-----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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 hqDMrVhFnhcvmijoOsLzuA==

<SEC-DOCUMENT>0001448153-09-000004.txt : 20090402
<SEC-HEADER>0001448153-09-000004.hdr.sgml : 20090402
<ACCEPTANCE-DATETIME>20090402154824
ACCESSION NUMBER:		0001448153-09-000004
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20090402
DATE AS OF CHANGE:		20090402
EFFECTIVENESS DATE:		20090402

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BCP V AFFILIATES FUND LP
		CENTRAL INDEX KEY:			0001448150
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-123547
		FILM NUMBER:		09727487

	BUSINESS ADDRESS:	
		STREET 1:		777 East Wisconsin Avenue
		CITY:			Milwaukee
		STATE:			WI
		ZIP:			53202
		BUSINESS PHONE:		414-765-3500

	MAIL ADDRESS:	
		STREET 1:		777 East Wisconsin Avenue
		CITY:			Milwaukee
		STATE:			WI
		ZIP:			53202
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0301</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001448150</cik>
        <entityName>BCP V AFFILIATES FUND LP</entityName>
        <issuerAddress>
            <street1>777 East Wisconsin Avenue</street1>
            <street2></street2>
            <city>Milwaukee</city>
            <stateOrCountry>WI</stateOrCountry>
            <zipCode>53202</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>414-765-3500</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>DE</jurisdictionOfInc>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2008</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Paul</firstName>
                <middleName>John</middleName>
                <lastName>Carbone</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>227 West Monroe Street</street1>
                <street2>Suite 2200</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60606</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Charles</firstName>
                <middleName>Andrew</middleName>
                <lastName>Brickman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>227 West Monroe Street</street1>
                <street2>Suite 2200</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60606</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Randall</firstName>
                <middleName>Arthur</middleName>
                <lastName>Mehl</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>777 East Wisconsin Avenue</street1>
                <street2></street2>
                <city>Milwaukee</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>53202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Gordon</firstName>
                <middleName>George</middleName>
                <lastName>Pan</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>227 West Monroe Street</street1>
                <street2>Suite 2200</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60606</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <middleName>Paul</middleName>
                <lastName>Pelisek</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>777 East Wisconsin Avenue</street1>
                <street2></street2>
                <city>Milwaukee</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>53202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Paul</firstName>
                <middleName>Edward</middleName>
                <lastName>Purcell</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>777 East Wisconsin Avenue</street1>
                <street2></street2>
                <city>Milwaukee</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>53202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <middleName>John</middleName>
                <lastName>Venable</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>777 East Wisconsin Avenue</street1>
                <street2></street2>
                <city>Milwaukee</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>53202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Todd</firstName>
                <middleName>Steven</middleName>
                <lastName>Nichol</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>777 East Wisconsin Avenue</street1>
                <street2></street2>
                <city>Milwaukee</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>53202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Paul</firstName>
                <middleName>Lee</middleName>
                <lastName>Schultz</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>777 East Wisconsin Avenue</street1>
                <street2></street2>
                <city>Milwaukee</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>53202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Private Equity Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001448150-09-000002</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <yetToOccur>true</yetToOccur>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>50000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>400000000</totalOfferingAmount>
            <totalAmountSold>0</totalAmountSold>
            <totalRemaining>400000000</totalRemaining>
            <clarificationOfResponse>The General Partner reserves the right to offer a greater amount of limited partner interests.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>true</hasNonAccreditedInvestors>
            <numberNonAccreditedInvestors>0</numberNonAccreditedInvestors>
            <totalNumberAlreadyInvested>0</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse>Placement Agent fees to be paid based upon a fee schedule. Such fees are offset dollar-for-dollar against the management fees payable by the Issuer. The payment of such fees by the Issuer will not involve any additional expenditure of funds by the Issuer.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>48000000</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>Estimated amount for the first six years, and the Issuer will continue to pay management fees thereafter.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>BCP V AFFILIATES FUND LP</issuerName>
                <signatureName>/s/ Paul L. Schultz</signatureName>
                <nameOfSigner>Paul L. Schultz</nameOfSigner>
                <signatureTitle>Authorized Person of the General Partner of the Issuer</signatureTitle>
                <signatureDate>2009-04-02</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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