Multiple on Invested Capital (“MOIC”) is a metric used to describe the value or performance of an investment relative to its initial cost, commonly used within private markets. MOIC is among the most relevant metrics to be assessed while conducting fund due diligence. It is also often referred to as Equity Multiple. In fund investments, MOIC is expressed as a measure of the total value (i.e., both realized and unrealized, see below) of all shares in the fund divided by the initial investment. Since the individual securities held in a fund will have exit transactions at different times, the MOIC of the fund at any particular time combines the value of securities that have been sold (i.e. realized proceeds) with the value of securities that remain active (i.e. unrealized value). Unrealized value consists of stakes in companies (whether public or still private) that have not yet been liquidated. Such reasoning is applied to single assets as well as to the portfolio of companies in a private market fund. Net MOIC uses values from which fees, expenses borne by limited partners (“LPs”) and carried interest have been deducted. Gross MOIC does not reflect deduction of such expenses in its calculation.