-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 T3LzqC8rK1KKwWsRNv5KHhVHR9RWeZWefQBUVy9ysFQt228e8Y3Tf5uFFr3wY/U6
 VJVWzrJD0J/V8EgMbSod4w==

<SEC-DOCUMENT>0000892712-10-000197.txt : 20100222
<SEC-HEADER>0000892712-10-000197.hdr.sgml : 20100222
<ACCEPTANCE-DATETIME>20100222114838
ACCESSION NUMBER:		0000892712-10-000197
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:		20100222
DATE AS OF CHANGE:		20100222
EFFECTIVENESS DATE:		20100222

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NorCap Opportunity LP
		CENTRAL INDEX KEY:			0001421724
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			WI

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-112351
		FILM NUMBER:		10621688

	BUSINESS ADDRESS:	
		STREET 1:		8010 Excelsior Dr
		CITY:			Madison
		STATE:			WI
		ZIP:			53717
		BUSINESS PHONE:		608-831-8018

	MAIL ADDRESS:	
		STREET 1:		8010 Excelsior Dr
		CITY:			Madison
		STATE:			WI
		ZIP:			53717
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001421724</cik>
        <entityName>NorCap Opportunity LP</entityName>
        <issuerAddress>
            <street1>8000 Excelsior Dr</street1>
            <street2>Suite 201</street2>
            <city>Madison</city>
            <stateOrCountry>WI</stateOrCountry>
            <zipCode>53717</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>608-831-8018</issuerPhoneNumber>
        <jurisdictionOfInc>WISCONSIN</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2007</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Northern Capital Management, LLC</firstName>
                <lastName>Northern Capital Management, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>8000 Excelsior Drive</street1>
                <street2>Suite 201</street2>
                <city>Madison</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>53717</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Stephen</firstName>
                <middleName>L.</middleName>
                <lastName>Hawk</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>8000 Excelsior Drive</street1>
                <street2>Suite 201</street2>
                <city>Madison</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>53717</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chairman and Chief Executive Officer of the General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Daniel</firstName>
                <middleName>T.</middleName>
                <lastName>Murphy</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>8000 Excelsior Drive</street1>
                <street2>Suite 201</street2>
                <city>Madison</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>53717</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Investment Officer and Portfolio Manager of the General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Paul</firstName>
                <middleName>A.</middleName>
                <lastName>Perry</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>8000 Excelsior Drive</street1>
                <street2>Suite 201</street2>
                <city>Madison</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>53717</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of Account Management of the General Partner</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>0000892712-09-000251</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2007-12-28</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isOtherType>true</isOtherType>
            <descriptionOfOtherType>Offering of Limited Partnership Interests</descriptionOfOtherType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>100000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>N/A</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>N/A</street1>
                    <street2>N/A</street2>
                    <city>N/A</city>
                    <stateOrCountry>XX</stateOrCountry>
                    <zipCode>000000</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>100000000</totalOfferingAmount>
            <totalAmountSold>4000000</totalAmountSold>
            <totalRemaining>96000000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>8</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>30000</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>The amount stated is an estimate of management fees for 2010 and does not include an annual performance-based fee, which is not known until the end of the year.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>NorCap Opportunity LP</issuerName>
                <signatureName>/s/ Daniel T. Murphy</signatureName>
                <nameOfSigner>Daniel T. Murphy</nameOfSigner>
                <signatureTitle>Chief Investment Officer of General Partner</signatureTitle>
                <signatureDate>2010-02-22</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----