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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000929638-09-001229.txt : 20090722
<SEC-HEADER>0000929638-09-001229.hdr.sgml : 20090722
<ACCEPTANCE-DATETIME>20090722132523
ACCESSION NUMBER:		0000929638-09-001229
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:		20090722
DATE AS OF CHANGE:		20090722
EFFECTIVENESS DATE:		20090722

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Vernon Square Market Neutral Fund, LP
		CENTRAL INDEX KEY:			0001468562
		IRS NUMBER:				264830707
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-133001
		FILM NUMBER:		09956715

	BUSINESS ADDRESS:	
		STREET 1:		ONE INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		617-526-8980

	MAIL ADDRESS:	
		STREET 1:		ONE INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0502</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001468562</cik>
        <entityName>Vernon Square Market Neutral Fund, LP</entityName>
        <issuerAddress>
            <street1>ONE INTERNATIONAL PLACE</street1>
            <city>BOSTON</city>
            <stateOrCountry>MA</stateOrCountry>
            <zipCode>02110</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>617-526-8980</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2009</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <middleName></middleName>
                <lastName>Vernon Square Market Neutral GP, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>One International Place</street1>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02110</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>general partner (&quot;General Partner&quot;) of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <middleName></middleName>
                <lastName>Vernon Square Capital, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>One International Place</street1>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02110</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>investment manager (&quot;Investment Manager&quot;) of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Geoffrey</firstName>
                <middleName>G</middleName>
                <lastName>Kelley</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>One International Place</street1>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02110</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Founder and Principal of the General Partner and Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Richard</firstName>
                <middleName>B</middleName>
                <lastName>Weed</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>One International Place</street1>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02110</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Founder and Principal of the General Partner and Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <middleName>L</middleName>
                <lastName>Earl</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>One International Place</street1>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02110</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Founder and Principal of the General Partner and Investment Manager</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.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-07-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isOtherType>true</isOtherType>
            <descriptionOfOtherType>Offering of limited partnership interests of Vernon Square Market Neutral Fund, LP</descriptionOfOtherType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>500000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>2495000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>Minimum Investment - subject to reduction in the discretion of the General Partner</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>10</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>The Investment Manager will receive a management fee in an amount equal to a percentage of each limited partner's capital account. The General Partner will receive a performance allocation equal to a percentage of each limited partner's capital account</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Vernon Square Market Neutral Fund, LP</issuerName>
                <signatureName>/s/ Robert L. Earl</signatureName>
                <nameOfSigner>Robert L. Earl</nameOfSigner>
                <signatureTitle>Manager of the General Partner of the Issuer</signatureTitle>
                <signatureDate>2009-07-21</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
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</TEXT>
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</SEC-DOCUMENT>
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