-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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MIC-Info: RSA-MD5,RSA,
 WTogLbk8z09AtcqZ3kfvLSkEjojutpzuv8PnczdA5ZUrVUHbJ2GkU432Qt7gMt3Z
 ztaoKDBf3Jws8TxxMNsnJg==

<SEC-DOCUMENT>0001376283-09-000003.txt : 20091109
<SEC-HEADER>0001376283-09-000003.hdr.sgml : 20091109
<ACCEPTANCE-DATETIME>20091109161054
ACCESSION NUMBER:		0001376283-09-000003
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20091109
DATE AS OF CHANGE:		20091109
EFFECTIVENESS DATE:		20091109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WELSH US REAL ESTATE FUND LLC
		CENTRAL INDEX KEY:			0001376283
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-94987
		FILM NUMBER:		091168523

	BUSINESS ADDRESS:	
		STREET 1:		4350 BAKER ROAD, SUITE 400
		CITY:			MINNETONKA
		STATE:			MN
		ZIP:			55343
		BUSINESS PHONE:		952-897-7700

	MAIL ADDRESS:	
		STREET 1:		4350 BAKER ROAD, SUITE 400
		CITY:			MINNETONKA
		STATE:			MN
		ZIP:			55343
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001376283</cik>
        <entityName>WELSH US REAL ESTATE FUND LLC</entityName>
        <issuerAddress>
            <street1>4350 BAKER ROAD, SUITE 400</street1>
            <city>MINNETONKA</city>
            <stateOrCountry>MN</stateOrCountry>
            <zipCode>55343</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>952-897-7700</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2006</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Dennis</firstName>
                <middleName>J.</middleName>
                <lastName>Doyle</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>4350 Baker Road, Suite 400</street1>
                <city>Minnetonka</city>
                <stateOrCountry>MN</stateOrCountry>
                <zipCode>55343</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Dennis J. Doyle is the CEO of Welsh US Fund Manager, LLC, the Chief Manager of Issuer.</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-10-29</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>51236</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Welsh Securities, LLC</recipientName>
                <recipientCRDNumber>148203</recipientCRDNumber>
                <associatedBDName>Welsh Securities, LLC</associatedBDName>
                <associatedBDCRDNumber>148203</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>4350 Baker Road, Suite 400</street1>
                    <city>Minnetonka</city>
                    <stateOrCountry>MN</stateOrCountry>
                    <zipCode>55343</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AZ</state>
                    <state>MN</state>
                    <state>OK</state>
                    <state>WI</state>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>25000093</totalOfferingAmount>
            <totalAmountSold>738596</totalAmountSold>
            <totalRemaining>24261497</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>6</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>53038</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>Acquisitions of real estate and working capital.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>WELSH US REAL ESTATE FUND LLC</issuerName>
                <signatureName>/s/ Scott T. Frederiksen</signatureName>
                <nameOfSigner>Scott T. Frederiksen</nameOfSigner>
                <signatureTitle>President of Welsh US Fund Manager, LLC, the Chief Manager</signatureTitle>
                <signatureDate>2009-11-06</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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