Are MOIC and TVPI different? Which one is better when reporting our portfolio progress to LPs?

MOIC (Multiple on Invested Capital) and TVPI (Total Value to Paid-In) are essentially equivalent metrics used to describe the value or performance of an investment relative to its initial cost. Both are often used as interim indicators of fund performance. When reporting portfolio progress to LPs, either metric can be used effectively. However, TVPI is more commonly used in the venture capital industry and provides a comprehensive view by including both realized and unrealized returns.