On a deal basis, total proceeds (realized distributions plus current unrealized value) divided by invested equity, ignoring time: CoC = MoIC = (Distributions + Residual NAV)/(Paid-In Capital). In real-estate and infrastructure parlance, 'cash-on-cash' is sometimes used more narrowly to mean realized cash returned divided by equity invested (equivalent to DPI), excluding unrealized NAV — context matters. A 2.0x MoIC means the investor has received back 2× what was contributed.