Same TVPI, different distributed and residual components

Hold total value and paid-in equal

Two original records both have paid-in 100 and total entered value 150. Record A has D = 40 and V = 110. Record B has D = 110 and V = 40. Both TVPIs are 1.5×.

Compare the form of the value

Keep the timing and risk questions open

Record B contains more distributed value under the stated basis. That alone does not establish a higher annual IRR, more skill or lower total risk. Distribution dates, residual valuation, further obligations and the broader strategy can differ.

Use multiple components rather than one headline

The total ratio is an amount summary. Showing its components lets a reader identify the remaining valuation dependence and the cash returned. Do not infer an investment recommendation from this fictional comparison.