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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>0001095449-10-000045.txt : 20100225
<SEC-HEADER>0001095449-10-000045.hdr.sgml : 20100225
<ACCEPTANCE-DATETIME>20100225163614
ACCESSION NUMBER:		0001095449-10-000045
CONFORMED SUBMISSION TYPE:	D
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:		20100225
DATE AS OF CHANGE:		20100225
EFFECTIVENESS DATE:		20100225

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HCM Market Neutral Fund, LP
		CENTRAL INDEX KEY:			0001427701
		IRS NUMBER:				202603022
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-114993
		FILM NUMBER:		10634053

	BUSINESS ADDRESS:	
		STREET 1:		81 Beach Road
		CITY:			Belvedere
		STATE:			CA
		ZIP:			94920
		BUSINESS PHONE:		(415) 435-1971

	MAIL ADDRESS:	
		STREET 1:		81 Beach Road
		CITY:			Belvedere
		STATE:			CA
		ZIP:			94920

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HCM MARKET NEUTRAL FUND LP
		DATE OF NAME CHANGE:	20080220
</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>0001427701</cik>
        <entityName>HCM Market Neutral Fund, LP</entityName>
        <issuerAddress>
            <street1>81 Beach Road</street1>
            <city>Belvedere</city>
            <stateOrCountry>CA</stateOrCountry>
            <zipCode>94920</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(415) 435-1971</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <previousName>HCM Market Neutral Healthcare Fund, LP</previousName>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <previousName>HCM MARKET NEUTRAL FUND LP</previousName>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2005</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Hovan Capital Management, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>81 Beach Road</street1>
                <city>Belvedere</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>94920</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kurt</firstName>
                <middleName>Steven</middleName>
                <lastName>Hovan</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>81 Beach Road</street1>
                <city>Belvedere</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>94920</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing member of HCM Group, LLC, sole member of Hovan Capital Management, LLC, its general partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Lisa</firstName>
                <middleName>Blair</middleName>
                <lastName>Hovan</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>81 Beach Road</street1>
                <city>Belvedere</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>94920</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of HCM Group, LLC, sole member of Hovan Capital Management, LLC, its general partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>HCM Group, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>81 Beach Road</street1>
                <city>Belvedere</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>94920</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Sole member of Hovan Capital Management, LLC, its 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>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2005-04-08</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>100000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>4620758</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>true</hasNonAccreditedInvestors>
            <numberNonAccreditedInvestors>0</numberNonAccreditedInvestors>
            <totalNumberAlreadyInvested>18</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>HCM Market Neutral Fund, LP</issuerName>
                <signatureName>Lisa B. Hovan</signatureName>
                <nameOfSigner>Lisa B. Hovan</nameOfSigner>
                <signatureTitle>MM of MM of GP</signatureTitle>
                <signatureDate>2010-02-17</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
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</TEXT>
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