Ivy Asset Management Corp. has mandated JPMorgan Securities to structure a $300 million area fund of funds market value CDO supported by the returns of a group 20-30 of hedge SHOPS, buyside sources confirmed.

JPM has recently begun distributing data to prospective equity investors and marketing of the debt classes is several weeks away, sources familiar with the trade said. Standard & Poor's is the only agency rating the deal, as was the case with Deutsche Bank's Prime Edge private equity backed fund of funds CDO that made headlines last week.

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