-----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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 72y6ma88Oy+xCy8jQ6fG2Q==

<SEC-DOCUMENT>0001011723-09-000003.txt : 20090128
<SEC-HEADER>0001011723-09-000003.hdr.sgml : 20090128
<ACCEPTANCE-DATETIME>20090127195004
ACCESSION NUMBER:		0001011723-09-000003
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20090128
DATE AS OF CHANGE:		20090127
EFFECTIVENESS DATE:		20090128

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ATEL Growth Capital Fund V, LLC
		CENTRAL INDEX KEY:			0001451768
		IRS NUMBER:				260347905
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-126388
		FILM NUMBER:		09549434

	BUSINESS ADDRESS:	
		STREET 1:		ATEL FINANCIAL SERVICES, LLC
		STREET 2:		600 CALIFORNIA STREET, 6TH FLOOR
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94108
		BUSINESS PHONE:		415-989-8800

	MAIL ADDRESS:	
		STREET 1:		ATEL FINANCIAL SERVICES, LLC
		STREET 2:		600 CALIFORNIA STREET, 6TH FLOOR
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94108
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0201</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001451768</cik>
        <entityName>ATEL Growth Capital Fund V, LLC</entityName>
        <issuerAddress>
            <street1>ATEL FINANCIAL SERVICES, LLC</street1>
            <street2>600 CALIFORNIA STREET, 6TH FLOOR</street2>
            <city>SAN FRANCISCO</city>
            <stateOrCountry>CA</stateOrCountry>
            <zipCode>94108</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>415-989-8800</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>CA</jurisdictionOfInc>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2007</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>NA</firstName>
                <middleName></middleName>
                <lastName>ATEL Capital Group</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>600 California Street, 6th Floor</street1>
                <street2></street2>
                <city>San Francisco</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>94108</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>NA</firstName>
                <middleName></middleName>
                <lastName>ATEL Growth Capital Partners 4, 5 and 6, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>600 California Street, 6th Floor</street1>
                <street2></street2>
                <city>San Francisco</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>94108</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager of Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Dean</firstName>
                <middleName>L.</middleName>
                <lastName>Cash</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>600 California Street, 6th Floor</street1>
                <street2></street2>
                <city>San Francisco</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>94108</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Paritosh</firstName>
                <middleName>K.</middleName>
                <lastName>Choksi</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>600 California Street, 6th Floor</street1>
                <street2></street2>
                <city>San Francisco</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>94108</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Other Banking and Financial Services</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <yetToOccur>true</yetToOccur>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>50000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>ATEL Securities Corporation</recipientName>
                <recipientCRDNumber>17229</recipientCRDNumber>
                <associatedBDName>ATEL Securities Corporation</associatedBDName>
                <associatedBDCRDNumber>17229</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>600 California Street, 6th Floor</street1>
                    <street2></street2>
                    <city>San Francisco</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <zipCode>94108</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AZ</state>
                    <state>CA</state>
                    <state>CO</state>
                    <state>ID</state>
                    <state>MI</state>
                    <state>NH</state>
                    <state>NC</state>
                    <state>OR</state>
                    <state>UT</state>
                    <state>WA</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Berthel, Fisher and Company Financial Services, Inc.</recipientName>
                <recipientCRDNumber>13609</recipientCRDNumber>
                <associatedBDName>Berthel, Fisher and Company Financial Services, Inc.</associatedBDName>
                <associatedBDCRDNumber>13609</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>701 Tama Street, Building B</street1>
                    <street2></street2>
                    <city>Marion</city>
                    <stateOrCountry>IA</stateOrCountry>
                    <zipCode>52302</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AL</state>
                    <state>AK</state>
                    <state>AZ</state>
                    <state>AR</state>
                    <state>CA</state>
                    <state>CO</state>
                    <state>CT</state>
                    <state>DE</state>
                    <state>DC</state>
                    <state>FL</state>
                    <state>GA</state>
                    <state>HI</state>
                    <state>ID</state>
                    <state>IL</state>
                    <state>IN</state>
                    <state>IA</state>
                    <state>KS</state>
                    <state>KY</state>
                    <state>LA</state>
                    <state>ME</state>
                    <state>MD</state>
                    <state>MA</state>
                    <state>MI</state>
                    <state>MN</state>
                    <state>MS</state>
                    <state>MO</state>
                    <state>MT</state>
                    <state>NE</state>
                    <state>NV</state>
                    <state>NH</state>
                    <state>NJ</state>
                    <state>NM</state>
                    <state>NY</state>
                    <state>NC</state>
                    <state>ND</state>
                    <state>OH</state>
                    <state>OK</state>
                    <state>OR</state>
                    <state>PA</state>
                    <state>RI</state>
                    <state>SC</state>
                    <state>SD</state>
                    <state>TN</state>
                    <state>TX</state>
                    <state>UT</state>
                    <state>VT</state>
                    <state>VA</state>
                    <state>WA</state>
                    <state>WV</state>
                    <state>WI</state>
                    <state>WY</state>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>35000000</totalOfferingAmount>
            <totalAmountSold>0</totalAmountSold>
            <totalRemaining>35000000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>true</hasNonAccreditedInvestors>
            <numberNonAccreditedInvestors>0</numberNonAccreditedInvestors>
            <totalNumberAlreadyInvested>0</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>2800000</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>700000</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>ATEL Growth Capital Fund V, LLC</issuerName>
                <signatureName>/s/ Paritosh K. Choksi</signatureName>
                <nameOfSigner>Paritosh K. Choksi</nameOfSigner>
                <signatureTitle>Executive Vice President of Manager</signatureTitle>
                <signatureDate>2009-01-27</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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