Hello SBTi FI guidance brain trust! Thank you for your hard work in keeping us all educated about this new guidance. We are working with a PE client that has varying degrees of ownership in its portfolio companies (ranging from 1% to 100%). The question is whether the SME streamlined validation route is available to any of its portfolio companies. In other words, is a “subsidiary” defined in the financial reporting sense of the word (>50% ownership), or does it mean any company in which the fund owns an equity interest? Thank you!