Total return multiple including both realized and unrealized value: TVPI = MoIC = DPI + RVPI = (Distributions + Residual NAV)/(Paid-In Capital). Captures full fund performance independent of time. TVPI = 1.0x means the fund has merely returned committed capital; benchmark top-quartile buyout TVPI is typically 2.0-2.7x. Limitation: TVPI includes RVPI (unrealized NAV) which is GP-estimated and subject to mark-up bias, especially in early fund years — sophisticated LPs separately track DPI.