-----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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 dHvep+GOPI0Ua9G1lppfdw==

<SEC-DOCUMENT>0000898432-11-000457.txt : 20110323
<SEC-HEADER>0000898432-11-000457.hdr.sgml : 20110323
<ACCEPTANCE-DATETIME>20110323145636
ACCESSION NUMBER:		0000898432-11-000457
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20110323
DATE AS OF CHANGE:		20110323
EFFECTIVENESS DATE:		20110323

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VICTOR EQUITY FUND LTD
		CENTRAL INDEX KEY:			0001459721
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-128684
		FILM NUMBER:		11706267

	BUSINESS ADDRESS:	
		STREET 1:		MAPLES FINANCE LTD
		STREET 2:		P.O. BOX 1093GT
		CITY:			GEORGE TOWN
		STATE:			XX
		ZIP:			CAYMAN
		BUSINESS PHONE:		240-482-0400

	MAIL ADDRESS:	
		STREET 1:		MAPLES FINANCE LTD
		STREET 2:		P.O. BOX 1093GT
		CITY:			GEORGE TOWN
		STATE:			XX
		ZIP:			CAYMAN
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001459721</cik>
        <entityName>VICTOR EQUITY FUND LTD</entityName>
        <issuerAddress>
            <street1>MAPLES FINANCE LTD</street1>
            <city>GEORGE TOWN</city>
            <stateOrCountry>E9</stateOrCountry>
            <stateOrCountryDescription>CAYMAN ISLANDS</stateOrCountryDescription>
            <zipCode>00000</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>240-482-0400</issuerPhoneNumber>
        <jurisdictionOfInc>CAYMAN ISLANDS</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>A Cayman Islands exempted company</entityTypeOtherDesc>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Columbia Partners, L.L.C. Investment Management</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>5425 Wisconsin Avenue</street1>
                <city>Chevy Chase</city>
                <stateOrCountry>MD</stateOrCountry>
                <stateOrCountryDescription>MARYLAND</stateOrCountryDescription>
                <zipCode>20815</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Rhys</firstName>
                <middleName>H.</middleName>
                <lastName>Williams</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Columbia Partners, L.L.C. Inv. Mgmt.</street1>
                <street2>5425 Wisconsin Ave.</street2>
                <city>Chevy Chase</city>
                <stateOrCountry>MD</stateOrCountry>
                <stateOrCountryDescription>MARYLAND</stateOrCountryDescription>
                <zipCode>20815</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <middleName>A.</middleName>
                <lastName>Von Pentz</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Columbia Partners, L.L.C. Inv. Mgmt.</street1>
                <street2>5425 Wisconsin Ave.</street2>
                <city>Chevy Chase</city>
                <stateOrCountry>MD</stateOrCountry>
                <stateOrCountryDescription>MARYLAND</stateOrCountryDescription>
                <zipCode>20815</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Dunlop</firstName>
                <middleName>K.</middleName>
                <lastName>Scott</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Columbia Partners, L.L.C. Inv. Mgmt.</street1>
                <street2>5425 Wisconsin Avenue</street2>
                <city>Chevy Chase</city>
                <stateOrCountry>MD</stateOrCountry>
                <stateOrCountryDescription>MARYLAND</stateOrCountryDescription>
                <zipCode>20815</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Curtin</firstName>
                <lastName>Winsor</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Columbia Partners, L.L.C. Inv. Mgmt.</street1>
                <street2>5425 Wisconsin Ave.</street2>
                <city>Chevy Chase</city>
                <stateOrCountry>MD</stateOrCountry>
                <stateOrCountryDescription>MARYLAND</stateOrCountryDescription>
                <zipCode>20815</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</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>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0000898432-10-000445</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2000-03-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>300000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>36779898</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>Minimum investment amount may be waived.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>true</hasNonAccreditedInvestors>
            <numberNonAccreditedInvestors>2</numberNonAccreditedInvestors>
            <totalNumberAlreadyInvested>17</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>VICTOR EQUITY FUND LTD</issuerName>
                <signatureName>/s/ K. Dunlop Scott</signatureName>
                <nameOfSigner>K. Dunlop Scott</nameOfSigner>
                <signatureTitle>Director</signatureTitle>
                <signatureDate>2011-03-21</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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