Another common measure of return is multiple of capital, also known as multiple of invested capital, money-on-money, or cash-on-cash. It represents how many times you’ve multiplied your original investment, and can be calculated as ending equity divided by invested equity. Where are there multiple cash inflows (such as dividends) and / or outflows (such as equity calls or earnouts) to / from the sponsor, it can be calculated as cash inflows to sponsor divided by cash outflows to sponsor.