Money on Invested Capital (MOIC)
Also called MOIC
MOIC refers to the absolute dollar gain of an investment, irrespective of time.
The formula is:
Dollars at Exit / Dollars at Entrance
If you bought a business for $100 and sold it for $200, you would have a 2.0x MOIC regardless of how long that took.
Most PE firms look for a 3.0x MOIC within 5 years to attain a roughly 23% IRR.
In the room
MOIC and IRR come as a pair in interviews. MOIC tells you how many times your money came back; it ignores time entirely, which is exactly why it's never quoted alone.