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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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<SEC-DOCUMENT>0001464771-10-000002.txt : 20100315
<SEC-HEADER>0001464771-10-000002.hdr.sgml : 20100315
<ACCEPTANCE-DATETIME>20100315130532
ACCESSION NUMBER:		0001464771-10-000002
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Securities Act Section 4(6)
FILED AS OF DATE:		20100315
DATE AS OF CHANGE:		20100315
EFFECTIVENESS DATE:		20100315

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TSG FUND V, L.P.
		CENTRAL INDEX KEY:			0001464771
		IRS NUMBER:				270203941
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-131482
		FILM NUMBER:		10680543

	BUSINESS ADDRESS:	
		STREET 1:		8366 GARLAND ROAD
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75218
		BUSINESS PHONE:		9494171397

	MAIL ADDRESS:	
		STREET 1:		C/O TSG GP, LLC
		STREET 2:		8951 RESEARCH DRIVE
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92618
</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>0001464771</cik>
        <entityName>TSG FUND V, L.P.</entityName>
        <issuerAddress>
            <street1>8366 GARLAND ROAD</street1>
            <city>DALLAS</city>
            <stateOrCountry>TX</stateOrCountry>
            <zipCode>75218</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>9494171397</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2009</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>William</firstName>
                <middleName>A.</middleName>
                <lastName>Shopoff</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>8951 Research Drive</street1>
                <city>Irvine</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>92618</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>William A. Shopoff is the Manager of TSG GP, LLC, the General Partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Other Real Estate</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>No Revenues</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>46</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001464771-10-000001</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-06-04</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>250000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>N/A</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>N/A</street1>
                    <street2>N/A</street2>
                    <city>N/A</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <zipCode>92618</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AZ</state>
                    <state>CA</state>
                    <state>CO</state>
                    <state>DE</state>
                    <state>MO</state>
                    <state>NC</state>
                    <state>OR</state>
                    <state>TN</state>
                    <state>TX</state>
                    <state>VA</state>
                    <state>WA</state>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>5000000</totalOfferingAmount>
            <totalAmountSold>1217342</totalAmountSold>
            <totalRemaining>3782658</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>9</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>250000</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>250000</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse>No sales commissions or finders' fees are contemplated at this time, but the issuer has reserved the right to pay the estimated amounts shown.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>There will be no payments directly from the proceeds of the offering but management is entitled to fees from operations of the Issuer</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>TSG FUND V, L.P.</issuerName>
                <signatureName>/s/ William A. Shopoff</signatureName>
                <nameOfSigner>William A. Shopoff</nameOfSigner>
                <signatureTitle>Manager, TSG GP, LLC, as General Partner of TSG Fund V, L.P.</signatureTitle>
                <signatureDate>2010-03-15</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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