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VC & Fund Mechanics

DPI / TVPI / IRR

Also: DPI; TVPI; IRR

Fund return measures — DPI is cash actually returned, TVPI includes paper value, IRR is the annualised rate.

Why it matters

LPs ultimately care about DPI ('show me the money'); high TVPI on unrealised winners can evaporate.

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Episodes on Venture Capital

Taryn Williams: Building and Exiting 6 Companies — and the Cost No One Talks About

Perspective X with Pauline Fetaui · 2 July 2026

Taryn Williams: Building and Exiting 6 Companies — and the Cost No One Talks About
Rohan Workman of Skalata — Backing overlooked founders as AI rewrites the thesis

Investment Thesis with Kali Norman · 26 June 2026

Rohan Workman of Skalata — Backing overlooked founders as AI rewrites the thesis
How to Think About M&A as a Startup with Alex Feldman

First Cheque with Cheryl Mack & Maxine Minter · 17 June 2026

How to Think About M&A as a Startup with Alex Feldman
All Venture Capital episodes →
Related terms

Carry

The share of a fund's profits the GPs keep — classically 20% — after returning capital to LPs.

Limited partner (LP)

The investors in a VC fund — super funds, family offices, endowments, wealthy individuals — whose money the GPs deploy.

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