-----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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 PwBEzpTTYDXDRgL36qz/Zg==

<SEC-DOCUMENT>0001479180-09-000002.txt : 20091228
<SEC-HEADER>0001479180-09-000002.hdr.sgml : 20091225
<ACCEPTANCE-DATETIME>20091228104608
ACCESSION NUMBER:		0001479180-09-000002
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20091228
DATE AS OF CHANGE:		20091228
EFFECTIVENESS DATE:		20091228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EQT Credit (No. 1) Limited Partnership
		CENTRAL INDEX KEY:			0001479180
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-137202
		FILM NUMBER:		091260937

	BUSINESS ADDRESS:	
		STREET 1:		NATIONAL WESTMINSTER HOUSE
		STREET 2:		LE TRUCHOT
		CITY:			ST. PETER PORT
		STATE:			XX
		ZIP:			GY1 3RA
		BUSINESS PHONE:		01144-1481-743464

	MAIL ADDRESS:	
		STREET 1:		NATIONAL WESTMINSTER HOUSE
		STREET 2:		LE TRUCHOT
		CITY:			ST. PETER PORT
		STATE:			XX
		ZIP:			GY1 3RA
</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>0001479180</cik>
        <entityName>EQT Credit (No. 1) Limited Partnership</entityName>
        <issuerAddress>
            <street1>NATIONAL WESTMINSTER HOUSE</street1>
            <street2>LE TRUCHOT</street2>
            <city>ST. PETER PORT Guernsey</city>
            <stateOrCountry>XX</stateOrCountry>
            <zipCode>GY1 3RA</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>01144-1481-722278</issuerPhoneNumber>
        <jurisdictionOfInc>UNITED KINGDOM</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>N/A</firstName>
                <lastName>EQT Funds Credit (General Partner) LP</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>National Westminister House</street1>
                <street2>Le Truchot</street2>
                <city>St. Peter Port Guernsey</city>
                <stateOrCountry>XX</stateOrCountry>
                <zipCode>GY1 3RA</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>EQT Credit Limited</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>National Westminister House</street1>
                <street2>Le Truchot</street2>
                <city>St. Peter Port Guernsey</city>
                <stateOrCountry>XX</stateOrCountry>
                <zipCode>GY1 3RA</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner of EQT Credit (General Partner) LP</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <lastName>Jeffreys</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>National Westminister House</street1>
                <street2>Le Truchot</street2>
                <city>St. Peter Port Guernsey</city>
                <stateOrCountry>XX</stateOrCountry>
                <zipCode>GY1 3RA</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of EQT Credit Limited (General Partner of the Issuer's General Partner)</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <lastName>Newton</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>National Westminister House</street1>
                <street2>Le Truchot</street2>
                <city>St. Peter Port Guernsey</city>
                <stateOrCountry>XX</stateOrCountry>
                <zipCode>GY1 3RA</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of EQT Credit Limited (General Partner of the Issuer's General Partner)</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Charlotte</firstName>
                <lastName>Baker</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>National Westminister House</street1>
                <street2>Le Truchot</street2>
                <city>St. Peter Port Guernsey</city>
                <stateOrCountry>XX</stateOrCountry>
                <zipCode>GY1 3RA</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of EQT Credit Limited (General Partner of the Issuer's General Partner)</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>EQT Funds Management Limited</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>National Westminister House</street1>
                <street2>Le Truchot</street2>
                <city>St. Peter Port Guernsey</city>
                <stateOrCountry>XX</stateOrCountry>
                <zipCode>GY1 3RA</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Over $100,000,000</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-12-18</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>13250000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>MVision Private Equity Advisers</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>Connaught House</street1>
                    <street2>1-3 Mount Street</street2>
                    <city>London</city>
                    <stateOrCountry>X0</stateOrCountry>
                    <zipCode>W1K 3NB</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>NY</state>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>660000000</totalOfferingAmount>
            <totalAmountSold>264500000</totalAmountSold>
            <totalRemaining>395500000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>13</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>1002000</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>EQT Credit (No. 1) Limited Partnership</issuerName>
                <signatureName>/s/ Michael Newton</signatureName>
                <nameOfSigner>Michael Newton</nameOfSigner>
                <signatureTitle>Director of EQT Credit Limited, as the GP of Issuer's GP</signatureTitle>
                <signatureDate>2009-12-28</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----