Preparing for Secondaries PE Investment Associate Interview + Excel Test. What should I expect?

I’ve got an upcoming interview process for an Investment Associate role at a secondaries-focused private equity firm, which includes a short 15–30 minute Excel test, followed by a longer case study stage. Fund works almost exclusively in LP-leds.

I was wondering if anyone could share insight into what I should expect at each stage.

For the Excel test, is it usually more focused on quick NAV-related calculations, portfolio/valuation mechanics, or more standard modelling exercises like a mini DCF/LBO? Or is it primarily designed to assess general Excel fluency under time pressure?

Finally, for the subsequent ~2 hour case study, what does that typically look like in secondaries. Is it more portfolio construction, pricing a secondary transaction, fund cash flow modelling, or something else?

Any guidance would be much appreciated, have tried to hunt in there forums/elsewhere but not much out there.

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