Credit facility extended to a fund or holding entity, secured by the fair value (NAV) of underlying portfolio investments rather than uncalled LP commitments. Typical advance rate: 10%–25% of NAV; coupon SOFR + 300–500 bps. Used by GPs late in a fund's life (when uncalled commitments are exhausted) to fund follow-ons, distributions, or working capital. Distinguished from a Subscription Line, which is secured by uncalled commitments and is drawn early in the fund's life.