-----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>0001477053-09-000001.txt : 20091119
<SEC-HEADER>0001477053-09-000001.hdr.sgml : 20091119
<ACCEPTANCE-DATETIME>20091119104639
ACCESSION NUMBER:		0001477053-09-000001
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:		20091119
DATE AS OF CHANGE:		20091119
EFFECTIVENESS DATE:		20091119

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Talon Fund I, LP
		CENTRAL INDEX KEY:			0001477053
		IRS NUMBER:				271153192
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-136256
		FILM NUMBER:		091194914

	BUSINESS ADDRESS:	
		STREET 1:		546 FIFTH AVENUE
		STREET 2:		14TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212.488.1583

	MAIL ADDRESS:	
		STREET 1:		546 FIFTH AVENUE
		STREET 2:		14TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
</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>0001477053</cik>
        <entityName>Talon Fund I, LP</entityName>
        <issuerAddress>
            <street1>C/O PANDION CAPITAL, LLC</street1>
            <street2>546 FIFTH AVENUE, 14TH FLOOR</street2>
            <city>NEW YORK</city>
            <stateOrCountry>NY</stateOrCountry>
            <zipCode>10036</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>212.488.1583</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2009</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Ernest</firstName>
                <middleName>C.</middleName>
                <lastName>Segundo, Jr.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Pandion Capital, LLC</street1>
                <street2>546 Fifth Avenue, 14th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Ernest C. Segundo, Jr. is a member of Pandion Holdings, LLC, the general partner of the Issuer, and a member of Pandion Capital, LLC, the investment manager of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <middleName>C.</middleName>
                <lastName>Esposito</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Pandion Capital, LLC</street1>
                <street2>546 Fifth Avenue, 14th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Michael C. Esposito is a member of Pandion Holdings, LLC, the general partner of the Issuer, and a member of Pandion Capital, LLC, the investment manager of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Patrick</firstName>
                <middleName>M.</middleName>
                <lastName>Clavin</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Pandion Capital, LLC</street1>
                <street2>546 Fifth Avenue, 14th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Patrick M. Clavin is a member of Pandion Holdings, LLC, the general partner of the Issuer, and a member of Pandion Capital, LLC, the investment manager of the Issuer.</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>2009-11-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>50000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>630000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>A lesser amount of the stated minimum contribution of $50,000 may be accepted at the discretion of the general partner.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>11</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>The general partner is entitled to a performance allocation. The terms of the performance allocation are fully discussed in the Issuer's confidential offering materials.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Talon Fund I, LP</issuerName>
                <signatureName>Patrick M. Clavin</signatureName>
                <nameOfSigner>Patrick M. Clavin</nameOfSigner>
                <signatureTitle>Member of Pandion Holdings, LLC</signatureTitle>
                <signatureDate>2009-11-19</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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