# What is my MOIC?

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.

- Page: https://www.acalculator.org/finance/moic-calculator
- JSON spec: https://www.acalculator.org/finance/moic-calculator.json
- Version: 5541169a7aa5

## Default answer

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.

## Inputs

| Key | Label | Description |
| --- | --- | --- |
| invested | Invested capital (paid in) | All the money put in: the cost of the investment, or the capital a fund has called from its investors. |
| realized | Realized value (distributions) | Cash already returned to you: sale proceeds, dividends and distributions. |
| unrealized | Unrealized value (still held) | What the investments not yet sold are worth today: their net asset value or fair value. |
| years | Years held (optional) | Years from the investment to today. Gives the yearly return if all the money went in at the start and all the value counts at the end. |

## Outputs

| Key | Label | Description |
| --- | --- | --- |
| moic | MOIC (TVPI) | (Realized value + unrealized value) ÷ invested capital, to 2 decimals. |
| total | Total value | Realized value + unrealized value. |
| gain | Gain or loss | Total value − invested capital. |
| dpi | Realized multiple (DPI) | Realized value ÷ invested capital. |
| rvpi | Unrealized multiple (RVPI) | Unrealized value ÷ invested capital. |
| annual | Yearly return (one sum in, one value out) | MOIC^(1 ÷ years) − 1, as a percent: the compound yearly return over the years held. |

## Method

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

## Assumptions

- 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.

## Worked examples

1. invested = $10,000,000.00, realized = $15,000,000.00, unrealized = $10,000,000.00 gives moic = 2.5, total = $25,000,000.00, gain = $15,000,000.00, dpi = 1.5, 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 = $79.30, realized = $224.59, unrealized = $0.00, years = 5 gives moic = 2.832156, annual = 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 = $1,000,000.00, realized = $0.00, unrealized = $2,000,000.00, years = 5 gives moic = 2, annual = 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 = $500,000.00, realized = $100,000.00, unrealized = $250,000.00 gives moic = 0.7, gain = -$150,000.00, dpi = 0.2, 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.

## FAQ

### 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.

## Sources

- U.S. Securities and Exchange Commission, Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews, Release No. IA-6383, 88 Fed. Reg. 63206 (Sept. 14, 2023), page 63313: MOIC is the sum of the net asset value of the investment plus all the distributions received, divided by the total amount paid in, and unlike IRR it does not take the time value of money into account. https://www.govinfo.gov/content/pkg/FR-2023-09-14/html/2023-18660.htm (retrieved 2026-10-18; the rule itself was vacated by the Fifth Circuit in 2024, the definition is unchanged)
- OpenStax, Principles of Finance, 15.1 Risk and Return to an Individual Asset: holding period return and EAR = (1 + HPR)^m − 1, with 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 (retrieved 2026-10-18)