Portfolio TVPI Spectrum® Generator

A precise visual of where a portfolio's returns come from — at the investment, the portfolio-aggregate, or the fund level. Built by AQAL Capital, an integral-investing firm, for general partners, limited partners, and the advisors who report to them.

Enter (or paste) your DPI, RVPI, and amounts invested. Get a client-ready dual variwide diagram in seconds. Free. Runs entirely in your browser.

Launch the generator →

Fund Life Cycle

TVPI Spectrum®, a dual variwide diagram of portfolio performance

Final-state TVPI Spectrum®: a venture portfolio at fund liquidation — distinctive power-law shape with one or two runaways, a middle pack between 1× and 3×, and a tail of zombies and write-offs.
Capital deploys. Writing initial tickets. Every bar starts at 1.0×.
More initial tickets. A few early partial write-offs and losses as early bets fail to mark up. A few early up-rounds.
Still writing initial tickets. More partial write-offs. A few winners climb sharply. The rest stay flat. Busy transaction activity.
Still writing initial tickets. More partial and full write-offs. Follow-on investments in successful up-rounds. High transaction activity.
Last initial tickets. Bifurcation in full. Tall outliers, a middle pack at 1×–3×, a growing tail at zero.
No more initial tickets. More partial and full write-offs. Follow-on investments in successful up-rounds. Leaders increase distance to field.
More partial and full write-offs. Follow-on investments in successful up-rounds. Leaders increase distance to field. First cash distributions from successful exits. Transaction activity diminishing.
More partial and full write-offs. Follow-on investments in successful up-rounds. Leaders increase distance to field. Focus on optimizing exits. Cash distributions from successful exits.
More partial and full write-offs. No more follow-on investments. Residual value crystallizes into cash distributions. The dark portion grows.
More partial and full write-offs. Leaders run away. Cash distributions from successful exits. Still significant valuable residual value left.
Leaders run away and exit. Cash distributions from successful exits.
Fund liquidated. All holdings distributed as cash or in kind.

Read the essay: The power law in venture capital portfolios — what the TVPI Spectrum® reveals over time →

Why the TVPI Spectrum®

How it works

  1. 1

    Enter your portfolio

    Type, paste from Excel, or load a JSON file. Each row is one investment: name, DPI, RVPI, amount invested. Add DPI and RVPI as multiples of amount invested.

  2. 2

    Generate the diagram

    Click Generate. The upper chart stacks DPI + RVPI per investment. The lower chart shows the same TVPI — bars begin at the 1.0× breakeven baseline, and a dashed line marks the portfolio-level TVPI.

  3. 3

    Export for your report

    Copy SVG / PNG to the clipboard, or download a file. Drop straight into Word, PowerPoint, Keynote, or your design tool.

Launch the generator →