Stage 10 (2021) “Flying General or Limited”

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Stage 10 (2021) "Flying General or Limited"

Flying General or Limited

Flying General or Limited is an actual case from the Financial Modeling World Cup 2021, Stage 10 (October 15-18) competition. This case study deals with investment funds’ cashflows.

Case description:

You are hired by a Fund to create a flexible 10-year quarterly model to forecast the fund’s performance. The Fund aims to raise 5bn USD to invest in different low-cost airlines globally. The objective is to determine the most appropriate investment strategy to maximize the return from the fund and test the fee structure which should attract sufficient funds.

The Fund needs to create a flexible model to address all the client’s needs while facing the industry’s demand issues due to the pandemic. The predictions related to changes in yield, capacity factors, and total available seat kilometers are provided. The fund aims to acquire 100% of shares in 8 airlines, sell the portfolio companies towards the end of the 10-year period, and test the fee structure which should attract sufficient funds.

The downloadable file consists of the following:
Task: PDF file with Case Materials; PDF file with Questions; Excel file with Financial Model
Solution: Excel file with full Solution Model; PDF file with correct Answers in Bold

This model awarded 500 regular points + 150 Extra Points for the bonus questions, while the whole 2h Stage allowed to earn 1,150 points in total.

For your questions/suggestions/consideration please reach out to the Organizing Committee of the Financial Modeling World Cup at
You can also buy tickets to participate in the future FMWC Stages at



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