LMM Case study

Made it to the final round of an interview for a LMM PE and was given a take home case study. The case is essentially a to review a potential minority investment opportunity (that has already been completed), identify what the FV of the investment would have been / valuation of the co., returns, risks and questions, and recommendation - Fairly straight forward.

What I am having difficulty with are 2 things:

1) this assignment already comes with the agreed upon price / model which from my review is a huge bargain compared to comps (comps are imperfect because margins appear to be way off from Target), however, plan on identifying further comps that are more in line with margins if possible to perform valuation and applying discount (Partner told me that they typically don't do deals at FV, rather look for deals that have mutual relationships / if they win an auction they did something wrong so I think the trick answer here is that they got a good deal potentially and just seeing how i would have come up with a price if I never saw the agreed upon price). It seems odd to me to be evaluating returns for this investment at a higher multiple however versus the one actually performed. Am I overthinking this?

2.) Success of the company is heavily predicated on successful M&A initiatives and less so on growth. I have a few ideas of the risks here (i.e. can they even get multiple deals done at a reasonable cost and can they service the debt, how smooth is the integration / target management teams etc.), but unsure if there is something major I am missing here.

Anything I should consider here given its minority investment, and the impacts of no promote / carry?