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If I am a private equity fund manager (e.g I have a portfolio consisting of direct private equity investments), what does credit risk mean in a practical sense for me?

The usual issuer credit risk metrics for a debt portfolio (such as migration or downgrade risk) don't really apply here since I am borrowing and not lending. If I want to capture whether the credit quality of my private equity fund has improved/deteriorated, what should I be measuring?

I can use models such as Altman's Z-score to see the bankruptcy risk for individual companies, but is it possible to create some kind of aggregate measure to communicate credit risk for the overall PE fund? What kind of approaches exist that have looked at this problem, or how do professional funds usually look at this?

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