IRR, TVPI and DPI calculator.
Enter the capital calls and distributions from a capital account statement, add the current NAV, and get the four multiples a fund is judged on, with the arithmetic shown rather than asserted.
Muster Ventures II · sample data
2019 vintage · invented figures
These are invented figures for a fictitious fund, so you can see what the tool does before entering anything of your own. Change any field and the sample disappears.
- Paid-in capital
- 1,800,000.00
- Distributions
- 1,340,000.00
- NAV
- 1,850,000.00
- Unfunded commitment
- 200,000.00
| Date | Type | Amount | Enters as | |
|---|---|---|---|---|
| 1 | Mar 15, 2019 | Capital call | 400,000.00 | -400,000.00 |
| 2 | Nov 4, 2019 | Capital call | 300,000.00 | -300,000.00 |
| 3 | Jun 22, 2020 | Capital call | 350,000.00 | -350,000.00 |
| 4 | Apr 12, 2021 | Capital call | 300,000.00 | -300,000.00 |
| 5 | Sep 30, 2022 | Capital call | 250,000.00 | -250,000.00 |
| 6 | Dec 14, 2022 | Distribution | 180,000.00 | 180,000.00 |
| 7 | May 18, 2023 | Capital call | 200,000.00 | -200,000.00 |
| 8 | Mar 8, 2024 | Distribution | 620,000.00 | 620,000.00 |
| 9 | Jul 21, 2025 | Distribution | 540,000.00 | 540,000.00 |
Sample dataYours
One fund, typed in by hand. Wealth Management by Zahlenwerk reads the same figures off the statements themselves, across every fund and entity in a portfolio. See the product
What it computes
Four numbers from one cashflow series. TVPI is (distributions + NAV) ÷ paid-in capital. DPI is distributions ÷ paid-in: cash actually returned, so the NAV plays no part in it. RVPI is NAV ÷ paid-in, and TVPI is exactly DPI plus RVPI. IRR is money-weighted and solved as an XIRR against the dates money actually moved, not annualised from a multiple. The arithmetic is a direct port of the code Wealth Management by Zahlenwerk runs on a portfolio, so the numbers here are the numbers it would report.
How it works
- 01
Enter the cashflows
One row per capital call and distribution, with the date each settled. Or paste a block straight out of Excel. German and Anglo number formats are both read, and accounting parentheses are read as negative.
- 02
Add the current NAV
The closing capital account balance from the most recent statement, and the date it was struck.
- 03
The multiples are computed
TVPI, DPI and RVPI from the totals. IRR by solving for the rate that discounts every flow back to zero, and when no rate does, the tool says which condition failed instead of showing a dash.
- 04
Export
Excel with a metrics sheet and the cashflow series, or CSV formatted for a German Excel.
Why your IRR will not match the GP's
Three reasons, and only one of them is a mistake. First, the NAV is treated here as if it were returned in full on the as-of date. That is the convention, but it makes an unrealised mark behave like cash, which is why the realised-only IRR is printed next to it. Second, a GP usually reports net of fees and carry while an LP's own cashflows already have them deducted, so the same fund honestly carries two different numbers. Third, dates: an IRR moves with when money moved, so a call recorded on the notice date rather than the settlement date shifts the answer. TVPI and DPI have none of these problems, which is why they are the numbers to compare across funds.
TVPIDPIIRRNAVCapital account statementIRR, TVPI, DPI — why they disagree
Your figures stay on your machine
This page has no backend. The numbers you type are held in the browser tab you have open, the arithmetic runs there, and the export file is written there too. Nothing is transmitted, nothing is stored, and no account is needed. Load the page once and it works with your network off.
Questions
Are the figures I enter sent anywhere?
No. There is no server behind this page. What you type stays in the browser tab you have open, and the Excel file is written there as well. You can confirm it by disconnecting from the network, and the tool keeps working.
Which IRR does it calculate?
XIRR: money-weighted, solved against the actual settlement dates rather than annualised from a multiple. The current NAV enters as a final positive cashflow on the as-of date, which is the usual convention. The realised-only IRR, with the NAV left out, is shown beside it so you can see what the convention is worth.
What is the difference between TVPI and DPI?
DPI counts only cash that has actually come back. TVPI adds the current NAV, which is value still on paper. Early in a fund's life DPI is near zero and TVPI is whatever the GP has marked the portfolio at; by the end of a fund the two converge. The gap between them is RVPI.
Is it really free?
Yes, and there is no sign-up. We build software for family offices and investment managers; this is a piece of that work we had no reason to keep to ourselves.
Can I do this across a whole portfolio?
Not here. This page does one fund at a time, from figures you enter by hand. That is what Wealth Management by Zahlenwerk does: the statements arrive as PDFs, the cashflows are read out of them, and the same metrics run across every fund and entity continuously.
Can I do this across a whole portfolio?
Not here. This page does one fund at a time, from figures you enter by hand. That is what Wealth Management by Zahlenwerk does: the statements arrive as PDFs, the cashflows are read out of them, and the same metrics run across every fund and entity continuously.
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