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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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 7/fWd42vTOkx3TOG16s3Dg==

<SEC-DOCUMENT>0001466592-09-000001.txt : 20090708
<SEC-HEADER>0001466592-09-000001.hdr.sgml : 20090708
<ACCEPTANCE-DATETIME>20090708125056
ACCESSION NUMBER:		0001466592-09-000001
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)(1)
FILED AS OF DATE:		20090708
DATE AS OF CHANGE:		20090708
EFFECTIVENESS DATE:		20090708

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Paragon Hedged Equity Fund, LLC
		CENTRAL INDEX KEY:			0001466592
		IRS NUMBER:				270342055
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-132515
		FILM NUMBER:		09934669

	BUSINESS ADDRESS:	
		STREET 1:		999 EIGHTEENTH STREET, SUITE 1220
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202
		BUSINESS PHONE:		303-293-3859

	MAIL ADDRESS:	
		STREET 1:		999 EIGHTEENTH STREET, SUITE 1220
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0401</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001466592</cik>
        <entityName>Paragon Hedged Equity Fund, LLC</entityName>
        <issuerAddress>
            <street1>999 EIGHTEENTH STREET, SUITE 1220</street1>
            <street2></street2>
            <city>DENVER</city>
            <stateOrCountry>CO</stateOrCountry>
            <zipCode>80202</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>303-293-3859</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>COLORADO</jurisdictionOfInc>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2009</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Ltd.</firstName>
                <middleName></middleName>
                <lastName>Paragon Capital Management</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>999 18th Street, Suite 1220</street1>
                <street2></street2>
                <city>Denver</city>
                <stateOrCountry>CO</stateOrCountry>
                <zipCode>80202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Alex</firstName>
                <middleName></middleName>
                <lastName>Feick</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>999 18th Street, Suite 1220</street1>
                <street2></street2>
                <city>Denver</city>
                <stateOrCountry>CO</stateOrCountry>
                <zipCode>80202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Director of Paragon Capital Management, Ltd., Manager</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>$5,000,001 - $25,000,000</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-06-30</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>250000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>14300000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>27</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>Paragon Hedged Equity Fund, LLC</issuerName>
                <signatureName>/s/ Henry Lester</signatureName>
                <nameOfSigner>Henry Lester</nameOfSigner>
                <signatureTitle>Chief Compliance Officer, Paragon Capital Mgt., Ltd., Manage</signatureTitle>
                <signatureDate>2009-07-08</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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