DPI Benchmarks by Vintage Year and Quartile
Approximate Cambridge Associates private equity benchmarks (net to LPs)
| Vintage Year | Top Quartile | Median | Bottom Quartile |
|---|
What Is DPI?
DPI stands for Distributions to Paid-In Capital. It measures how much cash a fund has actually returned to its limited partners relative to the capital they contributed. A DPI of 1.0x means LPs have received back exactly what they put in. Anything above 1.0x represents realized profit.
Unlike TVPI (Total Value to Paid-In Capital), DPI only counts money that has been distributed. It excludes the residual net asset value (NAV) of unrealized investments still in the portfolio. This makes DPI a harder, more conservative measure of fund performance.
How DPI Differs from TVPI
TVPI includes both distributions and unrealized NAV. A young fund might show a TVPI of 1.8x, but if most of that value sits in unrealized portfolio companies, the DPI could be 0.2x. The fund looks strong on paper, but LPs have not seen much cash come back.
This is why institutional LPs increasingly scrutinize DPI alongside (or even ahead of) IRR and TVPI. A high TVPI tells you where a fund might end up. A high DPI tells you where it has already landed.
Why LPs Focus on DPI Over IRR
IRR is sensitive to timing. Early distributions inflate IRR even when total returns are modest. A fund that returns 1.3x quickly can post a higher IRR than a fund that returns 2.5x over a longer hold period. DPI cuts through the timing noise. It answers the simplest question in fund investing: how much cash came back?
After 2022, when many venture and growth equity funds saw NAV markdowns without corresponding distributions, LP attention shifted heavily toward DPI. Fundraising conversations now frequently begin with "What is your DPI?" rather than "What is your net IRR?"
DPI by Fund Maturity
DPI is a function of time. A fund in its investment period (years 1 through 4) will naturally have a low DPI because capital is being deployed, not returned. By year 6 or 7, exits should begin flowing back. A mature fund (year 8 and beyond) with a DPI below 1.0x is a red flag for LPs.
Top-quartile buyout funds typically reach 1.0x DPI by year 6 to 7 and finish above 1.5x to 2.0x. Venture capital funds take longer to distribute because exits depend on IPOs and acquisitions that are harder to time.
Methodology
This calculator uses the standard DPI formula:
When you provide unrealized value, the calculator also computes:
TVPI always equals DPI + RVPI. If the unrealized value field is left at zero, only DPI is calculated.
The benchmarks in the reference table are approximate ranges based on publicly available Cambridge Associates data for U.S. private equity buyout funds. Actual quartile breaks vary by strategy, geography, and reporting date. Use them as directional guides, not precise thresholds.
For a deeper breakdown of fund multiples, see our MOIC glossary entry and our TVPI calculator.
This calculator is for illustrative purposes only. Actual fund performance is subject to fees, carry, timing of cash flows, and other factors not captured here.
