-----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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 w7GwrAJ5nk+3ixsmjO672g==

<SEC-DOCUMENT>0001446839-09-000003.txt : 20090925
<SEC-HEADER>0001446839-09-000003.hdr.sgml : 20090925
<ACCEPTANCE-DATETIME>20090925154503
ACCESSION NUMBER:		0001446839-09-000003
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:		20090925
DATE AS OF CHANGE:		20090925
EFFECTIVENESS DATE:		20090925

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MOUNT YALE PRIVATE EQUITY OFFSHORE FUND LP
		CENTRAL INDEX KEY:			0001446839
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-123111
		FILM NUMBER:		091087591

	BUSINESS ADDRESS:	
		STREET 1:		8000 NORMAN CENTER DRIVE
		STREET 2:		SUITE 630
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55437
		BUSINESS PHONE:		(952) 897-5390

	MAIL ADDRESS:	
		STREET 1:		8000 NORMAN CENTER DRIVE
		STREET 2:		SUITE 630
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55437
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0502</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001446839</cik>
        <entityName>MOUNT YALE PRIVATE EQUITY OFFSHORE FUND LP</entityName>
        <issuerAddress>
            <street1>8000 NORMAN CENTER DRIVE</street1>
            <street2>SUITE 630</street2>
            <city>MINNEAPOLIS</city>
            <stateOrCountry>MN</stateOrCountry>
            <zipCode>55437</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(952) 897-5390</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>CAYMAN ISLANDS</jurisdictionOfInc>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Cayman Islands limited partnership</entityTypeOtherDesc>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2006</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <middleName></middleName>
                <lastName>Mount Yale International, Ltd.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>8000 Norman Center Drive</street1>
                <street2>Suite 630</street2>
                <city>Minneapolis</city>
                <stateOrCountry>MN</stateOrCountry>
                <zipCode>55437</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner to the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <middleName></middleName>
                <lastName>Mount Yale Asset Management, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1125 Seventeenth Street</street1>
                <street2>Suite 1400</street2>
                <city>Denver</city>
                <stateOrCountry>CO</stateOrCountry>
                <zipCode>80202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Investment Manager to the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <middleName></middleName>
                <lastName>Mount Yale Capital Group, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1125 Seventeenth Street</street1>
                <street2>Suite 1400</street2>
                <city>Denver</city>
                <stateOrCountry>CO</stateOrCountry>
                <zipCode>80202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member to Issuer's Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Greg</firstName>
                <middleName>D.</middleName>
                <lastName>Anderson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1125 Seventeenth Street</street1>
                <street2>Suite 1400</street2>
                <city>Denver</city>
                <stateOrCountry>CO</stateOrCountry>
                <zipCode>80202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager of the Issuer's Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <middleName>L.</middleName>
                <lastName>Sabre</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>8000 Norman Center Drive</street1>
                <street2>Suite 630</street2>
                <city>Minneapolis</city>
                <stateOrCountry>MN</stateOrCountry>
                <zipCode>55437</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager of the Issuer's Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Roger</firstName>
                <middleName>C.</middleName>
                <lastName>Bowden</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1125 Seventeenth Street</street1>
                <street2>Suite 1400</street2>
                <city>Denver</city>
                <stateOrCountry>CO</stateOrCountry>
                <zipCode>80202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager of the Issuer's Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <middleName>J.</middleName>
                <lastName>Sabre</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>8000 Norman Center Drive</street1>
                <street2>Suite 630</street2>
                <city>Minneapolis</city>
                <stateOrCountry>MN</stateOrCountry>
                <zipCode>55437</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Financial Officer and Chief Compliance Officer of the Issuer's Investment Manager</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>9999999997-08-041313</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2006-03-02</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>2000000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>FSC Securities Corp.</recipientName>
                <recipientCRDNumber>7461</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2300 Windy Ridge Pkwy</street1>
                    <street2>Suite 1100</street2>
                    <city>Atlanta</city>
                    <stateOrCountry>GA</stateOrCountry>
                    <zipCode>30339</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>AIG Financial Advisors, Inc.</recipientName>
                <recipientCRDNumber>133763</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2800 N. Central Ave.</street1>
                    <street2>Suite 2100</street2>
                    <city>Phoenix</city>
                    <stateOrCountry>AZ</stateOrCountry>
                    <zipCode>85004</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Ameritas Investment Corp.</recipientName>
                <recipientCRDNumber>14869</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>5900 &quot;O&quot; Street</street1>
                    <street2></street2>
                    <city>Lincoln</city>
                    <stateOrCountry>NE</stateOrCountry>
                    <zipCode>68510</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>RBC Dain Rausher</recipientName>
                <recipientCRDNumber>31194</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>60 South Sixth Street</street1>
                    <street2></street2>
                    <city>Minneapolis</city>
                    <stateOrCountry>MN</stateOrCountry>
                    <zipCode>55402</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Lincoln Financial Advisors Corp.</recipientName>
                <recipientCRDNumber>3978</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1300 S. Clinton Street</street1>
                    <street2>Suite 150</street2>
                    <city>Ft. Wayne</city>
                    <stateOrCountry>IN</stateOrCountry>
                    <zipCode>46802</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Fitzgibbon Toigo &amp; Co. LLC</recipientName>
                <recipientCRDNumber>122142</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>412 Park Street</street1>
                    <street2></street2>
                    <city>Upper Montclair</city>
                    <stateOrCountry>NJ</stateOrCountry>
                    <zipCode>07043</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AZ</state>
                    <state>CA</state>
                    <state>CT</state>
                    <state>DC</state>
                    <state>GA</state>
                    <state>MN</state>
                    <state>NJ</state>
                    <state>NY</state>
                    <state>OH</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Octavus LLC</recipientName>
                <recipientCRDNumber>41782</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>37 Water Street</street1>
                    <street2></street2>
                    <city>Excelsior</city>
                    <stateOrCountry>MN</stateOrCountry>
                    <zipCode>55331</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AZ</state>
                    <state>FL</state>
                    <state>MN</state>
                    <state>NJ</state>
                    <state>TX</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>LPL Financial Corporation</recipientName>
                <recipientCRDNumber>6413</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>One Beacon Street</street1>
                    <street2>22nd Floor</street2>
                    <city>Boston</city>
                    <stateOrCountry>MA</stateOrCountry>
                    <zipCode>02108</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Royal Alliance Associates, Inc.</recipientName>
                <recipientCRDNumber>23131</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>One World Financial Center</street1>
                    <street2>15th Floor</street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10281</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>National Financial Services, LLC</recipientName>
                <recipientCRDNumber>13041</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>200 Seaport Boulevard</street1>
                    <street2></street2>
                    <city>Boston</city>
                    <stateOrCountry>MA</stateOrCountry>
                    <zipCode>02110</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>39335640</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>36</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>The Issuer does not pay sales commissions or finder's fees.  Sales compensation is paid by an affiliate of the Issuer.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>MOUNT YALE PRIVATE EQUITY OFFSHORE FUND LP</issuerName>
                <signatureName>/s/ Michael J. Sabre</signatureName>
                <nameOfSigner>Michael J. Sabre</nameOfSigner>
                <signatureTitle>CFO and CCO of the Issuer's Investment Manager</signatureTitle>
                <signatureDate>2009-09-25</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----