PE second round Interview - Internship

Hello everyone, so after my first round, the partner told me what to expect for the second/ final round

It will a be whole day in their office, and the first phase will be analysing a random Investment memo and discuss it with the partners, second step is to build an LBO model from scratch which I'm capable of already

The only concern that I have is the investment memo discussion, I'm wondering what type of discussion should I have and what are the main point that I should take away from the investment memo

Thanks in advance !