When last week's Fund Performance Report dropped, the most common request was the same: show us MOIC.
MOIC tells a different story than DPI. On paper, valuations look fine. The 2018 vintage sits at 1.83x median MOIC as of Q1 2026. The 2017 vintage is at 1.68x. Even 2021, the most pressured vintage of the era, holds a 1.24x median.
But MOIC is marked value. It isn't cash.
The gap between MOIC and DPI is the central tension when you dig deeper into the report. Funds look healthy on paper while LPs wait for returns that haven't materialized. At the 25th percentile, 2021 vintage funds are at exactly 1.00x. Flat. Four years in.
The bright spots are concentrated. 2018 funds at the 90th percentile hit 4.36x. 2017 funds reach 3.02x at the same threshold. But those are the outliers. The median tells a quieter story: solid marks, slow distributions, and a lot of waiting.
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