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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 fHU93AkVNhw8fl/kyX0H7Q==

<SEC-DOCUMENT>0001452726-09-000002.txt : 20090313
<SEC-HEADER>0001452726-09-000002.hdr.sgml : 20090313
<ACCEPTANCE-DATETIME>20090313131243
ACCESSION NUMBER:		0001452726-09-000002
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:		20090313
DATE AS OF CHANGE:		20090313
EFFECTIVENESS DATE:		20090313

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CANYON VALUE REALIZATION FUND LP
		CENTRAL INDEX KEY:			0001452726
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-125426
		FILM NUMBER:		09678932

	BUSINESS ADDRESS:	
		STREET 1:		c/o Canyon Capital Advisors LLC
		STREET 2:		2000 Avenue of the Stars 11th Floor
		CITY:			Los Angeles
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		310-272-1360

	MAIL ADDRESS:	
		STREET 1:		c/o Canyon Capital Advisors LLC
		STREET 2:		2000 Avenue of the Stars 11th Floor
		CITY:			Los Angeles
		STATE:			CA
		ZIP:			90067
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0201</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001452726</cik>
        <entityName>CANYON VALUE REALIZATION FUND LP</entityName>
        <issuerAddress>
            <street1>c/o Canyon Capital Advisors LLC</street1>
            <street2>2000 Avenue of the Stars 11th Floor</street2>
            <city>Los Angeles</city>
            <stateOrCountry>CA</stateOrCountry>
            <zipCode>90067</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>310-272-1000</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>DE</jurisdictionOfInc>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <middleName></middleName>
                <lastName>Canpartners Investments III, L.P.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Canyon Capital Advisors LLC</street1>
                <street2>2000 Avenue of the Stars, 11th Floor</street2>
                <city>Los Angeles</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>90067</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <middleName></middleName>
                <lastName>Canyon Capital Advisors LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2000 Avenue of the Stars</street1>
                <street2>11th Floor</street2>
                <city>Los Angeles</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>90067</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Investment Adviser</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Joshua</firstName>
                <middleName>S.</middleName>
                <lastName>Friedman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Canyon Capital Advisors LLC</street1>
                <street2>2000 Avenue of the Stars, 11th Floor</street2>
                <city>Los Angeles</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>90067</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Mitchell</firstName>
                <middleName>R.</middleName>
                <lastName>Julis</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Canyon Capital Advisors LLC</street1>
                <street2>2000 Avenue of the Stars, 11th Floor</street2>
                <city>Los Angeles</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>90067</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>K. Robert</firstName>
                <middleName></middleName>
                <lastName>Turner</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Canyon Capital Advisors LLC</street1>
                <street2>2000 Avenue of the Stars, 11th Floor</street2>
                <city>Los Angeles</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>90067</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <middleName>H.</middleName>
                <lastName>Simpson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Canyon Capital Advisors LLC</street1>
                <street2>2000 Avenue of the Stars, 11th Floor</street2>
                <city>Los Angeles</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>90067</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></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>9999999997-08-049134</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>1993-11-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>3000000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>3086655732</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>519</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>CANYON VALUE REALIZATION FUND LP</issuerName>
                <signatureName>John H. Simpson</signatureName>
                <nameOfSigner>John H. Simpson</nameOfSigner>
                <signatureTitle>Chief Operating Officer of the Investment Adviser</signatureTitle>
                <signatureDate>2009-03-13</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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