<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001083768</cik>
        <entityName>SAGE FUND LP</entityName>
        <issuerAddress>
            <street1>C/O STEBEN &amp; COMPANY, INC.</street1>
            <street2>2099 GAITHER ROAD SUITE 200</street2>
            <city>ROCKVILLE</city>
            <stateOrCountry>MD</stateOrCountry>
            <zipCode>20850</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>240-631-9808</issuerPhoneNumber>
        <jurisdictionOfInc>MARYLAND</jurisdictionOfInc>
        <issuerPreviousNameList>
            <previousName>Telesis Futures Fund, LP</previousName>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Ken</firstName>
                <lastName>Steben</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2099 Gaither Road</street1>
                <street2>Suite 200</street2>
                <city>Rockville</city>
                <stateOrCountry>MD</stateOrCountry>
                <zipCode>20850</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <lastName>Bulley</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2099 Gaither Road</street1>
                <street2>Suite 200</street2>
                <city>Rockville</city>
                <stateOrCountry>MD</stateOrCountry>
                <zipCode>20850</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <lastName>Grady</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2099 Gaither Road</street1>
                <street2>Suite 200</street2>
                <city>Rockville</city>
                <stateOrCountry>MD</stateOrCountry>
                <zipCode>20850</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Carl</firstName>
                <lastName>Serger</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2099 Gaither Road</street1>
                <street2>Suite 200</street2>
                <city>Rockville</city>
                <stateOrCountry>MD</stateOrCountry>
                <zipCode>20850</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Neil</firstName>
                <lastName>Menard</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2099 Gaither Road</street1>
                <street2>Suite 200</street2>
                <city>Rockville</city>
                <stateOrCountry>MD</stateOrCountry>
                <zipCode>20850</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Over $100,000,000</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0000861441-09-000003</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>1996-01-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>10000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>LPL FINANCIAL CORPORATION</recipientName>
                <recipientCRDNumber>6413</recipientCRDNumber>
                <associatedBDName>LPL FINANCIAL CORPORATION</associatedBDName>
                <associatedBDCRDNumber>6413</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>One Beacon Street</street1>
                    <street2>22nd Floor</street2>
                    <city>Boston</city>
                    <stateOrCountry>MA</stateOrCountry>
                    <zipCode>02108</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>WELLS FARGO ADVISORS</recipientName>
                <recipientCRDNumber>19616</recipientCRDNumber>
                <associatedBDName>WELLS FARGO ADVISORS</associatedBDName>
                <associatedBDCRDNumber>19616</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>One North Jefferson Avenue</street1>
                    <city>St. Louis</city>
                    <stateOrCountry>MO</stateOrCountry>
                    <zipCode>63103</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>COMMONWEALTH FINANCIAL NETWORK</recipientName>
                <recipientCRDNumber>8032</recipientCRDNumber>
                <associatedBDName>COMMONWEALTH FINANCIAL NETWORK</associatedBDName>
                <associatedBDCRDNumber>8032</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>29 Sawyer Road</street1>
                    <city>Waltham</city>
                    <stateOrCountry>MA</stateOrCountry>
                    <zipCode>02453</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>LINCOLN FINANCIAL ADVISORS CORPORATION</recipientName>
                <recipientCRDNumber>3978</recipientCRDNumber>
                <associatedBDName>LINCOLN FINANCIAL ADVISORS CORPORATION</associatedBDName>
                <associatedBDCRDNumber>3978</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1300 South Clinton Street Suite 150</street1>
                    <city>Fort Wayne</city>
                    <stateOrCountry>IN</stateOrCountry>
                    <zipCode>46802</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>91064440</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>true</hasNonAccreditedInvestors>
            <numberNonAccreditedInvestors>35</numberNonAccreditedInvestors>
            <totalNumberAlreadyInvested>928</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>6897196</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>SAGE FUND LP</issuerName>
                <signatureName>John Grady</signatureName>
                <nameOfSigner>John Grady</nameOfSigner>
                <signatureTitle>General Counsel &amp; CCO</signatureTitle>
                <signatureDate>2010-03-11</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
