-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001458362-09-000003.txt : 20090929
<SEC-HEADER>0001458362-09-000003.hdr.sgml : 20090929
<ACCEPTANCE-DATETIME>20090929111930
ACCESSION NUMBER:		0001458362-09-000003
CONFORMED SUBMISSION TYPE:	D
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:		20090929
DATE AS OF CHANGE:		20090929
EFFECTIVENESS DATE:		20090929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Permal Private Equity Holdings V(b), L.P.
		CENTRAL INDEX KEY:			0001458362
		IRS NUMBER:				980544475
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-134804
		FILM NUMBER:		091091796

	BUSINESS ADDRESS:	
		STREET 1:		800 BOYLSTON
		STREET 2:		SUITE 1325
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02199
		BUSINESS PHONE:		617-587-5300

	MAIL ADDRESS:	
		STREET 1:		800 BOYLSTON
		STREET 2:		SUITE 1325
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02199
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001458362</cik>
        <entityName>Permal Private Equity Holdings V(b), L.P.</entityName>
        <issuerAddress>
            <street1>800 BOYLSTON</street1>
            <street2>SUITE 1325</street2>
            <city>BOSTON</city>
            <stateOrCountry>MA</stateOrCountry>
            <zipCode>02199</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>617-587-5300</issuerPhoneNumber>
        <jurisdictionOfInc>CAYMAN ISLANDS</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2007</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Benjamin</firstName>
                <lastName>Marino</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>800 Boylston Street</street1>
                <street2>Suite 1325</street2>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02199</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer of Permal Capital Management, LLC, the Issuer's investment manager and managing member of Issuer's general partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>C.</firstName>
                <middleName>Redington</middleName>
                <lastName>Barrett, III</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>800 Boylston Street</street1>
                <street2>Suite 1325</street2>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02199</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer of Permal Capital Management, LLC, the Issuer's investment manager and managing member of Issuer's general partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <lastName>DiGeronimo</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>800 Boylston Street</street1>
                <street2>Suite 1325</street2>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02199</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer of Permal Capital Management, LLC, the Issuer's investment manager and managing member of Issuer's general partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Adriaan</firstName>
                <middleName>Zur</middleName>
                <lastName>Muhlen</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>800 Boylston Street</street1>
                <street2>Suite 1325</street2>
                <city>Boton</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02199</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer of Permal Capital Management, LLC, the Issuer's investment manager and managing member of Issuer's 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>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2007-12-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1500000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Fairview Partners, Inc.</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>137 Rowayton Ave.</street1>
                    <city>Rowayton</city>
                    <stateOrCountry>CT</stateOrCountry>
                    <zipCode>06853</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>300000000</totalOfferingAmount>
            <totalAmountSold>25350000</totalAmountSold>
            <totalRemaining>274650000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>8</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>12750</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>PPEH V (b), LLC, Issuer's general partner, will be entitled to a management fee as well as carried interest, as discussed in detail in the Issuer's Confidential Offering Materials.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Permal Private Equity Holdings V(b), L.P.</issuerName>
                <signatureName>Benjamin Marino</signatureName>
                <nameOfSigner>Benjamin Marino</nameOfSigner>
                <signatureTitle>Chief Financial Officer of Issuer's general partner</signatureTitle>
                <signatureDate>2009-09-29</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----