The ratio of total value to paid-in capital (TVPI) refers to the ratio of the distribution amount obtained by investors from the fund plus the net asset value (NAV) to the total amount paid by investors to the fund at a certain point in time, which reflects the level of investors' book income.

Both distribution income multiple and total income multiple are used to evaluate equity investment funds from the perspective of investors. After all, investors really put cash into the fund, and what is more important is to contribute the corresponding return.

Companies invested by many equity investment funds may have higher valuations in the course of operation due to periodic performance growth or the improvement of investment enthusiasm in the industry. However, due to the current restrictions, the company's valuation will decline when it withdraws in the later period, and the actual income of the fund is less than the previous valuation. This situation often happens in funds that invest in early projects, so investors need to evaluate the performance of funds by combining the multiple of distribution income and the multiple of total income.