A pure capital multiple with no time dimension: MoIC = TVPI = (Distributions + Residual NAV)/(Paid-In Capital). A 2.0x MoIC means the investor has received back 2× contributed capital. Standalone MoIC is incomplete because it ignores time-value (a 2.0x in 3 years vs. 10 years are very different outcomes) — institutional LPs pair MoIC with IRR (time dimension) and PME/KS-PME (public-market benchmark). Sometimes decomposed into DPI (realized) and RVPI (unrealized): MoIC = DPI + RVPI.