Exhibit 99.2(p)

                        Initial Subscription Agreement
                      ASA Market Neutral Equity Fund LLC

     For and in consideration of the mutual agreements herein contained [Name
of Subscriber], hereinafter referred to as "Subscriber," hereby agrees to
purchase from ASA Market Neutral Equity Fund LLC , an Illinois limited
liability corporation (the "Fund"), and Fund agrees to sell to the Subscriber
[4,000] limited liability company interests in the Fund (the "Interests") upon
the following terms and conditions:

     Subscriber agrees to pay [$100,000] dollar(s) to the Fund upon demand.

     The Fund will not issue any securities or receive any of the proceeds of
this subscription until subscriptions identical in form to this one have been
made by not more than 25 persons (which persons shall include Subscriber) to
purchase from Fund securities for an aggregate net amount, which plus Fund's
then net worth will equal at least $100,000.

     Subscriber agrees that the shares are being purchased for investment with
no present intention of reselling or redeeming said shares.

     It is understood that said aggregate net amount will be paid in to Fund
before any subscriptions for Fund capital stock will be accepted from any
persons in excess of twenty-five.






Date:   __________________________

Subscribers of  Interests in the Fund:

Name:  ______________________________________________

Joint Subscriber's Name:_____________________________

Address: ____________________________________________

_____________________________________________________

Subscriber Signature:________________________________

Joint Subs. Signature:_______________________________


Accepted and agreed by:

ASA MARKET NEUTRAL EQUITY FUND LLC



By:_______________________________
    Name:
    Title:



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