-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 U50E2qddZGDalGuhI1TtAbvqGZyHAPxuWqw693YnQN97hnZZWoOQni7JZDnzMIyT
 qVFMHR/1AlVj02AnDWpTYQ==

<SEC-DOCUMENT>0001471465-09-000002.txt : 20091223
<SEC-HEADER>0001471465-09-000002.hdr.sgml : 20091223
<ACCEPTANCE-DATETIME>20091222174236
ACCESSION NUMBER:		0001471465-09-000002
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20091223
DATE AS OF CHANGE:		20091222
EFFECTIVENESS DATE:		20091223

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Waveland Ventures V, LLC
		CENTRAL INDEX KEY:			0001471465
		IRS NUMBER:				270621484
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-134426
		FILM NUMBER:		091256228

	BUSINESS ADDRESS:	
		STREET 1:		19800 MACARTHUR BLVD.
		STREET 2:		SUITE 650
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612
		BUSINESS PHONE:		949-706-5000

	MAIL ADDRESS:	
		STREET 1:		19800 MACARTHUR BLVD.
		STREET 2:		SUITE 650
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612
</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>0001471465</cik>
        <entityName>Waveland Ventures V, LLC</entityName>
        <issuerAddress>
            <street1>19800 MACARTHUR BLVD.</street1>
            <street2>SUITE 650</street2>
            <city>IRVINE</city>
            <stateOrCountry>CA</stateOrCountry>
            <zipCode>92612</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>949-706-5000</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2009</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <middleName>J</middleName>
                <lastName>Greer</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>19800 MacArthur Blvd</street1>
                <street2>Suite 650</street2>
                <city>Irvine</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>92612</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Vickie</firstName>
                <middleName>J</middleName>
                <lastName>Greer</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>19800 MacArthur Blvd</street1>
                <street2>Suite 650</street2>
                <city>Irvine</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>92612</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Ryan</firstName>
                <middleName>W</middleName>
                <lastName>Siemens</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>19800 MacArthur Blvd</street1>
                <street2>Suite 650</street2>
                <city>Irvine</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>92612</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Wayne</firstName>
                <middleName>A</middleName>
                <lastName>Ross</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>19800 MacArthur Blvd</street1>
                <street2>Suite 650</street2>
                <city>Irvine</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>92612</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Financial Officer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Alexander</firstName>
                <lastName>Singha</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>19800 MacArthur Blvd</street1>
                <street2>Suite 650</street2>
                <city>Irvine</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>92612</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Counsel</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Private Equity Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <revenueRange>Not Applicable</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001471465-09-000001</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-08-31</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isOtherType>true</isOtherType>
            <descriptionOfOtherType>Units of Membership Interests of the LLC</descriptionOfOtherType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>14000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Waveland Capital Parters LLC</recipientName>
                <recipientCRDNumber>40054</recipientCRDNumber>
                <associatedBDName>Waveland Capital Partners LLC</associatedBDName>
                <associatedBDCRDNumber>40054</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>19800 MacArthur Blvd</street1>
                    <street2>Suite 650</street2>
                    <city>Irvine</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <zipCode>92612</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <state>CT</state>
                    <state>IA</state>
                    <state>MA</state>
                    <state>MI</state>
                    <state>MN</state>
                    <state>TX</state>
                    <state>VA</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Kalos Capital, Inc.</recipientName>
                <recipientCRDNumber>44337</recipientCRDNumber>
                <associatedBDName>Kalos Capital, Inc.</associatedBDName>
                <associatedBDCRDNumber>44337</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>3780 Mansell Rd.</street1>
                    <street2>Suite 150</street2>
                    <city>Alpharetta</city>
                    <stateOrCountry>GA</stateOrCountry>
                    <zipCode>30022</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>GA</state>
                    <state>MI</state>
                    <state>OH</state>
                    <state>SC</state>
                    <state>TN</state>
                    <state>TX</state>
                    <state>WA</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Eagle One Investments LLC</recipientName>
                <recipientCRDNumber>45254</recipientCRDNumber>
                <associatedBDName>Eagle One Investments LLC</associatedBDName>
                <associatedBDCRDNumber>45254</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>P.O. Box 886</street1>
                    <city>Washington</city>
                    <stateOrCountry>IA</stateOrCountry>
                    <zipCode>52353</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>IA</state>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>3250000</totalOfferingAmount>
            <totalAmountSold>1114000</totalAmountSold>
            <totalRemaining>2136000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>27</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>195000</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>6% Placement Agent Fee</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Waveland Ventures V, LLC</issuerName>
                <signatureName>Vickie J. Greer</signatureName>
                <nameOfSigner>Vickie J. Greer</nameOfSigner>
                <signatureTitle>Managing Member of Waveland Venture Partners LLC Managing Me</signatureTitle>
                <signatureDate>2009-12-17</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----