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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001295412-09-000003.txt : 20090511
<SEC-HEADER>0001295412-09-000003.hdr.sgml : 20090511
<ACCEPTANCE-DATETIME>20090511164905
ACCESSION NUMBER:		0001295412-09-000003
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:		20090511
DATE AS OF CHANGE:		20090511
EFFECTIVENESS DATE:		20090511

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAZ Multi-Strategy Offshore Fund, Ltd.
		CENTRAL INDEX KEY:			0001295412
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-66761
		FILM NUMBER:		09815735

	BUSINESS ADDRESS:	
		STREET 1:		ADMIRAL ADMINISTRATION LTD., POB 32021
		STREET 2:		ANCHORAGE CENTRE, 2ND FLOOR
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			00000
		BUSINESS PHONE:		713-403-8250

	MAIL ADDRESS:	
		STREET 1:		ADMIRAL ADMINISTRATION LTD., POB 32021
		STREET 2:		ANCHORAGE CENTRE, 2ND FLOOR
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CAZ Multi Strategy Offshore Fund Ltd
		DATE OF NAME CHANGE:	20040625
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0301</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001295412</cik>
        <entityName>CAZ Multi-Strategy Offshore Fund, Ltd.</entityName>
        <issuerAddress>
            <street1>ADMIRAL ADMINISTRATION LTD., POB 32021</street1>
            <street2>ANCHORAGE CENTRE, 2ND FLOOR</street2>
            <city>GRAND CAYMAN</city>
            <stateOrCountry>E9</stateOrCountry>
            <zipCode>00000</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>713-403-8250</issuerPhoneNumber>
        <issuerPreviousNameList>
            <previousName>CAZ Multi Strategy Offshore Fund Ltd</previousName>
        </issuerPreviousNameList>
        <jurisdictionOfInc>E9</jurisdictionOfInc>
        <entityType>Other</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Christopher</firstName>
                <middleName>A.</middleName>
                <lastName>Zook</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>One Riverway</street1>
                <street2>Suite 2000</street2>
                <city>Houston</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>77056</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Christopher A. Zook is a managing member of CAZ/Inroads Group, L.L.C., the investment manager of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>J.</firstName>
                <middleName>Casey</middleName>
                <lastName>Hodges</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>One Riverway</street1>
                <street2>Suite 2000</street2>
                <city>Houston</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>77056</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>J. Casey Hodges is a managing member of CAZ/Inroads Group, L.L.C., the investment manager of the Issuer.</relationshipClarification>
        </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>9999999997-04-027146</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2004-02-02</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>25322000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>55</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>The investment manager is entitled to a performance allocation and a management fee.  The performance allocation and the management fee are fully discussed in the Issuer's confidential offering materials.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>CAZ Multi-Strategy Offshore Fund, Ltd.</issuerName>
                <signatureName>Christopher Alan Zook</signatureName>
                <nameOfSigner>Christopher Alan Zook</nameOfSigner>
                <signatureTitle>Managing Member of CAZ/Inroads Group, L.L.C.</signatureTitle>
                <signatureDate>2009-05-11</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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