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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001451315-10-000001.txt : 20100114
<SEC-HEADER>0001451315-10-000001.hdr.sgml : 20100114
<ACCEPTANCE-DATETIME>20100114144228
ACCESSION NUMBER:		0001451315-10-000001
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)(1)
FILED AS OF DATE:		20100114
DATE AS OF CHANGE:		20100114
EFFECTIVENESS DATE:		20100114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KEYSTONE PRIVATE EQUITY OPPORTUNITIES II LP
		CENTRAL INDEX KEY:			0001451315
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-124891
		FILM NUMBER:		10527275

	BUSINESS ADDRESS:	
		STREET 1:		2410 Camino Ramon
		STREET 2:		Suite 120
		CITY:			San Ramon
		STATE:			CA
		ZIP:			94583
		BUSINESS PHONE:		9254073120

	MAIL ADDRESS:	
		STREET 1:		2410 Camino Ramon
		STREET 2:		Suite 120
		CITY:			San Ramon
		STATE:			CA
		ZIP:			94583
</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>0001451315</cik>
        <entityName>KEYSTONE PRIVATE EQUITY OPPORTUNITIES II LP</entityName>
        <issuerAddress>
            <street1>2410 Camino Ramon</street1>
            <street2>Suite 120</street2>
            <city>San Ramon</city>
            <stateOrCountry>CA</stateOrCountry>
            <zipCode>94583</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>9254073120</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>N/A</firstName>
                <lastName>Keystone Opportunities II GP, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2410 Camino Ramon, Suite 120</street1>
                <city>San Ramon</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>94583</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Brandon</firstName>
                <lastName>Nielson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2410 Camino Ramon, Suite 120</street1>
                <city>San Ramon</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>94583</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the General Partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <lastName>Earl</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2410 Camino Ramon, Suite 120</street1>
                <city>San Ramon, CA</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>94583</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the General Partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Barry</firstName>
                <lastName>Smith</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2410 Camino Ramon, Suite 120</street1>
                <city>San Ramon</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>94583</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the General Partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Venture Capital Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001451315-09-000002</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2008-11-08</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>100000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Brent Cochran</recipientName>
                <recipientCRDNumber>2361173</recipientCRDNumber>
                <associatedBDName>Cambridge Investment Research Inc</associatedBDName>
                <associatedBDCRDNumber>39543</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>6465 S. 3000 East, Suite 200</street1>
                    <city>Salt Lake City</city>
                    <stateOrCountry>UT</stateOrCountry>
                    <zipCode>84121</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <state>FL</state>
                    <state>ID</state>
                    <state>OR</state>
                    <state>TX</state>
                    <state>UT</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>David A. Russon</recipientName>
                <recipientCRDNumber>1194052</recipientCRDNumber>
                <associatedBDName>Cambridge Investment Research, Inc.</associatedBDName>
                <associatedBDCRDNumber>39543</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>6465 S. 3000 East, Suite 200</street1>
                    <city>Salt Lake City</city>
                    <stateOrCountry>UT</stateOrCountry>
                    <zipCode>84121</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CO</state>
                    <state>UT</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Daniel Rhett Jeppson</recipientName>
                <recipientCRDNumber>2992473</recipientCRDNumber>
                <associatedBDName>Cambridge Investment Research, Inc.</associatedBDName>
                <associatedBDCRDNumber>39543</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>6465 S. 3000 East, Suite 200</street1>
                    <city>Salt Lake City</city>
                    <stateOrCountry>UT</stateOrCountry>
                    <zipCode>84121</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>UT</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Allen Neuenschwander</recipientName>
                <recipientCRDNumber>1507901</recipientCRDNumber>
                <associatedBDName>SMH Capital Inc.</associatedBDName>
                <associatedBDCRDNumber>20580</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>600 Travis Street, Suite 5800</street1>
                    <city>Houston</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <zipCode>77002</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>TX</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Andrew H. Walker</recipientName>
                <recipientCRDNumber>4823479</recipientCRDNumber>
                <associatedBDName>SMH Capital Inc.</associatedBDName>
                <associatedBDCRDNumber>20580</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2550 Gaskins Road</street1>
                    <city>Richmond</city>
                    <stateOrCountry>VA</stateOrCountry>
                    <zipCode>23238</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>VA</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Tom Genco</recipientName>
                <recipientCRDNumber>2957076</recipientCRDNumber>
                <associatedBDName>SMH Capital Inc.</associatedBDName>
                <associatedBDCRDNumber>20580</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1422 Euclid Avenue # 801</street1>
                    <city>Cleveland</city>
                    <stateOrCountry>OH</stateOrCountry>
                    <zipCode>44115</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>OH</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Daniel L. Bonder</recipientName>
                <recipientCRDNumber>2518757</recipientCRDNumber>
                <associatedBDName>SMH Capital Inc.</associatedBDName>
                <associatedBDCRDNumber>20580</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>25800 Science Park Drive</street1>
                    <street2>Suite 200</street2>
                    <city>Beachwood</city>
                    <stateOrCountry>OH</stateOrCountry>
                    <zipCode>44122</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>OH</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Gregory G. Randall</recipientName>
                <recipientCRDNumber>2143449</recipientCRDNumber>
                <associatedBDName>SMH Capital Inc.</associatedBDName>
                <associatedBDCRDNumber>20580</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>25800 Science Park Drive</street1>
                    <street2>Suite 200</street2>
                    <city>Beachwood</city>
                    <stateOrCountry>OH</stateOrCountry>
                    <zipCode>44122</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>OH</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Shree N. Sharma</recipientName>
                <recipientCRDNumber>1068361</recipientCRDNumber>
                <associatedBDName>Cambridge Investment Research, Inc.</associatedBDName>
                <associatedBDCRDNumber>35943</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>6465 S. 3000 East, Suite 200</street1>
                    <city>Salt Lake City</city>
                    <stateOrCountry>UT</stateOrCountry>
                    <zipCode>84121</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>UT</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>John E. Fleckenstein</recipientName>
                <recipientCRDNumber>1790867</recipientCRDNumber>
                <associatedBDName>Sunbelt Securities Inc.</associatedBDName>
                <associatedBDCRDNumber>42180</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>5075 Westheimer, Suite 670</street1>
                    <city>Houston</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <zipCode>77056</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>TX</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Mark S. Henderson</recipientName>
                <recipientCRDNumber>242788</recipientCRDNumber>
                <associatedBDName>National Planning Corporation</associatedBDName>
                <associatedBDCRDNumber>29604</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2750 William D. Tate Avenue</street1>
                    <street2>Suite 100</street2>
                    <city>Grapevine</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <zipCode>76051</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>TX</state>
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            </recipient>
            <recipient>
                <recipientName>Raymond J. Miller</recipientName>
                <recipientCRDNumber>856248</recipientCRDNumber>
                <associatedBDName>Sunbelt Securities Inc.</associatedBDName>
                <associatedBDCRDNumber>42180</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>5075 Westheimer, Suite 670</street1>
                    <city>Houston</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <zipCode>77056</zipCode>
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                <statesOfSolicitationList>
                    <state>TX</state>
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            <recipient>
                <recipientName>Dwane Mark Tidwell</recipientName>
                <recipientCRDNumber>2612587</recipientCRDNumber>
                <associatedBDName>Sunbelt Securities Inc.</associatedBDName>
                <associatedBDCRDNumber>42180</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>5075 Westheimer, Suite 670</street1>
                    <city>Houston</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <zipCode>77056</zipCode>
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                    <state>TX</state>
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                <recipientCRDNumber>1193682</recipientCRDNumber>
                <associatedBDName>National Planning Corporation</associatedBDName>
                <associatedBDCRDNumber>29604</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>8001 Centerview Parkway</street1>
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                    <stateOrCountry>TN</stateOrCountry>
                    <zipCode>38018</zipCode>
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                <associatedBDName>Lincoln Financial Advisors</associatedBDName>
                <associatedBDCRDNumber>3978</associatedBDCRDNumber>
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                    <city>Holladay</city>
                    <stateOrCountry>UT</stateOrCountry>
                    <zipCode>84121</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CO</state>
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                <recipientCRDNumber>4048577</recipientCRDNumber>
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                </recipientAddress>
                <statesOfSolicitationList>
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                    <state>UT</state>
                </statesOfSolicitationList>
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            <recipient>
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                <recipientCRDNumber>3125377</recipientCRDNumber>
                <associatedBDName>Lincoln Financial Advisors</associatedBDName>
                <associatedBDCRDNumber>3978</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>3165 East MIlrock Drive</street1>
                    <street2>Suite 450</street2>
                    <city>Holladay</city>
                    <stateOrCountry>UT</stateOrCountry>
                    <zipCode>84121</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CO</state>
                    <state>UT</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
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                <recipientCRDNumber>2173329</recipientCRDNumber>
                <associatedBDName>Cambridge Investment Research</associatedBDName>
                <associatedBDCRDNumber>39543</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1013 Galleria Blvd. Suite 270</street1>
                    <city>Roseville</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <zipCode>95678</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Rick Isaac</recipientName>
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                <associatedBDName>Cambridge Investment Research</associatedBDName>
                <associatedBDCRDNumber>39543</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2420 N. Woodlawn</street1>
                    <street2>Building 100, Suite J</street2>
                    <city>Wichata</city>
                    <stateOrCountry>KS</stateOrCountry>
                    <zipCode>67220</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>IL</state>
                    <state>KS</state>
                    <state>VA</state>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>150000000</totalOfferingAmount>
            <totalAmountSold>55600000</totalAmountSold>
            <totalRemaining>94400000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>82</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>213600</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
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        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
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            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
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            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>KEYSTONE PRIVATE EQUITY OPPORTUNITIES II LP</issuerName>
                <signatureName>/s/ Brandon Nielson</signatureName>
                <nameOfSigner>Brandon Nielson</nameOfSigner>
                <signatureTitle>Director of Issuer's GP</signatureTitle>
                <signatureDate>2010-01-14</signatureDate>
            </signature>
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