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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001140361-10-029155.txt : 20100713
<SEC-HEADER>0001140361-10-029155.hdr.sgml : 20100713
<ACCEPTANCE-DATETIME>20100712185720
ACCESSION NUMBER:		0001140361-10-029155
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Section 3(c)(7)
FILED AS OF DATE:		20100713
DATE AS OF CHANGE:		20100712
EFFECTIVENESS DATE:		20100713

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SILVERCREST MUNICIPAL ADVANTAGE PORTFOLIO P LLC
		CENTRAL INDEX KEY:			0001375128
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-94601
		FILM NUMBER:		10948999

	BUSINESS ADDRESS:	
		STREET 1:		1330 AVE OF THE AMERICAS
		STREET 2:		38TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-649-0672

	MAIL ADDRESS:	
		STREET 1:		1330 AVE OF THE AMERICAS
		STREET 2:		38TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001375128</cik>
        <entityName>SILVERCREST MUNICIPAL ADVANTAGE PORTFOLIO P LLC</entityName>
        <issuerAddress>
            <street1>1330 AVE OF THE AMERICAS</street1>
            <street2>38TH FLOOR</street2>
            <city>NEW YORK</city>
            <stateOrCountry>NY</stateOrCountry>
            <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
            <zipCode>10019</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>212-649-0672</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
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        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2006</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <middleName>n/a</middleName>
                <lastName>Silvercrest Asset Management Group LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1330 Avenue of the Americas</street1>
                <street2>38th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10019</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Investment Advisor and Managing Member</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>G. Moffett</firstName>
                <middleName>n/a</middleName>
                <lastName>Cochran</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1330 Avenue of the Americas</street1>
                <street2>38th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10019</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the Investment Advisor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <middleName>n/a</middleName>
                <lastName>Stevenson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1330 Avenue of the Americas</street1>
                <street2>38th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10019</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the Investment Advisor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Edward</firstName>
                <middleName>F.</middleName>
                <lastName>Appel</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1330 Avenue of the Americas</street1>
                <street2>38th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10019</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the Investment Advisor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Douglas</firstName>
                <middleName>M.</middleName>
                <lastName>Stevenson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1330 Avenue of the Americas</street1>
                <street2>38th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10019</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the Investment Advisor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Stanley</firstName>
                <middleName>H.</middleName>
                <lastName>Reese</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1330 Avenue of the Americas</street1>
                <street2>38th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10019</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the Investment Advisor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>James</firstName>
                <middleName>F.</middleName>
                <lastName>Bleakley, Jr.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1330 Avenue of the Americas</street1>
                <street2>38th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10019</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the Investment Advisor</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.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-07-015682</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2006-09-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>500000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>129109000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>97</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>SILVERCREST MUNICIPAL ADVANTAGE PORTFOLIO P LLC</issuerName>
                <signatureName>/s/ Martin Jaffe</signatureName>
                <nameOfSigner>Martin Jaffe</nameOfSigner>
                <signatureTitle>C.O.O.</signatureTitle>
                <signatureDate>2010-07-12</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
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</TEXT>
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