The multiple, or total-value-to-paid-in (TVPI), measures how much your portfolio is worth compared to the amount you invested. It includes both realized returns (distributions) and unrealized returns (current investment value), calculated net of fees and carry.
The formula for TVPI is: TVPI = (Unrealized Value + Distributions - Fees and Carry) ÷ Total Contributions
As shown on the Portfolio Dashboard, AngelList calculates TVPI using the net value of all investments and distributions combined, divided by the total contributed amount. This provides an accurate, up-to-date reflection of your portfolio’s performance.
Example: If you contributed $100,000 to a fund, and your investments are now worth $150,000, but you’ve paid $10,000 in fees and carry, the calculation would be:
- (150,000 - 10,000) ÷ 100,000 = 1.4
- This result means your portfolio is currently worth 1.4x your invested capital.
TVPI is a dynamic metric that reflects current performance but will evolve over time as valuations and distributions change.