On the one hand, DPI, as an indicator to measure the fund's income, has obvious advantages and truly reflects the cash return brought by the fund to LP, rather than just staying on paper. On the other hand, while measuring the cash return brought by the fund to the fund LP, DPI also ignores the influence of the time cost, investment stage and investment strategy of specific fund products on the fund income. Some investment institutions in the market have further subdivided DPI and divided it into narrow DPI and broad DPI. DPI in a narrow sense refers to the cash allocated to the fund LP, while DPI in a broad sense refers to the cash allocated to the fund LP, including the stocks of listed companies that have passed the lock-up period in the fund portfolio. This classification of generalized DPI is mainly based on the fact that the stocks of listed companies that have passed the lock-up period can be sold in the secondary market at any time, and their liquidity can be comparable to that of cash, so it can also be regarded as a kind of "cash income".
1.DPI refers to the proportion of income allocated by the fund to LP, and the income allocated to LP generally includes two parts, one is the dividend of the project, and the other is the withdrawal of the project equity transfer. The calculation formula is: DPI= exit income/invested capital. For example, the withdrawal income is 500 million yuan, the original shareholder investment is 1 100 million yuan, and DPI = 5/ 1 = 5. DPI reflects the actual income of fund LP, but this index also has some limitations. If LP simply uses the DPI of the fund at a certain moment to evaluate the income level of the fund, without considering the duration, investment stage, investment strategy and investment trajectory of the fund, it is likely to misunderstand the real income of the fund and cannot objectively understand the overall income of the fund. In addition, a single DPI indicator cannot reflect the rest of the valuation. For some long-term angel investments, DPI may still be relatively low after four or five years. This data is biased.
2.dpi has three meanings in Chinese. First, the unit of measurement refers to the number of pixels per inch of the image; Second, disposable personal income is often referred to as the abbreviation of DPI; Thirdly, deep packet detection, which is a packet-based deep detection technology, carries out deep detection for different network application layer loads (such as HTTP, DNS, etc.). ) and determine its legitimacy by detecting the payload of the message. Generally speaking, dpi is a kind of abbreviation, and its meaning is not single. In Chinese, * * * has three meanings: the first meaning of dpi is that the unit of measurement refers to the number of pixels per inch of an image. Used for dot matrix digital images, refers to the number of points sampled, displayed or output per inch. In addition, DPI is a standard to measure the resolution of printers, mice and other devices. It is one of the main parameters to measure the printing accuracy of a printer. Generally speaking, the higher the DPI value, the higher the printing accuracy of the printer.