<SEC-DOCUMENT>0001817146-20-000001.txt : 20200708
<SEC-HEADER>0001817146-20-000001.hdr.sgml : 20200708
<ACCEPTANCE-DATETIME>20200708110448
ACCESSION NUMBER:		0001817146-20-000001
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		<ITEMS>06b
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(1)
FILED AS OF DATE:		20200708
DATE AS OF CHANGE:		20200708
EFFECTIVENESS DATE:		20200708

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			First Principles Fund One LP
		CENTRAL INDEX KEY:			0001817146
		IRS NUMBER:				844018840
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-370433
		FILM NUMBER:		201017635

	BUSINESS ADDRESS:	
		STREET 1:		C/O FIRST PRINCIPLES FUND ONE GP LLC
		STREET 2:		11 PARKWOOD LANE
		CITY:			BASKING RIDGE
		STATE:			NJ
		ZIP:			07920
		BUSINESS PHONE:		917-609-6530

	MAIL ADDRESS:	
		STREET 1:		C/O FIRST PRINCIPLES FUND ONE GP LLC
		STREET 2:		11 PARKWOOD LANE
		CITY:			BASKING RIDGE
		STATE:			NJ
		ZIP:			07920
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001817146</cik>
        <entityName>First Principles Fund One LP</entityName>
        <issuerAddress>
            <street1>C/O FIRST PRINCIPLES FUND ONE GP LLC</street1>
            <street2>11 PARKWOOD LANE</street2>
            <city>BASKING RIDGE</city>
            <stateOrCountry>NJ</stateOrCountry>
            <stateOrCountryDescription>NEW JERSEY</stateOrCountryDescription>
            <zipCode>07920</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>917-609-6530</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2019</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <lastName>First Principles Fund One General Partner LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>11 Parkwood Lane</street1>
                <city>Basking Ridge</city>
                <stateOrCountry>NJ</stateOrCountry>
                <stateOrCountryDescription>NEW JERSEY</stateOrCountryDescription>
                <zipCode>07920</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <lastName>First Principles Investment Manager LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>11 Parkwood Lane</street1>
                <city>Basking Ridge</city>
                <stateOrCountry>NJ</stateOrCountry>
                <stateOrCountryDescription>NEW JERSEY</stateOrCountryDescription>
                <zipCode>07920</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kshitij</firstName>
                <lastName>Bhatia</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>11 Parkwood Lane</street1>
                <city>Basking Ridge</city>
                <stateOrCountry>NJ</stateOrCountry>
                <stateOrCountryDescription>NEW JERSEY</stateOrCountryDescription>
                <zipCode>07920</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Sunil</firstName>
                <lastName>Asnani</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>11 Parkwood Lane</street1>
                <city>Basking Ridge</city>
                <stateOrCountry>NJ</stateOrCountry>
                <stateOrCountryDescription>NEW JERSEY</stateOrCountryDescription>
                <zipCode>07920</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member</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>06b</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2020-06-08</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
            <isOtherType>true</isOtherType>
            <descriptionOfOtherType>Limited Partnership Interests. The General Partner may accept lesser amounts of the minimum investment of $1,000,000 at its discretion.</descriptionOfOtherType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>200000</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></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>First Principles Fund One LP</issuerName>
                <signatureName>/s/ Kshitij Bhatia</signatureName>
                <nameOfSigner>Kshitij Bhatia</nameOfSigner>
                <signatureTitle>Managing Member</signatureTitle>
                <signatureDate>2020-07-08</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>