Portfolio coverage of Private equity funds

Currently we are calculating our portfolio coverage by looking through all underlying investments in private equity funds.

Having a couple of private equity managers with their own verified SBTs (using the Private Equity Sector Guidance) should investments in these funds count as 100% aligned or should we continue to request SBT data on the underlying investments?

My own two cents:

  • Using the portfolio coverage, we count companies with a SBT as aligned - even if targets are brand new and no reductions have yet been achieved.
  • If the same logic should be applied to private equity funds, we should count fund investments where the manager have a SBT as aligned - even if none of the underlying portfolio companies have their own SBT yet. However guidance is unclear