-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 LdqbCacQy6+P0NvY/Rqe58Fr61soItTKxyRneBKAzKa6+OrtLLTH902HiuMkzrbv
 vyrsZejCpqSdlxf9oCTerQ==

<SEC-DOCUMENT>0000866938-11-000002.txt : 20110311
<SEC-HEADER>0000866938-11-000002.hdr.sgml : 20110311
<ACCEPTANCE-DATETIME>20110311142410
ACCESSION NUMBER:		0000866938-11-000002
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(1)
ITEM INFORMATION:		Section 3(c)(7)
FILED AS OF DATE:		20110311
DATE AS OF CHANGE:		20110311
EFFECTIVENESS DATE:		20110311

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MATTERHORN OFFSHORE FUND Ltd
		CENTRAL INDEX KEY:			0000866938
		STATE OF INCORPORATION:			D8

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-86693-8N
		FILM NUMBER:		11681480

	BUSINESS ADDRESS:	
		STREET 1:		P O BOX 662
		STREET 2:		C/O CITCO BVI LTD TORTOLA
		CITY:			BRITSH VIRGIN
		STATE:			D8
		ZIP:			8094942217
		BUSINESS PHONE:		8094942217

	MAIL ADDRESS:	
		STREET 1:		C/O CITCO BVI LTD
		STREET 2:		PO BOX 662 ROAD TOWN
		CITY:			TORTOLA BRITISH V.I.
		STATE:			D8
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0000866938</cik>
        <entityName>MATTERHORN OFFSHORE FUND Ltd</entityName>
        <issuerAddress>
            <street1>Road Town</street1>
            <street2>C/O CITCO BVI LTD TORTOLA</street2>
            <city>BRITSH VIRGIN</city>
            <stateOrCountry>D8</stateOrCountry>
            <stateOrCountryDescription>VIRGIN ISLANDS, BRITISH</stateOrCountryDescription>
            <zipCode>8094942217</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>8094942217</issuerPhoneNumber>
        <jurisdictionOfInc>VIRGIN ISLANDS, BRITISH</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>BVI international business corporation</entityTypeOtherDesc>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Eric</firstName>
                <lastName>Andersen</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Eclipse Consulting LLC, Ara Hill Bldg</street1>
                <street2>Pletterijweg Oost 1</street2>
                <city>Curacao</city>
                <stateOrCountry>P8</stateOrCountry>
                <stateOrCountryDescription>NETHERLANDS ANTILLES</stateOrCountryDescription>
                <zipCode>NA</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Niall</firstName>
                <middleName>R</middleName>
                <lastName>Brooks</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Castlegate Investment Services Limited</street1>
                <street2>Horizon Chambers PO Box 4622</street2>
                <city>Road Town Tortola</city>
                <stateOrCountry>D8</stateOrCountry>
                <stateOrCountryDescription>VIRGIN ISLANDS, BRITISH</stateOrCountryDescription>
                <zipCode>NA</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.1</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001104659-10-014417</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>1990-07-02</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Osprey Partners, LLC</recipientName>
                <recipientCRDNumber>38122</recipientCRDNumber>
                <associatedBDName>Osprey Partners, LLC</associatedBDName>
                <associatedBDCRDNumber>38122</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>50 Riverside Avenue</street1>
                    <city>Westport</city>
                    <stateOrCountry>CT</stateOrCountry>
                    <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                    <zipCode>06880</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>CT</state>
                    <description>CONNECTICUT</description>
                    <state>NY</state>
                    <description>NEW YORK</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Optima Management Partners, LP</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>73 Front Street</street1>
                    <city>Hamilton</city>
                    <stateOrCountry>D0</stateOrCountry>
                    <stateOrCountryDescription>BERMUDA</stateOrCountryDescription>
                    <zipCode>HM12</zipCode>
                </recipientAddress>
                <statesOfSolicitationList></statesOfSolicitationList>
                <foreignSolicitation>true</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>1086812604</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>No limitation on size of offering</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>155</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>4960433</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>MATTERHORN OFFSHORE FUND Ltd</issuerName>
                <signatureName>/s/Ernest Ouwerkerk</signatureName>
                <nameOfSigner>Ernest Ouwerkerk</nameOfSigner>
                <signatureTitle>Attorney-in-Fact for Eclipse Consulting LLC, Director</signatureTitle>
                <signatureDate>2011-03-11</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----