Small Shop PE Internship Opportunity

I recently made it to the final round interview for a startup search fund and I am in need of some assistance. I was sent a Private Placement Memorandum and given the task of evaluating an opportunity. Essentially, I am tasked with analyzing the opportunity and justifying why I would or would not invest. Aside from looking for the target characteristics of a search fund, such as a fragmented/growing industry, strong management, competitive advantages, and a strong recurring revenue model etc. what should I be on the lookout for? Furthermore, due to the fact that there is no acquisition target price, would I be wise to construct a couple of valuation models and a football field? If so, what valuation models should I use? Any advice is much appreciated as I have not worked in PE before.