How Are IRR, Equity Multiple, and DPI Calculated?

Syndelo works out each investing account's returns from its dated cash flows in the books, plus a value for what it still holds. You see them on the investment's Investors tab and on the Performance tab of Reporting.

The Formulas

• Paid In: all funds paid in that cleared. Reinvested payouts count as money paid in. Refunds lower it.
• DPI: payouts received ÷ paid in. Payouts include return of capital and reinvested amounts. Cash that didn't arrive or was returned is taken out.
• RVPI: value still held on the end date ÷ paid in.
• TVPI, also called the equity multiple: (payouts received + value still held) ÷ paid in. It equals DPI + RVPI.
• IRR (XIRR): the yearly rate at which all dated cash flows and the value held at the end add up to zero. Days are actual days ÷ 365.
• Cash Yield (Cash-on-Cash): cash income ÷ average daily capital × 100. Income leaves out returned capital, reinvested funds, tax held back, fees, and sponsor profit shares.

Rates and multiples are worked out to four decimals. The Positions table shows two.

Example

An account pays in $100,000 on January 1, 2025. On January 1, 2026 it receives an $8,000 payout and is valued at $110,000.

• DPI is $8,000 ÷ $100,000 = 0.08x.
• RVPI is $110,000 ÷ $100,000 = 1.10x.
• Equity multiple is $118,000 ÷ $100,000 = 1.18x.
• IRR is 18.00%, since $100,000 grew to $118,000 in exactly 365 days.

Which Dates the Figures Use

On the Positions table:

• IRR and DPI run since inception through the investment's latest sponsor value.
• Cash Yield covers the last 12 months, or since the pledge if that's newer.
• IRR 1-Year, IRR 3-Year, IRR 5-Year, and IRR 10-Year cover just that many years. The value held at the start counts as if it were paid in that day.

On Reporting, figures run through the As Of date you choose. Cash-on-Cash there runs from January 1 of that year, not the last 12 months.

Whose Numbers These Are

Figures are for the investor account, in US dollars, after your payout rules and before personal tax held back. They aren't fund-level gross returns, and they aren't tax figures.

Why a Figure Is Blank

Syndelo never uses zero to stand in for a missing result. You'll see a dash when:

• RVPI, equity multiple, or IRR has no value recorded on the exact end date.
• Nothing has been paid in.
• Cash flows don't go in first and then come out, for example money paid in after payouts start. IRR is shown only when they do.
• A transfer has no recorded value.

Set a value with Set Valuation on Reporting, or approve a unit value for unit classes. See How Do I Read Investor Performance (DPI, TVPI, XIRR)? and How Do I Set a Unit Value (NAV) for a Fund?

How This Differs From Waterfall Hurdles

Hurdles in your payout rules use similar math for a different job.

• An LP Equity Multiple hurdle counts only cash received, including the payout being calculated, against capital paid in. Value still held doesn't count.
• An LP IRR hurdle uses posted cash flows through the period end and works out the cash needed to reach the rate. It doesn't use a valuation.

So an investor can show a 1.6x equity multiple on their statement and still be below a 1.5x hurdle. See How Do I Set Up a Waterfall and Return Terms?

Preferred return is separate again. See How Is Preferred Return Calculated?