Total Invested Capital
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Across all investments
TVPI
Total Value to Paid-In Capital
Your true "am I winning?" metric.
Formula
- (Portfolio value + cash returned) ÷ total invested
- Includes both unrealized gains and realized exits
How to read it
- 1.0x = break-even
- 2.0x+ = strong for angel investing
- 5.0x+ = elite territory
Your north star metric.
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Total value to paid-in
IRR
Internal Rate of Return
How fast your money is compounding.
What it accounts for
- Timing of every investment and exit
- The illiquid, long-term nature of angel investing
How to read it
- 15–25% = solid
- 25%+ = excellent
Two portfolios can share the same TVPI but have very different IRRs — speed matters.
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Annualized return
Hit Rate
Power Law Distribution
How many investments actually drive returns.
What it measures
- % of investments returning ≥ 1x, 3x, or 10x
- What % of returns come from your top 1–2 deals
What good looks like
- 1–2 deals driving 50–80% of returns = normal
- 10–20% of deals becoming meaningful winners = strong
Helps you judge picking ability, not just luck.
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Investments ≥ 1x
Investments
Allocation by sector
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By stage
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