# What Is Average Initial Investment Value (AIIV)?

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## Definition

Average value of an investor's first capital commitment.

## Full page content

Average Initial Investment Value (AIIV) measures the average size of an investor's first capital commitment. It provides a baseline figure for evaluating investor economics and comparing acquisition sources.

 Why it matters

 AIIV helps fund managers assess whether particular channels, campaigns, or referral sources are attracting investors of an appropriate size for the fund's strategy, informing decisions across capital acquisition strategy .

 How to calculate it

 Sum the value of all first-time capital commitments received during a period and divide by the number of investors who made those commitments, producing an average figure that can be tracked by source or segment.

 What good looks like

 In most cases, a rising AIIV within a stable investor base suggests improving targeting or positioning, though the appropriate figure depends heavily on fund strategy and investor type. A stronger result may suggest that investor qualification is effectively filtering for well-suited investors.

 Common failure mode

 A common failure mode is comparing AIIV across acquisition channels without controlling for differences in investor type, which can make a channel appear underperforming when it is simply attracting a different, still valuable, segment.

 Relationship to other measures

 AIIV supports Capital Efficiency by quantifying the economic weight of each new relationship. It connects to Repeat Investment Rate , Investor Conversion to Capital Rate , and Cost of Acquiring Capital .

 Related concepts

 - Repeat Investment Rate (RIR) 
- Investor Conversion to Capital Rate (ICCR) 
- Cost of Acquiring Capital (CACa) 
- Acquisition Capital Indicator (ACI)

## Related index

- Metrics index: https://capitalsourcingpartners.com/learn/metrics
- Metrics index markdown: https://capitalsourcingpartners.com/learn/metrics.md