MOIC calculator
Multiple on invested capital (MOIC) is total value divided by capital invested: MOIC = (realized proceeds + unrealized value) ÷ invested capital. A 2.0x MOIC means value doubled; it ignores time, so pair it with IRR.
Your inputs
Enter invested capital, realized proceeds to see the result.
Inputs
- Invested capital
- Realized proceeds
- Unrealized value
Outputs
- MOIC
- MOIC
- Gain
- Gain
- Realized multiple
- Realized multiple
How it is calculated
MOIC = (realized + unrealized) ÷ invested
Worked example (illustrative)
Illustrative only: $150 realized and $50 unrealized on $100 invested is a 2.0x MOIC.
Assumptions and limitations
- Gross of fees and carried interest unless your inputs are net.
- Ignores the holding period; use the IRR calculator for timing.
- Unrealized value is an estimate.
Questions and answers
How is MOIC different from IRR?
MOIC measures how much; IRR measures how fast.
Is MOIC the same as TVPI?
Similar idea; TVPI is usually reported at fund level net of fees.
What is a realized multiple?
Cash returned divided by invested capital, similar to DPI.
Can MOIC be below 1.0x?
Yes, when value is less than capital invested.
Sources
Content reviewed October 9, 2026 by the SourceX Partnerships Team. Results are calculated in your browser; nothing you type is stored.