-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 opJrDem4ceskhcHuWOtDMw==

<SEC-DOCUMENT>0000919574-09-005265.txt : 20090313
<SEC-HEADER>0000919574-09-005265.hdr.sgml : 20090313
<ACCEPTANCE-DATETIME>20090313094220
ACCESSION NUMBER:		0000919574-09-005265
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)(7)
FILED AS OF DATE:		20090313
DATE AS OF CHANGE:		20090313
EFFECTIVENESS DATE:		20090313

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DILLON/FLAHERTY PARTNERS LP
		CENTRAL INDEX KEY:			0001334811
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-79693
		FILM NUMBER:		09677698

	BUSINESS ADDRESS:	
		STREET 1:		1301 5TH AVE 40TH FL
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98101
		BUSINESS PHONE:		206-774-6000

	MAIL ADDRESS:	
		STREET 1:		1301 5TH AVE 40TH FL
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98101
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0201</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001334811</cik>
        <entityName>DILLON/FLAHERTY PARTNERS LP</entityName>
        <issuerAddress>
            <street1>c/o Dillon/Flaherty Investments, Inc.</street1>
            <street2>1301 Fifth Avenue, 40th Floor</street2>
            <city>Seattle</city>
            <stateOrCountry>WA</stateOrCountry>
            <zipCode>98101</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(206) 774-6000</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc></jurisdictionOfInc>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Timothy</firstName>
                <middleName>P.</middleName>
                <lastName>Flaherty</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Dillon/Flaherty Investments, Inc.</street1>
                <street2>1301 Fifth Avenue, 40th Floor</street2>
                <city>Seattle</city>
                <stateOrCountry>WA</stateOrCountry>
                <zipCode>98101</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Eric</firstName>
                <middleName>E.</middleName>
                <lastName>Dillon</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Dillon/Flaherty Investments, Inc.</street1>
                <street2>1301 Fifth Avenue, 40th Floor</street2>
                <city>Seattle</city>
                <stateOrCountry>WA</stateOrCountry>
                <zipCode>98101</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
        </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.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-05-033854</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>1994-07-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>UBS Financial Services Inc.</recipientName>
                <recipientCRDNumber>8174</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1200 Harbor Boulevard</street1>
                    <city>Weehawken</city>
                    <stateOrCountry>NJ</stateOrCountry>
                    <zipCode>07086</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>379551390</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>139</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse>The entities listed in Item 12 above are, or have been, paid a portion of the fees paid to the General Partner (or an affiliate thereof) with respect to certain securities of the Issuer purchased by such entities' clients.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>Includes variable amounts due to the General Partner for a combination of management fees and incentive allocations based on assets under management and net profits, which fees and allocations will vary and be payable over time.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>true</authorizedRepresentative>
            <signature>
                <issuerName>Dillon/Flaherty Partners, L.P.</issuerName>
                <signatureName>/s/ Marissa A. Costales</signatureName>
                <nameOfSigner>Marissa A. Costales</nameOfSigner>
                <signatureTitle>Authorized Person</signatureTitle>
                <signatureDate>2009-03-07</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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