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Paper returns used to win the room. Now investors are cutting straight to the only question that really settles the debate: how much cash have you actually returned? We talk through the rapid shift in private markets performance language and why fundraising conversations in private equity and venture capital feel so different than they did just a few years ago.

We break down DPI (distributions to paid-in capital) in plain English and explain why limited partners (LPs) are elevating it from “one metric among many” to an early filter for trust. When the exit environment slows and distributions fall below historical norms, portfolios can look great on paper while liquidity stays tight. That gap changes how LPs underwrite risk, how they view unrealized value, and how they react to a pitch built on markups and theoretical returns.

We also get practical about what this means for managers raising capital right now. If you lean on IRR and unrealized multiples without a credible path to distributions, it lands differently in this cycle. And if you’re an emerging manager without a long distribution history, we lay out the most effective stance: honest context, disciplined expectations, and a clear plan that shows you understand what LPs need in a liquidity-constrained market.

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