-----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,
 SP1c3QWm2EHk7J53h/1mU6P5jjRim2KNoQcjdRuNg1vRhUN1B8bpahwDij9HtSx6
 0uPSn3kkU1VfBxd9Ubu87A==

<SEC-DOCUMENT>0001414641-09-000003.txt : 20090304
<SEC-HEADER>0001414641-09-000003.hdr.sgml : 20090304
<ACCEPTANCE-DATETIME>20090304113151
ACCESSION NUMBER:		0001414641-09-000003
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)(1)
FILED AS OF DATE:		20090304
DATE AS OF CHANGE:		20090304
EFFECTIVENESS DATE:		20090304

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Gresham Hedged Strategies Offshore Ltd
		CENTRAL INDEX KEY:			0001414641
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-109558
		FILM NUMBER:		09654272

	BUSINESS ADDRESS:	
		STREET 1:		c/o Gresham Advisors LLC
		STREET 2:		333 West Wacker Drive, Suite 700
		CITY:			Chicago
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		(312) 960-0231

	MAIL ADDRESS:	
		STREET 1:		c/o Gresham Advisors LLC
		STREET 2:		333 West Wacker Drive, Suite 700
		CITY:			Chicago
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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<edgarSubmission>

    <schemaVersion>X0201</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001414641</cik>
        <entityName>Gresham Hedged Strategies Offshore Ltd</entityName>
        <issuerAddress>
            <street1>c/o Gresham Advisors LLC</street1>
            <street2>333 West Wacker Drive, Suite 700</street2>
            <city>Chicago</city>
            <stateOrCountry>IL</stateOrCountry>
            <zipCode>60606</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(312) 960-0231</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>E9</jurisdictionOfInc>
        <entityType>Other</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2007</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <middleName></middleName>
                <lastName>Gresham Advisors, L.L.C.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>333 W. Wacker Drive</street1>
                <street2>Suite 700</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60606</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Matthew</firstName>
                <middleName>S.</middleName>
                <lastName>Bonaguidi</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Gresham Advisors, L.L.C.</street1>
                <street2>333 W. Wacker Drive, Suite 700</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60606</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Edward</firstName>
                <middleName>F.</middleName>
                <lastName>Neild, IV</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Gresham Advisors, L.L.C.</street1>
                <street2>333 W. Wacker Drive, Suite 700</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60606</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <middleName>A.</middleName>
                <lastName>Salsburg</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Gresham Advisors, L.L.C.</street1>
                <street2>333 W. Wacker Drive, Suite 700</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60606</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <middleName>L.</middleName>
                <lastName>Filkin</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Gresham Advisors, L.L.C.</street1>
                <street2>333 W. Wacker Drive, Suite 700</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60606</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Ben</firstName>
                <middleName>A.</middleName>
                <lastName>Beavers</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Gresham Advisors, L.L.C.</street1>
                <street2>333 W. Wacker Drive, Suite 700</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60606</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Roger</firstName>
                <middleName>H.</middleName>
                <lastName>Hanson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o dms Management Ltd., P.O. Box 31910</street1>
                <street2>Ansbacher House, 20 Genesis Close</street2>
                <city>Grand Cayman</city>
                <stateOrCountry>E9</stateOrCountry>
                <zipCode>KY1-1208</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Ronan</firstName>
                <middleName></middleName>
                <lastName>Guilfoyle</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o dms Management Ltd., P.O. Box 31910</street1>
                <street2>Ansbacher House, 20 Genesis Close</street2>
                <city>Grand Cayman</city>
                <stateOrCountry>E9</stateOrCountry>
                <zipCode>KY1-1208</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></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.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-08-037025</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2007-06-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>500000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>104479899</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>true</hasNonAccreditedInvestors>
            <numberNonAccreditedInvestors>2</numberNonAccreditedInvestors>
            <totalNumberAlreadyInvested>53</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Gresham Hedged Strategies Offshore Ltd</issuerName>
                <signatureName>David Filkin</signatureName>
                <nameOfSigner>David Filkin</nameOfSigner>
                <signatureTitle>Director of the Investment Manager</signatureTitle>
                <signatureDate>2009-03-04</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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