-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 I5b7ZhqYwa/AhC0kvfxALsP5XXVMIV1C11HhX3cI5wb0aAV3ra5axyDKKpM5idfX
 ZtMIGrAAmcwHoBEdrP4cvQ==

<SEC-DOCUMENT>0001479669-10-000001.txt : 20100107
<SEC-HEADER>0001479669-10-000001.hdr.sgml : 20100107
<ACCEPTANCE-DATETIME>20100107105129
ACCESSION NUMBER:		0001479669-10-000001
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20100107
DATE AS OF CHANGE:		20100107
EFFECTIVENESS DATE:		20100107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Saka Capital Liquid Credit Master Fund
		CENTRAL INDEX KEY:			0001479669
		IRS NUMBER:				980637860
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-137528
		FILM NUMBER:		10513783

	BUSINESS ADDRESS:	
		STREET 1:		WALKERS CORPORATE SERVICES LIMITED
		STREET 2:		WALKER HOUSE, 87 MARY STREET
		CITY:			GEORGE TOWN, GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-9005
		BUSINESS PHONE:		345-949-0100

	MAIL ADDRESS:	
		STREET 1:		WALKERS CORPORATE SERVICES LIMITED
		STREET 2:		WALKER HOUSE, 87 MARY STREET
		CITY:			GEORGE TOWN, GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-9005
</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>0001479669</cik>
        <entityName>Saka Capital Liquid Credit Master Fund</entityName>
        <issuerAddress>
            <street1>WALKERS CORPORATE SERVICES LIMITED</street1>
            <street2>WALKER HOUSE, 87 MARY STREET</street2>
            <city>GEORGE TOWN, GRAND CAYMAN</city>
            <stateOrCountry>E9</stateOrCountry>
            <zipCode>KY1-9005</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>345-949-0100</issuerPhoneNumber>
        <jurisdictionOfInc>CAYMAN ISLANDS</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2009</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <middleName>N/A</middleName>
                <lastName>Saka Capital Pte. Ltd.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3 Temasek Avenue</street1>
                <street2>Level 34, Centennial Tower</street2>
                <city>N/A</city>
                <stateOrCountry>U0</stateOrCountry>
                <zipCode>039190</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Ashan</firstName>
                <lastName>Din</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Saka Capital Pte. Ltd., 3 Temasek Av</street1>
                <street2>Level 34, Centennial Tower</street2>
                <city>N/A</city>
                <stateOrCountry>U0</stateOrCountry>
                <zipCode>039190</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Peter</firstName>
                <lastName>Heaps</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Saka Capital Pte. Ltd., 3 Temasek Av</street1>
                <street2>Level 34, Centennial Tower</street2>
                <city>N/A</city>
                <stateOrCountry>U0</stateOrCountry>
                <zipCode>039190</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</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>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-09-30</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>100000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>500000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>1</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>No commission was paid by the issuer</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>The investment manager receives annual management fees calculated as a percentage of net assets and annual net profits</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Saka Capital Liquid Credit Master Fund</issuerName>
                <signatureName>/s/Ahsan Din</signatureName>
                <nameOfSigner>Ahsan Din</nameOfSigner>
                <signatureTitle>Director</signatureTitle>
                <signatureDate>2010-01-07</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----