-----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,
 FeNddGTacnwB2v9bLHFcxTkBASVyDCy1pZS5pqy9mZm4aNrnko8xaEG1duzqLPwL
 UTco5A43XrY9pYvZv6QUTw==

<SEC-DOCUMENT>0000919574-09-015341.txt : 20090918
<SEC-HEADER>0000919574-09-015341.hdr.sgml : 20090918
<ACCEPTANCE-DATETIME>20090918145202
ACCESSION NUMBER:		0000919574-09-015341
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:		20090918
DATE AS OF CHANGE:		20090918
EFFECTIVENESS DATE:		20090918

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ANCHOR POINT CAPITAL FLAGSHIP FUND OFFSHORE LTD
		CENTRAL INDEX KEY:			0001351340
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-85555
		FILM NUMBER:		091076637

	BUSINESS ADDRESS:	
		STREET 1:		113 SOUTH CHURCH ST
		STREET 2:		P O BOX 1234GT QUEENSGATE HOUSE
		CITY:			GRAND CAY CAY ISL
		STATE:			E9
		ZIP:			00000
		BUSINESS PHONE:		305-448-0445

	MAIL ADDRESS:	
		STREET 1:		113 SOUTH CHURCH ST
		STREET 2:		P O BOX 1234GT QUEENSGATE HOUSE
		CITY:			GRAND CAY CAY ISL
		STATE:			E9
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0502</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001351340</cik>
        <entityName>ANCHOR POINT CAPITAL FLAGSHIP FUND OFFSHORE LTD</entityName>
        <issuerAddress>
            <street1>Queensgate House</street1>
            <street2>113 South Church Street, PO BOX 1234GT</street2>
            <city>George Town, Grand Cayman</city>
            <stateOrCountry>E9</stateOrCountry>
            <zipCode>00000</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>345-945-6264</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>CAYMAN ISLANDS</jurisdictionOfInc>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Cayman Islands Exempted Company</entityTypeOtherDesc>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2005</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Timothy</firstName>
                <middleName>J.</middleName>
                <lastName>Crowe</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Anchor Point Capital, LLC</street1>
                <street2>255 Alhambra Circle, Suite 425</street2>
                <city>Coral Gables</city>
                <stateOrCountry>FL</stateOrCountry>
                <zipCode>33134</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jorge</firstName>
                <middleName>F.</middleName>
                <lastName>Fernandez</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Anchor Point Capital LLC</street1>
                <street2>255 Alhambra Circle, Suite 425</street2>
                <city>Coral Gables</city>
                <stateOrCountry>FL</stateOrCountry>
                <zipCode>33134</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Vijaybalan</firstName>
                <middleName></middleName>
                <lastName>Murugesu</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Ogier Fiduciary Services Limited</street1>
                <street2>Queensgate House, South Church Street</street2>
                <city>Grand Cayman</city>
                <stateOrCountry>E9</stateOrCountry>
                <zipCode>KY1-1108</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Scott</firstName>
                <middleName></middleName>
                <lastName>Dakers</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Ogier Fiduciary Services Limited</street1>
                <street2>Queensgate House, South Church Street</street2>
                <city>Grand Cayman</city>
                <stateOrCountry>E9</stateOrCountry>
                <zipCode>KY1-1108</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Evan</firstName>
                <middleName>C.</middleName>
                <lastName>Burtton</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Ogier Fiduciary Services Limited</street1>
                <street2>Queensgate House, South Church Street</street2>
                <city>Grand Cayman</city>
                <stateOrCountry>E9</stateOrCountry>
                <zipCode>KY1-1108</zipCode>
            </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>9999999997-06-003250</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2006-01-01</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>60750000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>10</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>The General Partner (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>Anchor Point Capital Flagship Fund Offshore Ltd.</issuerName>
                <signatureName>/s/ Timothy J. Crowe</signatureName>
                <nameOfSigner>Timothy J. Crowe</nameOfSigner>
                <signatureTitle>Director of the Issuer</signatureTitle>
                <signatureDate>2009-09-17</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----