-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001181431-09-053436.txt : 20091124
<SEC-HEADER>0001181431-09-053436.hdr.sgml : 20091124
<ACCEPTANCE-DATETIME>20091124105049
ACCESSION NUMBER:		0001181431-09-053436
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:		20091124
DATE AS OF CHANGE:		20091124
EFFECTIVENESS DATE:		20091124

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Morgan Stanley Capital Partners V Offshore Investors L.P.
		CENTRAL INDEX KEY:			0001451268
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-125093
		FILM NUMBER:		091203628

	BUSINESS ADDRESS:	
		STREET 1:		MS CAPITAL PARTNERS ADVISER INC.
		STREET 2:		1585 Broadway, 39th Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		(212) 761-6422

	MAIL ADDRESS:	
		STREET 1:		MS CAPITAL PARTNERS ADVISER INC.
		STREET 2:		1585 Broadway, 39th Floor
		CITY:			New York
		STATE:			NY
		ZIP:			10036
</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>0001451268</cik>
        <entityName>Morgan Stanley Capital Partners V Offshore Investors L.P.</entityName>
        <issuerAddress>
            <street1>1585 Broadway</street1>
            <street2>39th Floor</street2>
            <city>New York</city>
            <stateOrCountry>NY</stateOrCountry>
            <zipCode>10036</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>212-761-6422</issuerPhoneNumber>
        <jurisdictionOfInc>CAYMAN ISLANDS</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>
                <lastName>Trevor</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1585 Broadway</street1>
                <street2>39th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the General Partner.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Alan</firstName>
                <lastName>Jones</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1585 Broadway</street1>
                <street2>39th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the General Partner.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Eric</firstName>
                <lastName>Fry</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1585 Broadway</street1>
                <street2>39th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the General Partner.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>None</firstName>
                <lastName>MSCP V Offshore Investors GP Ltd.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1585 Broadway</street1>
                <street2>39th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Pratish</firstName>
                <middleName>S.</middleName>
                <lastName>Patel</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1585 Broadway</street1>
                <street2>39th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the General Partner.</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>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-08-048203</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2008-11-14</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>N/A</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>Morgan Stanley &amp; Co. Incorporated</associatedBDName>
                <associatedBDCRDNumber>8209</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1585 Broadway</street1>
                    <street2>39th Floor</street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10036</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>N/A</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>Morgan Stanley &amp; Co. International PLC</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>20 Bank Street, Canary Wharf</street1>
                    <street2>Floor 08</street2>
                    <city>London</city>
                    <stateOrCountry>X0</stateOrCountry>
                    <zipCode>E14 4AD</zipCode>
                </recipientAddress>
                <statesOfSolicitationList></statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>N/A</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>Morgan Stanley Smith Barney LLC</associatedBDName>
                <associatedBDCRDNumber>149777</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2000 Westchester Avenue</street1>
                    <city>Purchase</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10577-2530</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>84200000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>52</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>994350</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse>Reflects actual commissions paid plus a proportional increase to estimate future commissions.  In addition, the fund pays administrative, non-placement, fees to the placement agents.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Morgan Stanley Capital Partners V Offshore Investors L.P.</issuerName>
                <signatureName>/s/ Pratish S. Patel</signatureName>
                <nameOfSigner>Pratish S. Patel</nameOfSigner>
                <signatureTitle>VP of genl ptnr of issuer</signatureTitle>
                <signatureDate>2009-11-23</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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