Messed up the modelling test - what to do
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Nothing you can do about it. Just let the cards fall where they fall. If they aren't ok with your work and you get dinged, let your contact know how much you appreciated the opportunity and hope to stay in touch.
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I would wait until you hear feedback. If you were referred to the position via him and he is your primary contact, he may even deliver the news himself. If you don't hear back within the next two weeks, feel free to ping him asking if there is an update.
I reviewed your other comments in the thread, something about your situation confuses me. This fund gave you a distressed LBO model, which you stated you don't have any experience in. As someone who works in distressed PE, I would not move a candidate to a case round unless 1) they had prior distressed experience, or 2) had conveyed strong interest and working knowledge of distressed during earlier interviews. Do you check either of those boxes? If they gave you a distressed case study, I assume this is a fund that has a strong focus on the strategy...so I am having trouble connecting the dots as to how this caught you off guard. Assuming this is a fund with a strong distressed focus, did the topic not come up during your networking with your senior connection? Maybe they used terminology like "operational turnaround" and the like? Either way, its difficult to see how a restructuring case study is not given at a fund that focus on the space. If they did know you don't have experience in the strategy, I'm not sure why they gave you a case unless it was just to see how far you could get on your own, prior to learning on the job. Either way, I'd love to hear more on what happened so I can make sure I don't accidently put a candidate through the same stress.
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Majority of the people do come from restructuring backgrounds, but not required (I did not do RX IB). There are a lot of nuanced, situation specific restructuring details that does require practical experience to obtain, or at least fully understand, but a lot of the basics can be learned from resources including Distressed Debt Investing by Stephen Moyer, distressed-debt-investing.com (predecessor blog to Reorg Research, and Wall Street Prep's restructuring self-study course, just to name very few.
Do you still have your model? I've administered modeling tests to a few associate candidates and had a handful of more ambitious ones send me follow-up notes a day or two after their model test that noted where they had made mistakes (based on post-mortem researching, reviewing, studying, etc.) and provided an updated model. While it's likely too late, sometimes worth a shot. I at least appreciated their hustle and tenacity to learn.
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