-----BEGIN PRIVACY-ENHANCED MESSAGE-----
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,
 STgLtmbALxjhnjJ+zktwMZsyj4p1sOr3aIThw/HFfbttNQfVKromciZoPIHfrnNs
 yFK1sCNuLxQyTuo6uR4HBQ==

<SEC-DOCUMENT>0001343728-09-000004.txt : 20090313
<SEC-HEADER>0001343728-09-000004.hdr.sgml : 20090313
<ACCEPTANCE-DATETIME>20090313171015
ACCESSION NUMBER:		0001343728-09-000004
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:		20090313
DATE AS OF CHANGE:		20090313
EFFECTIVENESS DATE:		20090313

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GS GAMMA INVESTMENTS LLC
		CENTRAL INDEX KEY:			0001343623
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-83088
		FILM NUMBER:		09681070

	BUSINESS ADDRESS:	
		STREET 1:		GS GAMMA MANAGEMENT, LLC
		STREET 2:		135 EAST 57TH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-381-4169

	MAIL ADDRESS:	
		STREET 1:		GS GAMMA MANAGEMENT, LLC
		STREET 2:		135 EAST 57TH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</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>0001343623</cik>
        <entityName>GS GAMMA INVESTMENTS LLC</entityName>
        <issuerAddress>
            <street1>GS GAMMA MANAGEMENT, LLC</street1>
            <street2>135 EAST 57TH STREET</street2>
            <city>NEW YORK</city>
            <stateOrCountry>NY</stateOrCountry>
            <zipCode>10022</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>212-381-4169</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>DE</jurisdictionOfInc>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2004</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <middleName></middleName>
                <lastName>GS Gamma Management, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>135 East 57th Street</street1>
                <street2></street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <middleName></middleName>
                <lastName>Guggenheim Partners, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>135 East 57th Street</street1>
                <street2></street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <middleName></middleName>
                <lastName>GS Gamma Advisors, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>135 East 57th Street</street1>
                <street2></street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Investment Advisor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>George</firstName>
                <middleName></middleName>
                <lastName>Sykes</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>GS Gamma Management, LLC</street1>
                <street2>135 East 57th Street</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the Manager</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>9999999997-05-045655</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2005-07-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Guggenheim Capital Markets, LLC</recipientName>
                <recipientCRDNumber>40638</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>135 East 57th Street</street1>
                    <street2>8th Floor</street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10022</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Guggenheim Securities, LLC</recipientName>
                <recipientCRDNumber>30096</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>135 East 57th Street</street1>
                    <street2>15th Floor</street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10022</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AK</state>
                    <state>CA</state>
                    <state>CO</state>
                    <state>CT</state>
                    <state>DE</state>
                    <state>DC</state>
                    <state>FL</state>
                    <state>GA</state>
                    <state>IL</state>
                    <state>MD</state>
                    <state>MA</state>
                    <state>MI</state>
                    <state>MO</state>
                    <state>NJ</state>
                    <state>NY</state>
                    <state>NC</state>
                    <state>OH</state>
                    <state>OK</state>
                    <state>PA</state>
                    <state>RI</state>
                    <state>SC</state>
                    <state>SD</state>
                    <state>TN</state>
                    <state>TX</state>
                    <state>VA</state>
                    <state>WA</state>
                    <state>WI</state>
                    <state>WY</state>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>75776938</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>23</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse>The Manager pays a certain percentage of the aggregate principal amount of Interests sold to the placement agent - see item 12.  The current offering commenced prior to 3/15/09; item 15 reflects the requested information commencing from such date.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>GS GAMMA INVESTMENTS LLC</issuerName>
                <signatureName>George Sykes</signatureName>
                <nameOfSigner>George Sykes</nameOfSigner>
                <signatureTitle>Member of the Manager</signatureTitle>
                <signatureDate>2009-03-13</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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