-----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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 4e8a6y3sp5cMTvHtHl24gQ==

<SEC-DOCUMENT>0001482687-10-000005.txt : 20100129
<SEC-HEADER>0001482687-10-000005.hdr.sgml : 20100129
<ACCEPTANCE-DATETIME>20100129145101
ACCESSION NUMBER:		0001482687-10-000005
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)(7)
FILED AS OF DATE:		20100129
DATE AS OF CHANGE:		20100129
EFFECTIVENESS DATE:		20100129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Capstone Asia Volatility Fund, Ltd
		CENTRAL INDEX KEY:			0001482683
		IRS NUMBER:				980617670
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-138293
		FILM NUMBER:		10557985

	BUSINESS ADDRESS:	
		STREET 1:		C/O NAV FUND SERVICES (CAYMAN) LTD.
		STREET 2:		5TH FLOOR, HARBOUR PLACE, PO BOX 30464
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1202
		BUSINESS PHONE:		345-946-5006

	MAIL ADDRESS:	
		STREET 1:		C/O NAV FUND SERVICES (CAYMAN) LTD.
		STREET 2:		5TH FLOOR, HARBOUR PLACE, PO BOX 30464
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1202
</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>0001482683</cik>
        <entityName>Capstone Asia Volatility Fund, Ltd</entityName>
        <issuerAddress>
            <street1>C/O NAV FUND SERVICES (CAYMAN) LTD.</street1>
            <street2>5TH FLOOR, HARBOUR PLACE, PO BOX 30464</street2>
            <city>GRAND CAYMAN</city>
            <stateOrCountry>E9</stateOrCountry>
            <zipCode>KY1-1202</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>345-946-5006</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>2008</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <lastName>Capstone Investment Advisors (Singapore) Pte. Ltd.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>61 Robinson Road</street1>
                <street2>#07-01, Robinson Centre</street2>
                <city>Singapore</city>
                <stateOrCountry>U0</stateOrCountry>
                <zipCode>068893</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <lastName>Capstone Fund Services, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>44 Wall Street, 4th Floor</street1>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10005</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Intermediate Fund Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Paul</firstName>
                <middleName>M</middleName>
                <lastName>Britton</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Capstone Fund Services, LLC</street1>
                <street2>44 Wall Street, 4th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10005</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Mark</firstName>
                <middleName>B</middleName>
                <lastName>Gonzalez</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Capstone Fund Services, LLC</street1>
                <street2>44 Wall Street, 4th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10005</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jeremy</firstName>
                <lastName>Heckerling</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Capstone Investment Advisors, LLC</street1>
                <street2>44 Wall Street, 4th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10005</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Zack</firstName>
                <lastName>Kembar</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Capstone Investment Advisors (Singapore)</street1>
                <street2>61 Robinson Road, #07-01 Robinson Centre</street2>
                <city>Singapore</city>
                <stateOrCountry>U0</stateOrCountry>
                <zipCode>068893</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Geoff</firstName>
                <lastName>Ruddick</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>International Management Services Ltd.</street1>
                <street2>PO Box 61, Harbour Centre</street2>
                <city>George Town, Grand Cayman</city>
                <stateOrCountry>E9</stateOrCountry>
                <zipCode>00000</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Ian</firstName>
                <lastName>Goodall</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>International Management Services Ltd.</street1>
                <street2>PO Box 61, Harbour Centre</street2>
                <city>George Town, Grand Cayman</city>
                <stateOrCountry>E9</stateOrCountry>
                <zipCode>00000</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>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <yetToOccur>true</yetToOccur>
            </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>0</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>0</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>Capstone Asia Volatility Fund, Ltd</issuerName>
                <signatureName>Paul M. Britton</signatureName>
                <nameOfSigner>Paul M. Britton</nameOfSigner>
                <signatureTitle>Director</signatureTitle>
                <signatureDate>2010-01-29</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----