Scenario modeling a PE investment portfolio

This is a walkthrough of solving the big question from round 3 of the Financial Modeling World Cup (@msexcelesports) 2025, The Fund to Be by Anup Agarwal. It's a great introduction to some of the key ideas of modeling an investment portfolio with valuations, capital calls and distributions, carried interest, investor returns, and flexing the model over a wide range of scenarios. You can buy the case on the FMWC shop (link below), although if you want to learn financial modeling it's better value (and more fun!) to sign up to take part in the competition rather than buying the cases after the fact. https://fmworldcup.com/product/stage-3-2025-the-fund-to-be/ (As ever, I don't get commission or anything like that for linking or recommending this... I just think it's fun.) 00:00 Introduction 03:55 Modelling individual investments 12:29 Fund model setup 15:37 Capital calls 22:20 Distributions 25:02 Management fees 29:03 Carried interest 32:03 Net asset value 38:12 Investor ratios 40:54 Question check 45:47 Scenario analysis 52:18 Fixing my mistake Icon in thumbnail designed by FreePik (www.freepik.com)