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PE Glossary

MOIC (Multiple on Invested Capital)

MOIC · The ratio of total value (realized + unrealized) to total invested capital. A 2.5x MOIC means the investment has returned 2.5 times the capital invested, before fees.

Example

A fund invests €50M in a portfolio company and exits for €175M after seven years. The MOIC is 3.5x · the investment returned 3.5 times the original capital. MOIC ignores the time value of money, so a 3.5x MOIC over seven years differs from a 3.5x MOIC over three years (use IRR for time-adjusted comparison).

Related terms

IRR (Internal Rate of Return)DPI (Distributions to Paid-In)TVPI (Total Value to Paid-In)
All glossary terms

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