Location
Fund Gross and Net IRR and Fund Metrics (TVPI and DPI) are located at the Fund Page within the Investor Relations application. You will see related tables for IRR and Fund Metrics below Fund Communications.
You will also see 3 buttons at the top of the Fund page: IRR Calculator, Recalculate IRR Snapshots, and Recalculate Fund Metrics.
Finally, you will see 2 buttons at the top of the Company Summary page: IRR Calculator and Recalculate IRR Snapshots.
Calculation Inputs and Assumptions
Calculations within the tables are generated monthly, similar to valuation snapshots.
Gross IRR
- Default start date: Date of first transaction
- Cash outflows: Cost of investment transactions
- Cash inflows: Transaction proceeds and fair value as of the end date of the calculation
Note: The calculation nets inflows and outflows on the same date, so convertible security conversions do not impact the calculation.
Net IRR
- Default start date: Due date of first capital call
- Cash outflows: Capital calls (negative capital calls or returns of capital are treated as cash inflows)
- Cash inflows: Distributions (negative distributions or clawbacks are treated as cash outflows) and capital account balance as of the end date of the calculation
Note: For periods in which a capital account does not exist, the previous capital account balance is used, adjusted by capital calls and distributions that occurred between the last capital account date and the calculation end date. GP cash flows are excluded (i.e. GP capital calls, distributions, and account balances are not included).
Company Summary IRR
- Default start date: First transaction date
- Cash outflows: Investment cost
- Cash inflows: Proceeds
Note: The calculation does not account for or delay proceeds held in escrow — it strictly uses the amount entered in the proceeds field. Cash flows on the same date are netted.
TVPI
TVPI (net) = (Capital Account Balance + Total Distributions) / Total Capital Calls
TVPI is only calculated for periods in which a capital account exists. GP cash flows and balances are excluded.
The numerator and denominator of this calculation update on different triggers:
| Component | What it represents | What triggers an update |
|---|---|---|
| Numerator | Capital account balance + distributions | A capital account is created or updated |
| Denominator | Total capital calls paid in | A new capital call is issued or updated |
This means that if a capital call is issued before a capital account has been created for that period, the denominator will increase immediately while the numerator remains at the prior period balance. See Troubleshooting Metric Discrepancies below.
DPI
DPI = Total Distributions / Total Capital Calls through the calculation date
DPI is calculated at every point there is a distribution or a capital call. GP cash flows are excluded.
The IRR Calculator
On both the Fund page and the Company Summary page there is a button called IRR Calculator. Clicking this button prompts you to input a From Date and To Date.
For Fund IRRs, the default start date is the earlier of the Gross or Net IRR default start dates — there is no reason to adjust this. The end date defaults to the current date and can be adjusted.
Once dates are set, click either Get Gross IRR Cashflows or Get Net IRR Cashflows for Fund IRRs, or Get Cashflows for Company Summary IRRs. Cash flows are presented in the table below, and clicking Calculate will return the IRR metric to two decimal places.
Recalculation Buttons
Metrics calculate on an intermittent basis, so there can be timing differences where dashboard figures do not yet reflect recently created or edited records. Use the recalculation buttons to bring metrics up to date after any changes.
| Button | What it recalculates | When to use it |
|---|---|---|
| Recalculate IRR Snapshots | Gross IRR and Net IRR | After creating or editing a capital call, distribution, or capital account |
| Recalculate Fund Metrics | TVPI, DPI, and MOIC | After creating or editing a capital call, distribution, or capital account |
Note: These are two separate buttons that recalculate different metrics. If metrics still look off after running one, run the other as well.
Troubleshooting Metric Discrepancies
Net IRR and TVPI appear inconsistent after a capital call
This is the most common source of confusion. Because Net IRR and TVPI use different calculation logic, a capital call issued mid-period can cause them to move differently.
What you will see: TVPI appears lower than expected relative to Net IRR. The denominator of TVPI has grown (contributed capital increased when the call was issued) but the numerator has not changed (NAV is still reflecting the prior period capital account balance).
Why this happens: Net IRR picks up capital calls automatically as dated cash flow rows, so both sides of the calculation update together. TVPI's numerator only updates when a capital account is created or updated — it does not adjust automatically when a capital call is issued.
The first question to ask: Has a capital account been created in FundPanel for the current period?
- If no: the numerator is stale. Create the capital account with the correct ending LP balance, then click Recalculate Fund Metrics.
- If yes: confirm the capital account balance is correct and up to date, then click Recalculate Fund Metrics to ensure the dashboard has refreshed.
Dashboard figures do not match the quarterly financial statements
The FundPanel dashboard is a live view and reflects the most recent data in the system. It is not locked to quarter-end and may not tie to the quarterly financial statements workbook until capital accounts are finalized for the period. Metrics in the workbook should be reconciled to the financial statements each quarter after capital accounts are complete.
Net IRR cash flows include unexpected transactions
Use the IRR Calculator to inspect the exact cash flows feeding the calculation. Set the end date to the quarter end you are reconciling, click Get Net IRR Cashflows, and compare the output line by line against the financial statements workbook. Common causes of variance include capital call dates differing between FundPanel and the workbook, or historical calls that are split differently across the two.
Metrics do not update after clicking Recalculate
Recalculation runs in the background and may take a few minutes. If figures have not updated after 10 to 15 minutes, escalate to the FundPanel support team.