Fade out and slide up at the same time?

I have the following script which works well:

$(that).parents(".portlet").fadeOut('slow', function() {
    $(that).parents(".portlet").remove();
});

It just fades out the element, then removes it totally from the screen.

I want to slightly improve the effect by sliding it up while it is fading out. How would I do that?

Just to clarify, I don't want it to fade out THEN slide up, or slide up THEN fade out, I would like it to fade out, AND at the same time while it is fading out, I would like it to slide up.