Ratio of cumulative cash distributions to cumulative paid-in capital: DPI = (Cash Distributions)/(Total Contributions). Sometimes called the realization multiple. DPI = 1.0x means the LP has received back cash equal to total contributions — the fund has 'returned capital.' DPI strips out unrealized NAV (the most subjective valuation input) and is therefore the cleanest measure of realized GP performance; institutional LPs increasingly anchor on DPI rather than TVPI in mid-life fund evaluation. TVPI = DPI + RVPI.