Distributions to Paid-In Capital (DPI)

Distributions to Paid-In Capital (DPI) is a key fund performance metric that shows how much money a fund has returned to investors compared to how much they’ve contributed. A DPI of 1.0x means investors have received back exactly what they put in; anything above that indicates profit. Unlike metrics based on unrealized value, DPI reflects actual cash returns and is a strong signal of realized performance.

Formula:
DPI = Total Distributions ÷ Paid-In Capital