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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 RxtoOllhfX/SxsVjVqePRfz/bEsNgJVv1L1I8VpDPbg4B8a4OSgQHQea5blqg+T2
 apRos938KXVZHTvKWVziRQ==

<SEC-DOCUMENT>0000919574-09-005741.txt : 20090316
<SEC-HEADER>0000919574-09-005741.hdr.sgml : 20090316
<ACCEPTANCE-DATETIME>20090313193954
ACCESSION NUMBER:		0000919574-09-005741
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:		20090316
DATE AS OF CHANGE:		20090313
EFFECTIVENESS DATE:		20090316

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Axial Capital Offshore Ltd
		CENTRAL INDEX KEY:			0001328044

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-81217
		FILM NUMBER:		09681755

	BUSINESS ADDRESS:	
		STREET 1:		GEORGE TOWN GRAND CAYMAN
		CITY:			CAYMAN ISLAND
		STATE:			A1
		ZIP:			00000

	MAIL ADDRESS:	
		STREET 1:		GEORGE TOWN GRAND CAYMAN
		CITY:			CAYMAN ISLAND
		STATE:			A1
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0201</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001328044</cik>
        <entityName>Axial Capital Offshore Ltd</entityName>
        <issuerAddress>
            <street1>c/oOgier Fiduciary Services (Cayman) Ltd</street1>
            <street2>Queensgate House, S Church St,  Box 1234</street2>
            <city>George Town</city>
            <stateOrCountry>E9</stateOrCountry>
        </issuerAddress>
        <issuerPhoneNumber>(345) 945-6264</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc></jurisdictionOfInc>
        <entityType>Other</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2005</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Eliav</firstName>
                <middleName></middleName>
                <lastName>Assouline</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Axial Capital Management, LLC</street1>
                <street2>101 Park Avenue, 47th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10178</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the Issuer and Managing Member of the Investment Manager, Axial Capital Management, LLC</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Vijayabalan</firstName>
                <middleName></middleName>
                <lastName>Murugesu</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/oOgier Fiduciary Services (Cayman) Ltd</street1>
                <street2>Queensgate House, S Church St, Box 1234</street2>
                <city>George Town</city>
                <stateOrCountry>E9</stateOrCountry>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Tom</firstName>
                <middleName></middleName>
                <lastName>Parsons</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/oOgier Fiduciary Services (Cayman) Ltd</street1>
                <street2>Queensgate House, S Church St, Box 1234</street2>
                <city>George Town</city>
                <stateOrCountry>E9</stateOrCountry>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</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>9999999997-05-039362</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2005-04-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>324549221</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>84</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>The Investment Manager (or its affiliate) is entitled to receive an annual management fee in an amount equal to a specified percentage of assets under management.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>true</authorizedRepresentative>
            <signature>
                <issuerName>Axial Capital Offshore, Ltd.</issuerName>
                <signatureName>/s/ Eliav Assouline</signatureName>
                <nameOfSigner>Eliav Assouline</nameOfSigner>
                <signatureTitle>Director of the Issuer</signatureTitle>
                <signatureDate>2009-03-13</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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