Ratio of current unrealized NAV to cumulative paid-in capital: RVPI = (Residual NAV)/(Paid-In Capital). Captures the unrealized portion of total value; complement to DPI such that TVPI = DPI + RVPI. As a fund matures, RVPI declines (assets monetize) and DPI rises; institutional LPs increasingly anchor on the DPI/RVPI mix rather than TVPI alone because RVPI is GP-estimated and subject to mark-up bias, especially in early fund years or in pre-fundraising windows.