Revolving credit facility extended to a fund and secured by uncalled LP commitments, with 1–2 year tenor and pricing of SOFR + 150–200 bps. By financing investments before drawing capital from LPs, the sub-line shortens the J-curve and mechanically inflates IRR (returns are computed on the smaller capital base for a longer period). Many institutional LPs now require GPs to report both with-sub-line and without-sub-line IRRs to neutralize this distortion.