Realization

Realization is the point when revenue has been generated.
Realization is a critical concept in revenue recognition. Realization occurs when a customer gains control over the goods or services transferred from a seller. There are numerous indicators of this date, such as when the seller has the right to receive payment, when the customer has legal title to the transferred asset, or when physical possession of the asset has been transferred by the seller. Yet another indicator is when the customer has taken on the significant risks and rewards of ownership related to the asset transferred by the seller. Additional indicators of realization are when the customer accepts an asset or when the customer can prevent other entities from using or obtaining benefits from the asset [AccountingTools].
The realization multiple is a private equity measurement showing how much has been paid to investors. The realization multiple measures the return that is realized from the investment. Private equity funds are unique in that they hold assets from all sorts of illiquid sources, including leveraged buyouts (LBO), start-ups, and so on. The realization multiple is found by dividing the cumulative distributions from a fund, company, or project by the paid-in capital [Investopedia].

Sources:

Realization Definition. AccountingTools. Retrieved from: https://www.accountingtools.com/articles/realization

Realization Multiple. Investopedia. Retrieved from: https://www.investopedia.com/terms/r/realization_multiple.asp