Calculating TVPI for a Private Equity Fund

XYZ Capital is a private equity firm that has been managing a buyout fund for the past five years. The firm has raised a total of $500 million, and as of the end of year five, it has distributed a total of $300 million back to its limited partners as realized gains, while the current value of the remaining investments in the fund is estimated at $250 million.

XYZ Capital is preparing to report the fund's performance to its investors. The firm typically uses the IRR (Internal Rate of Return) and the TVPI (Total Value to Paid-In) multiple as key performance metrics.

Given these figures, what is the appropriate calculation of the TVPI multiple for the fund?