-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 LBUvVJsfbVJu8XMT2Xz+yMaUbNKLAJZ/+SM9ZgpzvDcICGsovB0dZaJ3QQbLeEYk
 wFeOXlEntre4qlXLdC6Hdg==

<SEC-DOCUMENT>0001140361-10-009071.txt : 20100302
<SEC-HEADER>0001140361-10-009071.hdr.sgml : 20100302
<ACCEPTANCE-DATETIME>20100301174129
ACCESSION NUMBER:		0001140361-10-009071
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Section 3(c)(1)
FILED AS OF DATE:		20100302
DATE AS OF CHANGE:		20100301
EFFECTIVENESS DATE:		20100302

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Parallax Offshore Investors Fund Ltd.
		CENTRAL INDEX KEY:			0001428445
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-115343
		FILM NUMBER:		10646486

	BUSINESS ADDRESS:	
		STREET 1:		C/O GLOBEOP FINANCIAL LTD, 45 MARKET ST
		STREET 2:		STE 3205, 2D FL, GARDENIA CT, CAMANA BAY
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1003
		BUSINESS PHONE:		345-943-3300

	MAIL ADDRESS:	
		STREET 1:		C/O GLOBEOP FINANCIAL LTD, 45 MARKET ST
		STREET 2:		STE 3205, 2D FL, GARDENIA CT, CAMANA BAY
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1003

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PARALLAX OFFSHORE INVESTORS FUND LTD
		DATE OF NAME CHANGE:	20080228
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001428445</cik>
        <entityName>Parallax Offshore Investors Fund Ltd.</entityName>
        <issuerAddress>
            <street1>c/o GlobeOp (Cayman) 45 Market St.</street1>
            <street2>Ste 3205, 2d Fl, Gardenia Ct, Camana Bay</street2>
            <city>GRAND CAYMAN</city>
            <stateOrCountry>E9</stateOrCountry>
            <zipCode>KY1-1003</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>345-943-3300</issuerPhoneNumber>
        <jurisdictionOfInc>CAYMAN ISLANDS</jurisdictionOfInc>
        <issuerPreviousNameList></issuerPreviousNameList>
        <edgarPreviousNameList>
            <previousName>PARALLAX OFFSHORE INVESTORS FUND LTD</previousName>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Cayman Islands Exempted Company</entityTypeOtherDesc>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2007</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Ronan</firstName>
                <lastName>Guilfoyle</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o dms Management Ltd., POB 31910 SMB</street1>
                <street2>2nd Floor,  Ansbacher House, 20 Genesis</street2>
                <city>George Town, Grand Cayman</city>
                <stateOrCountry>E9</stateOrCountry>
                <zipCode>0000000</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Roger</firstName>
                <middleName>H.</middleName>
                <lastName>Hanson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o dms Management Ltd., POB 31910 SMB</street1>
                <street2>2nd Floor,  Ansbacher House, 20 Genesis</street2>
                <city>George Town, Grand Cayman</city>
                <stateOrCountry>E9</stateOrCountry>
                <zipCode>0000000</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</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.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0000935836-09-000568</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2007-01-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
            <isOtherType>true</isOtherType>
            <descriptionOfOtherType>Redeemable shares</descriptionOfOtherType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>5000000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>500000000</totalOfferingAmount>
            <totalAmountSold>35442677</totalAmountSold>
            <totalRemaining>464557323</totalRemaining>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>6</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>None, although the investment adviser of the issuer receives investment management fees and performance fees.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Parallax Offshore Investors Fund Ltd.</issuerName>
                <signatureName>Roger H. Hanson</signatureName>
                <nameOfSigner>Roger H. Hanson</nameOfSigner>
                <signatureTitle>Director</signatureTitle>
                <signatureDate>2010-02-26</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----