What is DPI?
Distributions to Paid-In: the cash a fund has actually paid back to its investors, divided by the cash they paid in. It counts only money returned, so a fund can show a high MOIC on paper and still have a low DPI.
$5M paid out ÷ $10M paid in = 0.5x
In real work
Eight years in, the fund had returned $30 million on $50 million paid in, a DPI of 0.6, and its limited partners asked when the rest might come.
In the illustration
LPs paid $10M into the same cabinet. A shutter closes over the drawers still held, so their paper value is left out; only the $5M of coins that has dropped into the LP cash tray is counted, and the dial stops at 0.5x.
Read the fund report I paste below in your deal notebook and calculate DPI: cash paid back divided by cash paid in. Show the arithmetic and list any figure you had to assume.
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