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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 LKPCA9b6YCNlC8XH2m+FS2v1j7sPMv62s1lWf57XPUIMjzI1yQgpXCr9LdyJTGY6
 lCiI21YpURi36D6Pxd3+dQ==

<SEC-DOCUMENT>0000895345-09-000604.txt : 20090707
<SEC-HEADER>0000895345-09-000604.hdr.sgml : 20090707
<ACCEPTANCE-DATETIME>20090707113514
ACCESSION NUMBER:		0000895345-09-000604
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(7)
FILED AS OF DATE:		20090707
DATE AS OF CHANGE:		20090707
EFFECTIVENESS DATE:		20090707

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IVY LONG/SHORT EQUITY HEDGE FUND LLC
		CENTRAL INDEX KEY:			0001163426
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-56672
		FILM NUMBER:		09932755

	BUSINESS ADDRESS:	
		STREET 1:		ONE JERICHO PLAZA
		CITY:			JERICHO
		STATE:			NY
		ZIP:			11753
		BUSINESS PHONE:		516-228-6500

	MAIL ADDRESS:	
		STREET 1:		ONE JERICHO PLAZA
		CITY:			JERICHO
		STATE:			NY
		ZIP:			11753

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BNY PARTNERS LONG SHORT EQUITY HEDGE FUND LLC
		DATE OF NAME CHANGE:	20011211
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0401</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001163426</cik>
        <entityName>IVY LONG/SHORT EQUITY HEDGE FUND LLC</entityName>
        <issuerAddress>
            <street1>ONE JERICHO PLAZA</street1>
            <city>JERICHO</city>
            <stateOrCountry>NY</stateOrCountry>
            <zipCode>11753</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>516-228-6500</issuerPhoneNumber>
        <issuerPreviousNameList>
            <previousName>BNY Partners Long/Short Equity Hedge Fund LLC</previousName>
        </issuerPreviousNameList>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Sean</firstName>
                <middleName>G.</middleName>
                <lastName>Simon</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>One Jericho Plaza</street1>
                <city>Jericho</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>11753</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of Ivy Asset Management LLC, the Sole Manager of the Issuer's Member Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Lawrence</firstName>
                <middleName>R.</middleName>
                <lastName>Morgenthal</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>One Jericho Plaza</street1>
                <city>Jericho</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>11753</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of Ivy Asset Management LLC, the Sole Manager of the Issuer's Member Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Fred</firstName>
                <middleName></middleName>
                <lastName>Sloan</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>One Jericho Plaza</street1>
                <city>Jericho</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>11753</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of Ivy Asset Management LLC, the Sole Manager of the Issuer's Member Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Paul</firstName>
                <middleName></middleName>
                <lastName>Sebetic</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>One Jericho Plaza</street1>
                <city>Jericho</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>11753</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-08-034249</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2003-07-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
            <isOtherType>true</isOtherType>
            <descriptionOfOtherType>Membership Interests</descriptionOfOtherType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Ivy Asset Management LLC</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>MBSC Securities Corporation</associatedBDName>
                <associatedBDCRDNumber>231</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>200 Park Avenue</street1>
                    <street2>8th Floor</street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10166</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>279946218</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>194</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>3000000</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>IVY LONG/SHORT EQUITY HEDGE FUND LLC</issuerName>
                <signatureName>/s/ Kristin S. McCann</signatureName>
                <nameOfSigner>Kristin S. McCann</nameOfSigner>
                <signatureTitle>Assistant VP of Sole Manager of Issuer's Member Manager</signatureTitle>
                <signatureDate>2009-07-07</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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