Systems and methods are provided for processing a heavy oil feed, such as an atmospheric or vacuum resid, using a combination of solvent assisted hydroprocessing and slurry hydroconversion of a heavy oil feed. The systems and methods allow for conversion and desulfurization/denitrogenation of a feed to form fuels and gas oil (or lubricant base oil) boiling range fractions while reducing the portion of the feed that is exposed to the high severity conditions present in slurry hydroconversion.