Multiple on Invested Capital — the cash-on-cash return measure: MOIC = (Total Cash Received)/(Total Cash Invested), computed gross of management fees and carried interest. Unlike IRR, MOIC is insensitive to timing. PE sponsors target 2.0-3.0× MOIC over a 5-year hold, paired with 20-30% IRR; a high MOIC with low IRR signals slow value creation, while high IRR with low MOIC signals fast but small wins (e.g., dividend recap with short hold).