-----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,
 JIlV074QudN2rTP+C7lmaqaQzTs/+NAnU2QrMvnKNGsZ9gLR85u5r/t0G2KMVOfX
 3AKwdx+7VjSIqZ7ZrjFaNg==

<SEC-DOCUMENT>0001509245-11-000001.txt : 20110104
<SEC-HEADER>0001509245-11-000001.hdr.sgml : 20110104
<ACCEPTANCE-DATETIME>20110104114925
ACCESSION NUMBER:		0001509245-11-000001
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20110104
DATE AS OF CHANGE:		20110104
EFFECTIVENESS DATE:		20110104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MQ38 Fund I, LP
		CENTRAL INDEX KEY:			0001509245
		IRS NUMBER:				274022127
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-152924
		FILM NUMBER:		11504003

	BUSINESS ADDRESS:	
		STREET 1:		1628 KENNEDY CAUSEWAY, SUITE 703
		CITY:			NORTH BAY VILLAGE
		STATE:			FL
		ZIP:			33141
		BUSINESS PHONE:		(786) 218-2098

	MAIL ADDRESS:	
		STREET 1:		1628 KENNEDY CAUSEWAY, SUITE 703
		CITY:			NORTH BAY VILLAGE
		STATE:			FL
		ZIP:			33141
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001509245</cik>
        <entityName>MQ38 Fund I, LP</entityName>
        <issuerAddress>
            <street1>1220 N. Market Street #809</street1>
            <city>Wilmington</city>
            <stateOrCountry>DE</stateOrCountry>
            <stateOrCountryDescription>DELAWARE</stateOrCountryDescription>
            <zipCode>19801</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(786) 218-2098</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2010</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>MQ38,</firstName>
                <lastName>LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1625 Kennedy Causeway Suite 703</street1>
                <city>North Bay Village</city>
                <stateOrCountry>FL</stateOrCountry>
                <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                <zipCode>33141</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Douglass</firstName>
                <middleName>Scott</middleName>
                <lastName>Lodmell</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1625 Kennedy Causeway Suite 703</street1>
                <city>North Bay Village</city>
                <stateOrCountry>FL</stateOrCountry>
                <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                <zipCode>33141</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of MQ38, LLC, the General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Peter</firstName>
                <middleName>Sean</middleName>
                <lastName>Campbell</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>C/o 1625 Kennedy Causeway Suite 703</street1>
                <city>North Bay Village</city>
                <stateOrCountry>FL</stateOrCountry>
                <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                <zipCode>33141</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of MQ38, LLC, the General Partner</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>No Aggregate Net Asset Value</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <yetToOccur>true</yetToOccur>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>200000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>NA</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>NA</street1>
                    <street2>NA</street2>
                    <city>NA</city>
                    <stateOrCountry>DE</stateOrCountry>
                    <stateOrCountryDescription>DELAWARE</stateOrCountryDescription>
                    <zipCode>19801</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </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>MQ38 Fund I, LP</issuerName>
                <signatureName>Douglass S. Lodmell</signatureName>
                <nameOfSigner>Douglass S. Lodmell</nameOfSigner>
                <signatureTitle>Managing Member of MQ38, LLC, the General Partner</signatureTitle>
                <signatureDate>2011-01-04</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----