-----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>0000917199-11-000014.txt : 20110324
<SEC-HEADER>0000917199-11-000014.hdr.sgml : 20110324
<ACCEPTANCE-DATETIME>20110324161609
ACCESSION NUMBER:		0000917199-11-000014
CONFORMED SUBMISSION TYPE:	D/A
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:		20110324
DATE AS OF CHANGE:		20110324
EFFECTIVENESS DATE:		20110324

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EnTrust Capital Diversified Fund NQP Ltd.
		CENTRAL INDEX KEY:			0001474840
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-136715
		FILM NUMBER:		11709579

	BUSINESS ADDRESS:	
		STREET 1:		C/O ENTRUST PARTNERS OFFSHORE LLC
		STREET 2:		375 PARK AVENUE, 24TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10152
		BUSINESS PHONE:		(212) 888-1040

	MAIL ADDRESS:	
		STREET 1:		C/O ENTRUST PARTNERS OFFSHORE LLC
		STREET 2:		375 PARK AVENUE, 24TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10152
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001474840</cik>
        <entityName>EnTrust Capital Diversified Fund NQP Ltd.</entityName>
        <issuerAddress>
            <street1>375 PARK AVENUE, 24TH FLOOR</street1>
            <city>NEW YORK</city>
            <stateOrCountry>NY</stateOrCountry>
            <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
            <zipCode>10152</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(212) 888-1040</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>2007</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <middleName>n/a</middleName>
                <lastName>EnTrust Partners Offshore LP</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>375 Park Avenue, 24th Floor</street1>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10152</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Investment Advisor to the Issuer (&quot;Investment Advisor&quot; or &quot;IA&quot;)</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Graham</firstName>
                <middleName>Hedley</middleName>
                <lastName>Cook</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Admiral Financial Center, 5th Floor</street1>
                <street2>90 Fort Street, P.O. Box 32021 SMB</street2>
                <city>George Town, Grand Cayman</city>
                <stateOrCountry>E9</stateOrCountry>
                <stateOrCountryDescription>CAYMAN ISLANDS</stateOrCountryDescription>
                <zipCode>KY1 1208</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Allison</firstName>
                <middleName>B.</middleName>
                <lastName>Nolan</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Admiral Financial Center, 5th Floor</street1>
                <street2>90 Fort Street, P.O. Box 32021 SMB</street2>
                <city>George Town, Grand Cayman</city>
                <stateOrCountry>E9</stateOrCountry>
                <stateOrCountryDescription>CAYMAN ISLANDS</stateOrCountryDescription>
                <zipCode>KY1 1208</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Mark</firstName>
                <middleName>S.</middleName>
                <lastName>Fife</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>126 East 56th Street, 22nd Floor</street1>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Principal of the Investment Advisor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Gregg</firstName>
                <middleName>S.</middleName>
                <lastName>Hymowitz</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>375 Park Avenue, 24th Floor</street1>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10152</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Principal of the Investment Advisor</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>true</isAmendment>
                <previousAccessionNumber>0001474840-09-000002</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2007-10-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>EnTrust Securities LLC</recipientName>
                <recipientCRDNumber>146443</recipientCRDNumber>
                <associatedBDName>EnTrust Securities LLC</associatedBDName>
                <associatedBDCRDNumber>146443</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>375 Park Avenue, 24th Floor</street1>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10152</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>60863130</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>35</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>EnTrust Securities LLC, broker-dealer affiliate of the Investment Advisor, receives a fixed % of mgt fee attributable to investors it refers to the Issuer &amp; a  portion of the incentive fee TBD by investor.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>9000</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>Total annual Directors' fees. Issuer also pays the IA a Mgt. Fee equal to a fixed percentage of the NAV of Issuer on the last day of each calendar quarter.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>EnTrust Capital Diversified Fund NQP Ltd.</issuerName>
                <signatureName>/s/ Bruce Kahne</signatureName>
                <nameOfSigner>Bruce Kahne</nameOfSigner>
                <signatureTitle>Authorized Signatory</signatureTitle>
                <signatureDate>2011-03-24</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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