Subscription line
Draft definition. Technical and editorial approval pending.
Fund-level borrowing secured on the undrawn capital commitments of a fund's limited partners. Managers use it to bridge timing between investments and capital calls. It is a financing of the fund, not of any portfolio company or originator, and it does not create or guarantee availability under a separate originator facility.
In practice
A fictional fund draws on its subscription line to meet an investment deadline, then calls LP capital three weeks later to repay. Your own draw request under your facility still depends on your notice period, borrowing base compliance and conditions, entirely independent of that cycle.
Read this in context: How Facility Funding Works.