While new securitization vehicles will often feature some level of bond insurance policy to draw in investors, Aon Corp.'s Private Equity Partnership Structures I, via CIBC World Markets, was structured for an unwrapped double-A rating with non-surety, innovative credit enhancement, perhaps signifying maturation of this type of asset class and its investor audience.

CIBC has been active in the CDO sector marketing PEPS I to investors for several months, sources said. The transaction, which has yet to close, employs a commitment to meet future cash flow calls by its sellers, a unique characteristic when compared to previously issued private equity-related vehicles, such as Princess Private Equity Holding and Pearl Holding.

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