TVPI (total value of paid-in capital) is similar to MOIC in that both are used to represent the total gross value (realized plus unrealized) of a private equity investment. The difference is in the denominator. MOIC divides the total value of the investment or fund by the initial investment, whereas TVPI divides the total value of the investment by the paid-in amount.  When a fund is fully funded and all capital calls have been met, then TVPI will equal MOIC. But when investors are not yet fully paid-in, the TVPI will be greater than MOIC because it considers only paid-in capital.