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

    <schemaVersion>X0706</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001402807</cik>
        <entityName>JMP MASTERS FUND, LP</entityName>
        <issuerAddress>
            <street1>600 MONTGOMERY STREET</street1>
            <street2>SUITE 1700</street2>
            <city>SAN FRANCISCO</city>
            <stateOrCountry>CA</stateOrCountry>
            <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
            <zipCode>94111</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>415-835-3900</issuerPhoneNumber>
        <jurisdictionOfInc>CALIFORNIA</jurisdictionOfInc>
        <issuerPreviousNameList>
            <previousName>Saw Island Asset Management Fund, L.P.</previousName>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <previousName>JMP MASTERS FUND</previousName>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Harvest Capital Strategies LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>600 Montgomery Street</street1>
                <street2>Suite 1700</street2>
                <city>San Francisco</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>94111</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Joseph</firstName>
                <middleName>Andrew</middleName>
                <lastName>Jolson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>600 Montgomery Street</street1>
                <street2>Suite 1700</street2>
                <city>San Francisco</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>94111</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Executive Officer of Harvest Capital Strategies LLC, the general partner of the issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kevin</firstName>
                <middleName>Christopher</middleName>
                <lastName>Lynch</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>600 Montgomery Street</street1>
                <street2>Suite 1700</street2>
                <city>San Francisco</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>94111</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>President of Harvest Capital Strategies LLC, the general partner of the issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Raymond</firstName>
                <middleName>Siva</middleName>
                <lastName>Jackson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>600 Montgomery Street</street1>
                <street2>Suite 1700</street2>
                <city>San Francisco</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>94111</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Financial Officer of Harvest Capital Strategies LLC, the general partner of the issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Craig</firstName>
                <middleName>R.</middleName>
                <lastName>Johnson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>600 Montgomery Street</street1>
                <street2>Suite 1700</street2>
                <city>San Francisco</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>94111</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chairman of Harvest Capital Strategies LLC, the general partner of the issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Scott</firstName>
                <middleName>Alan</middleName>
                <lastName>Solomon</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>600 Montgomery Street</street1>
                <street2>Suite 1700</street2>
                <city>San Francisco</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>94111</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Legal Officer of Harvest Capital Strategies LLC, the general partner of the issuer</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>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001095449-12-000070</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2001-03-30</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>87240533</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>The reported amount sold and number of investors represents contributions by all investors in the fund since inception.  The current assets under management and current number of investors may be significantly different.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>true</hasNonAccreditedInvestors>
            <numberNonAccreditedInvestors>1</numberNonAccreditedInvestors>
            <totalNumberAlreadyInvested>67</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>The General Partner (or its affiliate) is entitled to receive an annual management fee in an amount equal to a specific percentage of assets under management.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>JMP MASTERS FUND, LP</issuerName>
                <signatureName>Kevin C. Lynch</signatureName>
                <nameOfSigner>Kevin C. Lynch</nameOfSigner>
                <signatureTitle>President of Harvest Capital Strategies LLC, its GP</signatureTitle>
                <signatureDate>2013-08-27</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
