The formula for MOIC can be shown as: Where: Realised value is the total capital from investments that have been exited. Unrealised value, also referred to as residual value, is the total value of the remaining portfolio’s active investments that have not yet been liquidated (i.e., either private or public). Initial investment is the total initial investment cost. MOIC is typically expressed as a number with one decimal followed by “x” to indicate that it is a multiple of the initial investment. A typical MOIC might be 2.4x or 3.1x.