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Inputs
There are
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five inputs for the calculation of the Total Value to Paid-In Capital ratio.
Sum Distribution
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Cash Flows
Total of all cash
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proceeds received from the Fund to the LP throughout the date range of the calculation.
Sum of Contribution cash flows (Paid-In Capital)
Total of all paid-in cash flows into the Fund throughout the date range of the calculation.
Residual Value
The remaining market value for private equity investments on the end effective date of the performance calculation report.
Begin Date
The first date of the time range and the first date cash flows are eligible to be included in the calculation.
End Date (taken from the end date of the report results)
The last date of the time range and the last date cash flows are eligible to be included in the calculation.
Example
LPCALL is the transaction type in the CASHDBO.CASH_ACTIVITY table for contributions called in by the Fund. LPCASH is the transaction type for distributed cash from the fund to the LPs. This example sums the ending market value and distributions and divides that by the sum of contributions.
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The result is a TVPI=1.0323.
Effective Date | Transaction Type | Flow Amount |
July 12, 2022 | LPCALL | $650,000.00 |
October 12, 2022 | LPCASH | $65,000.00 |
January 17, 2023 | LPCASH | $35,000.00 |
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End Market Value | $581,000.00 | |
Distributions | $90, 000.00 | |
| Contributions | $650,000.00 |
TVPI |
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1.0323 |
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Eagle Performance Money Multiple Fields
The TVPI
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Multiple is an option
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in Money Multiple field
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types.
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Money Multiple fields are
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in General Reporting in the Custom fields folder. Once a new Money Multiple field is created, you can select the Money Multiple
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Total Value to Paid in
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Capital option.
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The Money Multiple Field type is also available in Metadata Center. You can find Money Multiple fields under Direct and Derived fields and by setting the Field Type
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parameter to Money Multiple.
How the Field Works
Contributions and Distributions
Use Cash Flows
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Across a
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Date Range
The Money Multiple Field Type is a Performance Calculation based field. It is designed to utilize data from the CASHDBO.CASH_ACTIVITY table and HOLDINGDBO.POSITION_DETAIL table. Money Multiple fields offer the unique capability to sum cash flows across a time range. The cash flows are selected using the Cash Adjustment field logic to identify flows that meet the specific criteria for Private Equity contributions of distributions.
Cash Adjustment field can use security reference data as well as cash transaction details to select the correct flows. In this example the Cash Adjustment field is selecting Capital Base Fund Investments which are Private Equity Investments, transaction types equal to LPCASH, and event types equal to RECPTS (receipts) to define distributions to LPs.
Residual Market value
The TVPI field requires an ending market value for the residual value. For this the TVPI field uses
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the Detail Calculation fields to define the security criteria and also to select the field in POSITION_DETAIL table where the market value is stored. The market value will be taken from the report results end date. Here is an example:
Define the Date Range
Begin Date
You can define the begin date by selecting a specific date or using the date macros provided in the Begin Date options. For Performance Composites (ACOM) the inception date is the most recent date of the membership Start Date or the Inception Date within
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the member’s range. For Reporting Composites (COMP) the Inception Date is simply the member inception date for the members as of the report's end effective date.
End Date
The field’s end date is always the end date of the calculation single period in each performance calculation result.
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Build Money Multiple Fields
Adding to a Report and Field Rule
Money Multiple fields are designed for Performance Calculation reports.
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Add to a Report and Field Rule
You can select the fields from the Custom folder in General Reporting or by
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selecting Money Multiple as the
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field type in the Metadata Center.
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All Money Multiple fields in a Field Rule must have the same begin date. If not the report will result in an error and null values in the report results.
Field Options
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Here is a breakdown of the field and the field’s options when creating:
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Field |
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Description | |
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Money Multiple | Select the Money Multiple Ratio to Calculate (Distribution to Paid in Capital) |
Distribution Cash Flow | Select the Cash Adjustment field which defines a Fund Distribution to Limited Partner |
Contribution Cash Flow | Select the Cash Adjustment field which defines a called contribution by the Limited Partner into the Fund |
End Market Value | Select the Detail Calculation field which defines the market value and security criteria for Ending Market Value |
Begin Date options | Defines the first date that cash flows will be included in the calculation |
View the Results
TVPI field results will show up in the security rows for the securities which have cash flows and market values that meet the criteria of the Cash Adjustment and Detail Calculation fields selected. The security criteria should be the same in both fields.
Along with the TVPI field the report results also display the supporting fields Contributions Cash Flow (CCF), Distributions Cash Flows (DCF), and Ending Market Value (EMV) in the results.
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