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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 eZNqgdQ9nBbawSViEckLpg==

<SEC-DOCUMENT>0001479077-10-000001.txt : 20100114
<SEC-HEADER>0001479077-10-000001.hdr.sgml : 20100114
<ACCEPTANCE-DATETIME>20100113184708
ACCESSION NUMBER:		0001479077-10-000001
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:		20100114
DATE AS OF CHANGE:		20100113
EFFECTIVENESS DATE:		20100114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			First Quadrant Essential Beta Fund Ltd.
		CENTRAL INDEX KEY:			0001479077
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-137795
		FILM NUMBER:		10526174

	BUSINESS ADDRESS:	
		STREET 1:		800 EAST COLORADO BLVD, SUITE 900
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101
		BUSINESS PHONE:		626 795 8220

	MAIL ADDRESS:	
		STREET 1:		800 EAST COLORADO BLVD, SUITE 900
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001479077</cik>
        <entityName>First Quadrant Essential Beta Fund Ltd.</entityName>
        <issuerAddress>
            <street1>800 EAST COLORADO BLVD, SUITE 900</street1>
            <city>PASADENA</city>
            <stateOrCountry>CA</stateOrCountry>
            <zipCode>91101</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>626 795 8220</issuerPhoneNumber>
        <jurisdictionOfInc>CAYMAN ISLANDS</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
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        <entityType>Corporation</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2008</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>R. Max</firstName>
                <lastName>Darnell</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>800 East Colorado Blvd. Suite 900</street1>
                <city>Pasadena</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>91101</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kenneth</firstName>
                <middleName>J.</middleName>
                <lastName>Ferguson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>800 East Colorado Blvd. Suite 900</street1>
                <city>Pasadena</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>91101</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Dori</firstName>
                <lastName>Levanoni</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>800 East Colorado Blvd. Suite 900</street1>
                <city>Pasadena</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>91101</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Christopher</firstName>
                <middleName>G.</middleName>
                <lastName>Luck</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>800 East Colorado Blvd. Suite 900</street1>
                <city>Pasadena</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>91101</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Ed</firstName>
                <middleName>E.</middleName>
                <lastName>Peters</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>800 East Colorado Blvd. Suite 900</street1>
                <city>Pasadena</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>91101</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jia</firstName>
                <lastName>Yia</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>800 East Colorado Blvd. Suite 900</street1>
                <city>Pasadena</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>91101</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Timothy</firstName>
                <lastName>Meckel</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>800 East Colorado Blvd. Suite 900</street1>
                <city>Pasadena</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>91101</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kent</firstName>
                <middleName>C.</middleName>
                <lastName>Roberts II</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>800 East Colorado Blvd. Suite 900</street1>
                <city>Pasadena</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>91101</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Curtis</firstName>
                <middleName>J</middleName>
                <lastName>Ketterer</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>800 East Colorado Blvd. Suite 900</street1>
                <city>Pasadena</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>91101</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Nathaniel</firstName>
                <lastName>Dalton</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>600 Hale Street</street1>
                <city>Prides Crossing</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>01965</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Affiliated Managers</firstName>
                <lastName>Group</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>600 Hale Street</street1>
                <city>Prides Crossing</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>01965</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</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>Over $100,000,000</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2010-01-04</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>3870480000</totalOfferingAmount>
            <totalAmountSold>100000000</totalAmountSold>
            <totalRemaining>3770480000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>1</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>First Quadrant Essential Beta Fund Ltd.</issuerName>
                <signatureName>Joel Brouwer</signatureName>
                <nameOfSigner>Joel Brouwer</nameOfSigner>
                <signatureTitle>CFO, First Quadrant, L.P.</signatureTitle>
                <signatureDate>2010-01-13</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
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</TEXT>
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</SEC-DOCUMENT>
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