How good does a time constrained model with investment memo need to be in PE interview process?

I completed my first modelling test ever a few days ago and did not feel too good about myself. I have had good modelling experience, after having done various models on my deals and have practised LBO model extensively.

I ended it up being asked to do an asset model in an area I had no prior experience in. It was a 2-hr test for a model (BS not needed) and to write out an investment memo. I finished everything but I already knew what mistakes I made due to time constraint. My recommendation is largely driven by my IRR and MOIC and the sensitivity I ran on it, which I do not feel confident in. Though I’m happy with myself that I have finished everything with a clear view on the investment opportunity in only 2 hours.

I know this is probably firm dependent but how good does my model and investment memo need to be for them not to auto-ding me? I am still a bit bummed out by the test as I didn’t expect to be doing a niche asset model. A couple of my friends in the same group said they would not have known how to do it as they had no experience in this particularly asset. While I’m happy I at least finished the test, I’m now also worried if my preparation is enough.

Thank you!