-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001426147-09-000003.txt : 20090316
<SEC-HEADER>0001426147-09-000003.hdr.sgml : 20090316
<ACCEPTANCE-DATETIME>20090313220043
ACCESSION NUMBER:		0001426147-09-000003
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)(7)
FILED AS OF DATE:		20090316
DATE AS OF CHANGE:		20090313
EFFECTIVENESS DATE:		20090316

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			III SELECT CREDIT FUND LP
		CENTRAL INDEX KEY:			0001426147
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-114350
		FILM NUMBER:		09681942

	BUSINESS ADDRESS:	
		STREET 1:		58 BROAD STREET ROAD
		STREET 2:		103 SABOT PARK
		CITY:			MANAKIN-SABOT
		STATE:			VA
		ZIP:			23103
		BUSINESS PHONE:		804-578-4500

	MAIL ADDRESS:	
		STREET 1:		58 BROAD STREET ROAD
		STREET 2:		103 SABOT PARK
		CITY:			MANAKIN-SABOT
		STATE:			VA
		ZIP:			23103
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0201</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001426147</cik>
        <entityName>III SELECT CREDIT FUND LP</entityName>
        <issuerAddress>
            <street1>58 BROAD STREET ROAD</street1>
            <street2></street2>
            <city>MANAKIN-SABOT</city>
            <stateOrCountry>VA</stateOrCountry>
            <zipCode>23103</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>804-578-4500</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>DE</jurisdictionOfInc>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2007</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <middleName></middleName>
                <lastName>James River Capital Corp.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>5001 Tamarind Reef</street1>
                <street2>Suite 28</street2>
                <city>Christiansted</city>
                <stateOrCountry>VI</stateOrCountry>
                <zipCode>00820</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <middleName></middleName>
                <lastName>III Associates</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>777 Yamato Road</street1>
                <street2>Suite 300</street2>
                <city>Boca Raton</city>
                <stateOrCountry>FL</stateOrCountry>
                <zipCode>33431</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>a General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kevin</firstName>
                <middleName>M.</middleName>
                <lastName>Brandt</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>James River Capital Corp.</street1>
                <street2>5001 Tamarund Reef, Suite 28</street2>
                <city>Christiansted</city>
                <stateOrCountry>VI</stateOrCountry>
                <zipCode>00820</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Paul</firstName>
                <middleName>H.</middleName>
                <lastName>Saunders</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>James River Capital Corp.</street1>
                <street2>5001 Tamarind Reef, Suite 28</street2>
                <city>Christiansted</city>
                <stateOrCountry>VI</stateOrCountry>
                <zipCode>00820</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Garth</firstName>
                <middleName></middleName>
                <lastName>Friesen</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>III Associates</street1>
                <street2>777 Yamato Road, Suite 300</street2>
                <city>Boca Raton</city>
                <stateOrCountry>FL</stateOrCountry>
                <zipCode>33431</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>William</firstName>
                <middleName>P.</middleName>
                <lastName>McCauley</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>III Associates</street1>
                <street2>777 Yamato Road, Suite 300</street2>
                <city>Boca Raton</city>
                <stateOrCountry>FL</stateOrCountry>
                <zipCode>33431</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Warren</firstName>
                <middleName>B.</middleName>
                <lastName>Mosler</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>III Associates</street1>
                <street2>777 Yamato Road, Suite 300</street2>
                <city>Boca Raton</city>
                <stateOrCountry>FL</stateOrCountry>
                <zipCode>33431</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <middleName>L.</middleName>
                <lastName>Reger</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>III Associates</street1>
                <street2>777 Yamato Road, Suite 300</street2>
                <city>Boac Raton</city>
                <stateOrCountry>FL</stateOrCountry>
                <zipCode>33431</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Clifford</firstName>
                <middleName>G.</middleName>
                <lastName>Viner</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>III Associates</street1>
                <street2>777 Yamato Road, Suite 300</street2>
                <city>Boca Raton</city>
                <stateOrCountry>FL</stateOrCountry>
                <zipCode>33431</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Scott</firstName>
                <middleName>L.</middleName>
                <lastName>Wyler</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>III Associates</street1>
                <street2>777 Yamato Road, Suite 300</street2>
                <city>Boca Raton</city>
                <stateOrCountry>FL</stateOrCountry>
                <zipCode>33431</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Sanjiv</firstName>
                <middleName></middleName>
                <lastName>Sharma</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>III Associates</street1>
                <street2>777 Yamato Rod, Suite 300</street2>
                <city>Boca Raton</city>
                <stateOrCountry>FL</stateOrCountry>
                <zipCode>33431</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <middleName>A.</middleName>
                <lastName>Printz</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>III Associates</street1>
                <street2>777 Yamato Road, Suite 300</street2>
                <city>Boca Raton</city>
                <stateOrCountry>FL</stateOrCountry>
                <zipCode>33431</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <middleName></middleName>
                <lastName>Cieslowski</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>III Associates</street1>
                <street2>777 Yamato Road, Suite 300</street2>
                <city>Boca Raton</city>
                <stateOrCountry>FL</stateOrCountry>
                <zipCode>33431</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Lester</firstName>
                <middleName></middleName>
                <lastName>Coyle</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>III Associates</street1>
                <street2>777 Yamato Road, Suite 300</street2>
                <city>Boca Raton</city>
                <stateOrCountry>FL</stateOrCountry>
                <zipCode>33431</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Laura</firstName>
                <middleName></middleName>
                <lastName>McGrath</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>James River Capital Corp.</street1>
                <street2>5001 Tamarind Reef, Suite 28</street2>
                <city>Christiansted</city>
                <stateOrCountry>VI</stateOrCountry>
                <zipCode>00820</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</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.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-08-005269</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2008-01-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>AVM L.P.</recipientName>
                <recipientCRDNumber>16710</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>777 Yamato Road</street1>
                    <street2>Suite 300</street2>
                    <city>Boca Raton</city>
                    <stateOrCountry>FL</stateOrCountry>
                    <zipCode>33431</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>FL</state>
                    <state>MA</state>
                    <state>NY</state>
                    <state>OH</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Dain Rauscher Incorporated</recipientName>
                <recipientCRDNumber>31194</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>One Liberty Plaza</street1>
                    <street2>165 Broadway</street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10006</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>H.C. Wainwright &amp; Co., Inc.</recipientName>
                <recipientCRDNumber>375</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>52 Vanderbilt Avenue</street1>
                    <street2>12th Floor</street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10017</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Wachovia Securities, Inc.</recipientName>
                <recipientCRDNumber>19616</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>One North Jefferson Avenue</street1>
                    <street2></street2>
                    <city>St. Louis</city>
                    <stateOrCountry>MO</stateOrCountry>
                    <zipCode>63103</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Maymount Partners, Inc.</recipientName>
                <recipientCRDNumber>120536</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1801 Libbie Avenue</street1>
                    <street2>Suite 104</street2>
                    <city>Richmond</city>
                    <stateOrCountry>VA</stateOrCountry>
                    <zipCode>23226</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <state>CT</state>
                    <state>FL</state>
                    <state>GA</state>
                    <state>KY</state>
                    <state>LA</state>
                    <state>MA</state>
                    <state>NJ</state>
                    <state>NY</state>
                    <state>OH</state>
                    <state>TX</state>
                    <state>VA</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Smith Barney Inc.</recipientName>
                <recipientCRDNumber>7059</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>390-388 Greenwich Street</street1>
                    <street2></street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10013</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Anchor Asset Management LLC</recipientName>
                <recipientCRDNumber>128344</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>600 Madison Avenue</street1>
                    <street2>26th Floor</street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10022</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <state>CT</state>
                    <state>IL</state>
                    <state>MA</state>
                    <state>NJ</state>
                    <state>NY</state>
                    <state>PA</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>James River Securties Corp.</recipientName>
                <recipientCRDNumber>38477</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>58 Broad Street</street1>
                    <street2></street2>
                    <city>Manakin-Sabot</city>
                    <stateOrCountry>VA</stateOrCountry>
                    <zipCode>23103</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <state>TX</state>
                    <state>VA</state>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>37974849</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>22</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>The Co-General Partner pays up to 50% of its advisory fee and 75% of its management fee to the selling agents - see item 12.  The current offering commenced prior to 3/15/09; item 15 reflects the requested information commencing from such date.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>III SELECT CREDIT FUND LP</issuerName>
                <signatureName>Kevin M. Brandt</signatureName>
                <nameOfSigner>Kevin M. Brandt</nameOfSigner>
                <signatureTitle>President of James River Capital Corp.</signatureTitle>
                <signatureDate>2009-03-13</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
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</TEXT>
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