0.00, Unrealized value (still held) $2,000,000.00, Years held (optional) 5 gives MOIC (TVPI) 2, Yearly return (one sum in, one value out) 14.869835%.Source: Documentation of Registered Investment Adviser Compliance Reviews, Release No. IA-6383, 88 Fed. Reg. 63206 (Sept. 14, 2023), at 63313: MOIC is the net asset value of the investment plus all distributions received, divided by the total amount paid in. https://www.govinfo.gov/content/pkg/FR-2023-09-14/html/2023-18660.htm; OpenStax, Principles of Finance, 15.1 Risk and Return to an Individual Asset (holding period return; EAR = (1 + HPR)^m − 1; Facebook bought at $79.30 and sold at $224.59 five years later: 183.22%, 23.15% a year). https://openstax.org/books/principles-finance/pages/15-1-risk-and-return-to-an-individual-asset
  4. Invested capital (paid in) $500,000.00, Realized value (distributions) $100,000.00, Unrealized value (still held) $250,000.00 gives MOIC (TVPI) 0.7, Gain or loss -$150,000.00, Realized multiple (DPI) 0.2, Unrealized multiple (RVPI) 0.5.Source: Documentation of Registered Investment Adviser Compliance Reviews, Release No. IA-6383, 88 Fed. Reg. 63206 (Sept. 14, 2023), at 63313: MOIC is the net asset value of the investment plus all distributions received, divided by the total amount paid in. https://www.govinfo.gov/content/pkg/FR-2023-09-14/html/2023-18660.htm

How it works

With the invested capital C (the money paid in), the realized value R (cash already returned) and the unrealized value U (what is still held, at today's value):

  • Total value = R + U
  • MOIC (TVPI for a fund) = (R + U) ÷ C
  • Realized multiple (DPI) = R ÷ C, and unrealized multiple (RVPI) = U ÷ C, so MOIC = DPI + RVPI
  • Gain or loss = R + U − C
  • Yearly return, with the years held n: MOIC^(1 ÷ n) − 1, as a percent. This is the compound yearly return of one sum put in at the start and all the value counted at the end. A MOIC of 0 gives −100%.

Rules:

  • The invested capital is more than $0, and every amount is up to $1 quadrillion. The realized and unrealized values are $0 or more.
  • The years held are optional, more than 0 and up to 100.
  • The arithmetic is exact on the decimals you type; only the yearly return uses a floating-point root. That root is of the exact MOIC, never of one first rounded to a float, so a MOIC far below 10⁻³⁰⁸ keeps its digits. Multiples show to 2 decimals, money to the cent and the yearly return to 2 decimals, with halves rounded up (away from 0).
  • A result too large for a 64-bit floating-point number gives no answer and a message. So does a result that is not 0 but too close to 0 for one (about 2.5 × 10⁻³²⁴ or less), so no output is ever a silent 0.

Assumptions

  • The values you type are either all before fees (gross) or all after fees (net).
  • MOIC does not depend on when the money moved. The yearly return is only exact for one sum in and one value out.

Worked examples by hand

A fund at 2.5x. $10,000,000 invested, $15,000,000 returned and $10,000,000 still held. MOIC = (15,000,000 + 10,000,000) ÷ 10,000,000 = 2.50. DPI = 15,000,000 ÷ 10,000,000 = 1.50 and RVPI = 10,000,000 ÷ 10,000,000 = 1.00. Gain = 25,000,000 − 10,000,000 = $15,000,000.

OpenStax's Facebook shares. Bought at $79.30 and sold for $224.59 five years later, with nothing left. MOIC = 224.59 ÷ 79.30 = 2.83, a holding period return of 183.22%. Yearly return = 2.83216^(1 ÷ 5) − 1 = 23.15%, as in OpenStax.

Doubled in five years. $1,000,000 now worth $2,000,000: MOIC = 2.00 and the yearly return is 2^(1 ÷ 5) − 1 = 14.87%.

A loss. $500,000 invested, $100,000 returned and $250,000 still held: MOIC = 350,000 ÷ 500,000 = 0.70, a loss of −$150,000. DPI = 0.20 and RVPI = 0.50.

Other questions people ask

What is MOIC?

MOIC, the multiple on invested capital (also called the multiple of invested capital), says how many dollars of value an investment has made for each dollar put in. It counts both the cash already returned and the value of what is still held. A MOIC of 2.5 means $2.50 of value for every $1 invested.

How do I calculate MOIC?

Add the realized value (cash returned, such as sale proceeds and distributions) to the unrealized value (what the holdings still left are worth), then divide by the capital invested. $15 million returned plus $10 million still held, on $10 million invested, is (15 + 10) ÷ 10 = 2.5.

Is MOIC the same as TVPI?

For a fund as a whole, yes: TVPI, total value to paid-in capital, is the distributions plus the remaining net asset value, divided by the capital paid in. It splits into DPI (distributions ÷ paid-in capital) and RVPI (remaining value ÷ paid-in capital), so TVPI = DPI + RVPI.

Why is MOIC not the whole story?

MOIC ignores time. Doubling your money in 3 years is about 26% a year, while doubling it in 10 years is about 7.2% a year, yet both have a MOIC of 2.0. Add the years held to see the yearly return, or use an IRR when money went in and came out at several dates.

What does a MOIC below 1 mean?

The investment is worth less than what was put in, counting the cash already returned. A MOIC of 0.7 means 70 cents of value for every dollar invested, a loss of 30%.

What is the difference between gross and net MOIC?

Gross MOIC uses values before a fund’s fees, expenses and carried interest; net MOIC uses what the investors keep after them, so it is usually lower. Type the values that match the one you want.