-----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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<SEC-DOCUMENT>0001469490-09-000002.txt : 20090928
<SEC-HEADER>0001469490-09-000002.hdr.sgml : 20090928
<ACCEPTANCE-DATETIME>20090928132507
ACCESSION NUMBER: 0001469490-09-000002
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: 20090928
DATE AS OF CHANGE: 20090928
EFFECTIVENESS DATE: 20090928
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Investcorp Silverback Arbitrage Fund Ltd.
CENTRAL INDEX KEY: 0001469490
IRS NUMBER: 000000000
STATE OF INCORPORATION: E9
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: D
SEC ACT: 1933 Act
SEC FILE NUMBER: 021-134774
FILM NUMBER: 091089731
BUSINESS ADDRESS:
STREET 1: C/O PAGET BROWN TRUST COMPANY LTD
STREET 2: BOUNDARY HALL CRICKET SQUARE PO BOX 1111
CITY: GRAND CAYMAN KY1-1102
STATE: E9
ZIP: 00000
BUSINESS PHONE: (888) 722-3302
MAIL ADDRESS:
STREET 1: C/O PAGET BROWN TRUST COMPANY LTD
STREET 2: BOUNDARY HALL CRICKET SQUARE PO BOX 1111
CITY: GRAND CAYMAN KY1-1102
STATE: E9
ZIP: 00000
</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>0001469490</cik>
<entityName>Investcorp Silverback Arbitrage Fund Ltd.</entityName>
<issuerAddress>
<street1>PAGET BROWN TRUST COMPANY LTD</street1>
<street2>BOUNDARY HALL CRICKET SQUARE PO BOX 1111</street2>
<city>GRAND CAYMAN</city>
<stateOrCountry>E9</stateOrCountry>
<zipCode>KY1-1102</zipCode>
</issuerAddress>
<issuerPhoneNumber>(345) 949-5122</issuerPhoneNumber>
<jurisdictionOfInc>CAYMAN ISLANDS</jurisdictionOfInc>
<issuerPreviousNameList>
<value>None</value>
</issuerPreviousNameList>
<edgarPreviousNameList>
<value>None</value>
</edgarPreviousNameList>
<entityType>Other</entityType>
<entityTypeOtherDesc>Cayman Islands exempted company</entityTypeOtherDesc>
<yearOfInc>
<withinFiveYears>true</withinFiveYears>
<value>2006</value>
</yearOfInc>
</primaryIssuer>
<relatedPersonsList>
<relatedPersonInfo>
<relatedPersonName>
<firstName>N/A</firstName>
<lastName>Investcorp Investment Advisers Limited</lastName>
</relatedPersonName>
<relatedPersonAddress>
<street1>Investcorp House</street1>
<street2>P.O. Box 5340</street2>
<city>Manama</city>
<stateOrCountry>C6</stateOrCountry>
<zipCode>00000</zipCode>
</relatedPersonAddress>
<relatedPersonRelationshipList>
<relationship>Promoter</relationship>
</relatedPersonRelationshipList>
<relationshipClarification>Investment Manager to the Issuer</relationshipClarification>
</relatedPersonInfo>
<relatedPersonInfo>
<relatedPersonName>
<firstName>Stuart</firstName>
<lastName>Marshall</lastName>
</relatedPersonName>
<relatedPersonAddress>
<street1>c/o Investcorp House</street1>
<street2>P.O. Box 5340</street2>
<city>Manama</city>
<stateOrCountry>C6</stateOrCountry>
<zipCode>00000</zipCode>
</relatedPersonAddress>
<relatedPersonRelationshipList>
<relationship>Director</relationship>
</relatedPersonRelationshipList>
<relationshipClarification></relationshipClarification>
</relatedPersonInfo>
<relatedPersonInfo>
<relatedPersonName>
<firstName>Janick</firstName>
<lastName>Fierens</lastName>
</relatedPersonName>
<relatedPersonAddress>
<street1>c/o Investcorp House</street1>
<street2>P.O. Box 5340</street2>
<city>Manama</city>
<stateOrCountry>C6</stateOrCountry>
<zipCode>00000</zipCode>
</relatedPersonAddress>
<relatedPersonRelationshipList>
<relationship>Director</relationship>
</relatedPersonRelationshipList>
<relationshipClarification></relationshipClarification>
</relatedPersonInfo>
<relatedPersonInfo>
<relatedPersonName>
<firstName>Mufeed</firstName>
<lastName>Rajab</lastName>
</relatedPersonName>
<relatedPersonAddress>
<street1>c/o Investcorp House</street1>
<street2>P.O. Box 5340</street2>
<city>Manama</city>
<stateOrCountry>C6</stateOrCountry>
<zipCode>00000</zipCode>
</relatedPersonAddress>
<relatedPersonRelationshipList>
<relationship>Director</relationship>
</relatedPersonRelationshipList>
<relationshipClarification></relationshipClarification>
</relatedPersonInfo>
<relatedPersonInfo>
<relatedPersonName>
<firstName>Craig</firstName>
<lastName>Sinfield-Hain</lastName>
</relatedPersonName>
<relatedPersonAddress>
<street1>c/o Investcorp House</street1>
<street2>P.O. Box 5340</street2>
<city>Manama</city>
<stateOrCountry>C6</stateOrCountry>
<zipCode>00000</zipCode>
</relatedPersonAddress>
<relatedPersonRelationshipList>
<relationship>Director</relationship>
</relatedPersonRelationshipList>
<relationshipClarification></relationshipClarification>
</relatedPersonInfo>
<relatedPersonInfo>
<relatedPersonName>
<firstName>Rishi</firstName>
<lastName>Kapoor</lastName>
</relatedPersonName>
<relatedPersonAddress>
<street1>c/o Investcorp House</street1>
<street2>P.O. Box 5340</street2>
<city>Manama</city>
<stateOrCountry>C6</stateOrCountry>
<zipCode>00000</zipCode>
</relatedPersonAddress>
<relatedPersonRelationshipList>
<relationship>Director</relationship>
</relatedPersonRelationshipList>
<relationshipClarification></relationshipClarification>
</relatedPersonInfo>
<relatedPersonInfo>
<relatedPersonName>
<firstName>Harsh</firstName>
<lastName>Shethia</lastName>
</relatedPersonName>
<relatedPersonAddress>
<street1>c/o Investcorp House</street1>
<street2>P.O. Box 5340</street2>
<city>Manama</city>
<stateOrCountry>C6</stateOrCountry>
<zipCode>00000</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>
<item>3C</item>
<item>3C.7</item>
</federalExemptionsExclusions>
<typeOfFiling>
<newOrAmendment>
<isAmendment>false</isAmendment>
</newOrAmendment>
<dateOfFirstSale>
<value>2008-04-01</value>
</dateOfFirstSale>
</typeOfFiling>
<durationOfOffering>
<moreThanOneYear>true</moreThanOneYear>
</durationOfOffering>
<typesOfSecuritiesOffered>
<isEquityType>true</isEquityType>
<isPooledInvestmentFundType>true</isPooledInvestmentFundType>
</typesOfSecuritiesOffered>
<businessCombinationTransaction>
<isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
<clarificationOfResponse></clarificationOfResponse>
</businessCombinationTransaction>
<minimumInvestmentAccepted>2000000</minimumInvestmentAccepted>
<salesCompensationList>
<recipient>
<recipientName>N.A. Investcorp LLC</recipientName>
<recipientCRDNumber>134162</recipientCRDNumber>
<associatedBDName>None</associatedBDName>
<associatedBDCRDNumber>None</associatedBDCRDNumber>
<recipientAddress>
<street1>280 Park Avenue</street1>
<street2>39th Floor</street2>
<city>New York</city>
<stateOrCountry>NY</stateOrCountry>
<zipCode>10017</zipCode>
</recipientAddress>
<statesOfSolicitationList>
<value>All States</value>
</statesOfSolicitationList>
</recipient>
</salesCompensationList>
<offeringSalesAmounts>
<totalOfferingAmount>Indefinite</totalOfferingAmount>
<totalAmountSold>237012303</totalAmountSold>
<totalRemaining>Indefinite</totalRemaining>
<clarificationOfResponse></clarificationOfResponse>
</offeringSalesAmounts>
<investors>
<hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
<totalNumberAlreadyInvested>28</totalNumberAlreadyInvested>
</investors>
<salesCommissionsFindersFees>
<salesCommissions>
<dollarAmount>0</dollarAmount>
</salesCommissions>
<findersFees>
<dollarAmount>0</dollarAmount>
</findersFees>
<clarificationOfResponse>The Issuer does not pay any sales commissions or finder's fees. However, the Issuer's Investment Manager pays a portion of its asset-based management fee to its affiliated broker-dealer.</clarificationOfResponse>
</salesCommissionsFindersFees>
<useOfProceeds>
<grossProceedsUsed>
<dollarAmount>0</dollarAmount>
</grossProceedsUsed>
<clarificationOfResponse></clarificationOfResponse>
</useOfProceeds>
<signatureBlock>
<authorizedRepresentative>false</authorizedRepresentative>
<signature>
<issuerName>Investcorp Silverback Arbitrage Fund Ltd.</issuerName>
<signatureName>/s/ Mufeed Rajab</signatureName>
<nameOfSigner>Mufeed Rajab</nameOfSigner>
<signatureTitle>Director</signatureTitle>
<signatureDate>2009-09-28</signatureDate>
</signature>
</signatureBlock>
</offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----