UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    Form 13F

                               FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: 3/31/2010

Check here if Amendment [ ]; Amendment Number: _______________
This Amendment (Check only one.): [ ] is a restatement.
                                  [ ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:    North Bridge Venture Management V, L.P.
Address: 950 Winter Street, Suite 4600
         Waltham, MA  02451

Form 13F File Number: 28-13758

The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:  Edward T. Anderson
Title: Managing Manager of NBVM GP, LLC, the general partner of
       North Bridge Venture Management V, L.P.
Phone: 781-290-0004

Signature, Place, and Date of Signing:


/s/ Edward T. Anderson                Waltham, MA              5/14/2010

Report Type (Check only one.):

[X]  13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
     are reported in this report.)

[ ]  13F NOTICE. (Check here if no holdings reported are in this report, and
     all holdings are reported by other reporting manager(s).)

[ ]  13F COMBINATION REPORT. (Check here if a portion of the holdings for this
     reporting manager are reported in this report and a portion are reported by
     other reporting manager(s).)

List of Other Managers Reporting for this Manager:  None



                              FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:               0
Form 13F Information Table Entry Total:          2
Form 13F Information Table Value Total:    $92,699
                                          (thousands)

List of Other Included Managers:  NONE

Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.


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                           FORM 13F INFORMATION TABLE



     Column 1      Column 2  Column 3 Column 4      Column 5       Column 6  Column 7        Column 8
- ------------------ -------- --------- -------- ------------------ ---------- -------- ---------------------
                                                                                         Voting Authority
                   Title of             Value   Shrs or  Sh/ Put/ Investment   Other  ---------------------
  Name of Issuer     Class    CUSIP   (x$1000)  Prn Amt  Prn Call Discretion Managers    Sole   Shared None
- ------------------ -------- --------- -------- --------- --- ---- ---------- -------- --------- ------ ----
                                                                      
A123 Systems, Inc.    COM   03739T108  $71,667 5,215,927  SH         Sole     None    5,215,927
Acme Packet Inc.      COM   004764106  $21,032 1,090,883  SH         Sole     None    1,090,883


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