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Tip: MOIC does not account for time. A 3x in 2 years is far better than a 3x in 10 years. Always pair MOIC with IRR for the full picture.
MOIC = Total Value Returned / Total Capital Invested
Implied IRR = (MOIC ^ (1/years)) – 1
Example:
By Investment Stage:
Fund-Level Benchmarks (Gross MOIC):
Sources: Cambridge Associates VC Benchmark, PitchBook VC Fund Performance Report 2024, Preqin Global VC Report.
Use MOIC when:
Use IRR when:
The VC math that founders should understand: A typical VC fund needs to return 3x net to LPs (after fees and carry). With 2% annual management fee and 20% carry, the fund needs roughly 4-5x gross MOIC. Since 50-70% of investments return less than 1x, the winners need to return 10-30x to carry the portfolio. This is why VCs are looking for outsized outcomes, not modest returns.
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Frequently Asked Questions about MOIC Calculator
MOIC (Multiple on Invested Capital) measures total return as a multiple of the original investment. A 5x MOIC means Rs 1 invested became Rs 5. It is the most widely used return metric in venture capital and private equity because it is simple, intuitive, and does not require time-period calculations.
For individual investments: 3x+ is good, 5x+ is strong, 10x+ is exceptional. For fund-level: top quartile VC funds return 3-5x gross MOIC. Top decile exceeds 5x. Median funds return 1.5-2.5x, which after fees barely returns LP capital with modest profit.
MOIC measures total return magnitude (how much). IRR measures annualized return rate (how fast). A 3x in 2 years has a much higher IRR than a 3x in 10 years, even though the MOIC is identical. Investors use both together for a complete picture.
Gross MOIC is the raw investment return before fees and carry. Net MOIC is what LPs actually receive after deducting management fees (typically 2% annually) and carried interest (typically 20% of profits). A 3x gross MOIC might be roughly 2.2-2.5x net MOIC depending on fund terms and hold period.
Because most VC investments fail. In a typical fund, 50-70% of investments return less than 1x (partial or total loss), 20-30% return 1-3x, and only 5-10% return the 10x+ needed to make the fund work. The winners must compensate for all the losses. This is why VCs seek outlier outcomes.
Show investors the path to 10x+ returns from your current valuation. If you are raising at Rs 50 Cr valuation, demonstrate how the company reaches Rs 500 Cr+ in exit value within 5-7 years. Back this with market size, growth rate, competitive position, and comparable exits in your sector.
Most India-focused VC funds target 3-4x net MOIC to LPs. Given the Indian market dynamics (longer hold periods, fewer exit options vs US), gross MOIC targets are typically 4-6x. Top-performing India funds like Accel, Sequoia India (now Peak XV), and Blume have achieved 5x+ gross on their best vintages.
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