TVPI
topic on 4 shows · 14 statements across 13 episodes
the Neon Show 
Sourcery 
Capital Allocators 
20VC
14 statements about TVPI, every show
Stebbings: LPs Have Reverted to Prioritizing Paper TVPI Over Real Returns
“I speak to a lot of LPs now, and do you know what, honestly, we can say what we want. They've gone back to wanting TVPI. They've gone back to wanting big numbers. And yes, they want DPI, of course, they always want DPI. But they are still very impressed by TVP…”
Ravikumar: Sierra Ventures' non-2012 funds generate 4x to 6x TVPI
“This would be 20... 12 and 20 12 vintage. And then the other funds are probably four to six X TVPI.”
TVPI and MOIC are fake venture performance numbers
“I mean, my belief is that TVPI and MOIC are not the stats that people should be focused on, and they are. I don't, I think they're fake numbers.”
O'Driscoll: Early TVPI at 3-4 years correlates with final venture fund returns
“I'm willing to bet if you got some kind of machine learning algorithm and looked at all the funds that for three or four years in had a TVPI of two X and all the funds that four years in had a TVPI of .8 X and then correlated that to the ultimate outcomes, I b…”
LPs no longer accept TVPI multiples and strictly demand DPI
“No longer do you walk into a pitch meeting and show your multiple and invested capital and, or even like TVPI, like you have to like, just show DPI and be really clear what that number is.”
Lemkin: TVPI Incentivizes Artificial Unicorn Extensions
“So that's why it is TVPI is corrupting for this because you wouldn't, If you didn't value companies like this, no one would do endless extensions on unicorn rounds to prop up valuation. That's bad. That's bad.”
Gap Between TVPI and DPI Will Be Largest in Venture History
“The chasm between TVPI and DPI will be the biggest in venture history.”
Clarkson: Absolute TVPI-to-DPI gap is likely largest since dot-com crash
“The only other time that would be equivalent would be about 99 and 2000, and I don't know if there is the volume of funds in the market then, so, and absolute numbers, he's probably right.”
Paley: TVPI vs DPI disconnect will be among largest in VC history
“I would bet the last few years will be one of the biggest disconnects between TVPI and DPI for venture funds in venture history.”
Private equity strategy adoption takes decades based on realizations
“So people see a fund or two where not only do you have good TVPI, but you've got good DPI, and all of a sudden people are subscribing to your strategy. So it's really a strategy that moves over decades versus moving over years.”
Somerville: DPI will become crucial as LPs struggle to evaluate true TVPI
“Showing DPI is going to become more and more important. Mostly because LPs will struggle to evaluate what true TVPI is”
Somerville: Buying secondaries off current TVPI risks paying for overinflated valuations
“You could argue in some scenarios, if you're buying off of current TVPI, it's already overinflated, and in order to actually get to that TVPI at the end of the day, it might not make sense from a duration standpoint to even consider that.”
Stebbings: LPs now prioritize DPI returned cash over paper markups
“With regards to track record, in the past, TVPI or paper markups, they were enough. Now, there is a much greater focus on DPI, which is returned capital to investors.”