FLC OF A CORPORATE JET OVERSHOT CLB ALT DUE TO MISOP OF THE ACFT AUTOPLT COUPLER.

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WE WERE CLRED TO AN INTERMEDIATE CLB ALT OF 15000 FT ON DEP FROM RDU. I WAS THE PNF IN THE L SEAT AND AT APPROX 13500 FT WE ENTERED A CLOUD LAYER WHICH CAUSED OUR PULSING RECOGNITION LIGHT TO REFLECT BACK IN OUR EYES. I REACHED OVER TO TURN IT OFF AND AS I LOOKED BACK UP THE PF WAS RAPIDLY APCHING 15000 FT AND THE AUTOPLT HAD NOT CAPTURED THE ALT. THE PF DISCONNECTED THE AUTOPLT AND WE WENT APPROX 800 FT ABOVE OUR ASSIGNED ALT BEFORE STARTING BACK DOWN. CTR (OR DEP) CALLED AS WE WERE STARTING BACK DOWN AND WE ACKNOWLEDGED THEIR CALL. WE LEVELED BACK OFF AT 15000 FT AND THE REMAINDER OF THE FLT WAS NORMAL. THE ALTDEV OCCURRED BECAUSE THE PF ENGAGED THE AUTOPLT AT APPROX 14000 FT HOWEVER IT WAS SLAVED TO THE L SIDE OF THE ACFT. HE THEN SELECTED IT OFF AND THEN BACK ON TO HIS SIDE. BY THEN IT HAD PASSED THROUGH THE ALT CAPTURE POINT AND DID NOT INITIATE A LEVEL OFF. THE DEV WAS DUE TO THE PF'S LIMITED TIME IN THE ACFT AND FAMILIARIZATION WITH THIS MODEL AUTOPLT AND ITS ANNUNCIATION OF CAPTURED MODES. A CONTRIBUTING FACTOR WAS MY DISTR FROM THE FLASHING RECOGNITION LIGHT. AS A CORRECTIVE ACTION I SPENT TIME EXPLAINING MORE THOROUGHLY THE OP OF THE AUTOPLT AND THE EFIS ANNUNCIATIONS WHEN A MODE HAS BEEN CAPTURED (OR NOT CAPTURED IN THIS INSTANCE).