-----BEGIN PRIVACY-ENHANCED MESSAGE-----
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>0001444616-09-000003.txt : 20091027
<SEC-HEADER>0001444616-09-000003.hdr.sgml : 20091027
<ACCEPTANCE-DATETIME>20091027101756
ACCESSION NUMBER:		0001444616-09-000003
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20091027
DATE AS OF CHANGE:		20091027
EFFECTIVENESS DATE:		20091027

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TERRACAP PARTNERS LP
		CENTRAL INDEX KEY:			0001444616
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-122197
		FILM NUMBER:		091138292

	BUSINESS ADDRESS:	
		STREET 1:		1314 Cape Coral Pkwy, Suite 320
		CITY:			Cape Coral
		STATE:			FL
		ZIP:			33904
		BUSINESS PHONE:		239-540-2002

	MAIL ADDRESS:	
		STREET 1:		1314 Cape Coral Pkwy, Suite 320
		CITY:			Cape Coral
		STATE:			FL
		ZIP:			33904
</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>0001444616</cik>
        <entityName>TERRACAP PARTNERS LP</entityName>
        <issuerAddress>
            <street1>1314 Cape Coral Pkwy, Suite 320</street1>
            <city>Cape Coral</city>
            <stateOrCountry>FL</stateOrCountry>
            <zipCode>33904</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>239-540-2002</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2008</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Stephen</firstName>
                <middleName>W.</middleName>
                <lastName>Hagenbuckle</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1314 Cape Coral Pkwy, Suite 320</street1>
                <city>Cape Coral</city>
                <stateOrCountry>FL</stateOrCountry>
                <zipCode>33904</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>President of General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>(GP)</firstName>
                <lastName>TerraCap GP Corp</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1314 Cape Coral Pkwy, Suite 320</street1>
                <city>Cape Coral</city>
                <stateOrCountry>FL</stateOrCountry>
                <zipCode>33904</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Other Real Estate</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>No Revenues</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-08-038319</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2008-08-29</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Scarsdale Equities LLC</recipientName>
                <recipientCRDNumber>134602</recipientCRDNumber>
                <associatedBDName>Ruediger H. Beutell</associatedBDName>
                <associatedBDCRDNumber>2273095</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>30 Rockefeller Plaza</street1>
                    <street2>Suite 4250</street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10112</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CT</state>
                    <state>DE</state>
                    <state>NY</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>First Florida Securities, Inc.</recipientName>
                <recipientCRDNumber>19586</recipientCRDNumber>
                <associatedBDName>Dennis B. Schroeder</associatedBDName>
                <associatedBDCRDNumber>415263</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>11660 Night Heron Dr.</street1>
                    <city>Naples</city>
                    <stateOrCountry>FL</stateOrCountry>
                    <zipCode>34119</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>FL</state>
                    <state>MI</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Proequities, Inc.</recipientName>
                <recipientCRDNumber>15708</recipientCRDNumber>
                <associatedBDName>David P. Allen</associatedBDName>
                <associatedBDCRDNumber>1210763</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2003 LK Howell Ln</street1>
                    <city>Maitland</city>
                    <stateOrCountry>FL</stateOrCountry>
                    <zipCode>32751</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>FL</state>
                    <state>TX</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Stephen Tucker</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2777 Fountain Head Ct.</street1>
                    <city>Naples</city>
                    <stateOrCountry>FL</stateOrCountry>
                    <zipCode>34103</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>FL</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Arcadia Securities, LLC</recipientName>
                <recipientCRDNumber>44656</recipientCRDNumber>
                <associatedBDName>John R. Halasz</associatedBDName>
                <associatedBDCRDNumber>2942363</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>720 Fifth Ave</street1>
                    <street2>10th Floor</street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10019</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <state>NY</state>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>25000000</totalOfferingAmount>
            <totalAmountSold>5361730</totalAmountSold>
            <totalRemaining>19638270</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>35</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>1000000</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>2000</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse>Estimate based on fully subscribed offering.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>TERRACAP PARTNERS LP</issuerName>
                <signatureName>Walter S. Haggenbuckle</signatureName>
                <nameOfSigner>Walter S. Haggenbuckle</nameOfSigner>
                <signatureTitle>President of Manager, Terracap GP Corp.</signatureTitle>
                <signatureDate>2009-10-27</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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