Outlook on offer, PE

I had a final interview at a PE firm for a financial analyst position exactly two weeks ago. Two days after the interview I was contacted and it was requested that I provide my official academic transcript and two references. The following Wednesday (one week ago) I was again contacted saying my resume was received the previous evening. This past Friday my second reference contacted me saying that he was called that day. I was expecting to get a decision by today, but haven't. I do not know if this is because they have chosen me but are dealing with HR bs and delays from the holiday, they are trying to decide between me and other candidates, or because they are waiting for others to reject their offers (meaning that I'm an alternate).

The company seems to have shown continued interest in me given their actions, but do any of you have any insight into what might be taking so long (is it taking a long time?) for them to make an offer or reject me? Any similar experiences?