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

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001456694</cik>
        <entityName>Medstone Equity Fund, LLC</entityName>
        <issuerAddress>
            <street1>5944 LUTHER LANE</street1>
            <street2>SUITE 501</street2>
            <city>DALLAS</city>
            <stateOrCountry>TX</stateOrCountry>
            <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
            <zipCode>75225</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>214-369-6192</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2009</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>R.</firstName>
                <middleName>Maurice</middleName>
                <lastName>Crowe</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>5944 Luther Lane, Suite 501</street1>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>75225</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Executive Officer of Medstone Equity Fund Manager, LLC, the manager of the Issuer, and manager of the general partner of RMC Medstone Capital, LP, the Issuer's sponsor and the sole member of the manager of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Doug</firstName>
                <lastName>Johnson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>5944 Luther Lane, Suite 501</street1>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>75225</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Operating Officer of Medstone Equity Fund Manager, LLC, the manager of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Matthews</firstName>
                <lastName>Chris</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>5944 Luther Lane, Suite 501</street1>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>75225</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Financial Officer of Medstone Equity Fund Manager, LLC, the manager of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Brad</firstName>
                <lastName>Cook</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>5944 Luther Lane, Suite 501</street1>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>75225</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Accounting Officer of Medstone Equity Fund Manager, LLC, the manager of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <lastName>Lipomi</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>5944 Luther Lane, Suite 501</street1>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>75225</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>President of Medstone Equity Fund Manager, LLC, the manager of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Other Real Estate</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001456694-10-000001</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-05-05</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>RMC Capital Markets Group, Inc.</recipientName>
                <recipientCRDNumber>139643</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>5944 Luther Lane, Suite 755</street1>
                    <city>Dallas</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                    <zipCode>75225</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Charles Shafe</recipientName>
                <recipientCRDNumber>1277113</recipientCRDNumber>
                <associatedBDName>TransAm Securities, Inc.</associatedBDName>
                <associatedBDCRDNumber>18923</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>531 Versailles Drive, Suite 201</street1>
                    <city>Maitlan</city>
                    <stateOrCountry>FL</stateOrCountry>
                    <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                    <zipCode>32751</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>FL</state>
                    <description>FLORIDA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Dwight A. Smith</recipientName>
                <recipientCRDNumber>5642031</recipientCRDNumber>
                <associatedBDName>Workman Securities, Inc.</associatedBDName>
                <associatedBDCRDNumber>31898</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>8156 S. Wadsworth Blvd.</street1>
                    <city>Littleton</city>
                    <stateOrCountry>CO</stateOrCountry>
                    <stateOrCountryDescription>COLORADO</stateOrCountryDescription>
                    <zipCode>80128</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CO</state>
                    <description>COLORADO</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Michael L Romero</recipientName>
                <recipientCRDNumber>4411973</recipientCRDNumber>
                <associatedBDName>Workman Securities, Inc.</associatedBDName>
                <associatedBDCRDNumber>31898</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1275 58th Avenue, Suite A</street1>
                    <city>Greeley</city>
                    <stateOrCountry>CO</stateOrCountry>
                    <stateOrCountryDescription>COLORADO</stateOrCountryDescription>
                    <zipCode>80634</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CO</state>
                    <description>COLORADO</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Tim Flick</recipientName>
                <recipientCRDNumber>4292267</recipientCRDNumber>
                <associatedBDName>Fulcrum Securities, Inc.</associatedBDName>
                <associatedBDCRDNumber>140084</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>8888 Keystone Crossing, Suite 650</street1>
                    <city>Indianapolis</city>
                    <stateOrCountry>IN</stateOrCountry>
                    <stateOrCountryDescription>INDIANA</stateOrCountryDescription>
                    <zipCode>46240</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>IN</state>
                    <description>INDIANA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Jeff Nesseth</recipientName>
                <recipientCRDNumber>1983482</recipientCRDNumber>
                <associatedBDName>QA3 Financial Corporation</associatedBDName>
                <associatedBDCRDNumber>14754</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>7000 Central Parkway NE, Suite 1340</street1>
                    <city>Atlanta</city>
                    <stateOrCountry>GA</stateOrCountry>
                    <stateOrCountryDescription>GEORGIA</stateOrCountryDescription>
                    <zipCode>30328</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>GA</state>
                    <description>GEORGIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>John Redfearn</recipientName>
                <recipientCRDNumber>2771876</recipientCRDNumber>
                <associatedBDName>QA3 Financial Corporation</associatedBDName>
                <associatedBDCRDNumber>14754</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>7000 Central Parkway NE, Suite 1340</street1>
                    <city>Atlanta</city>
                    <stateOrCountry>GA</stateOrCountry>
                    <stateOrCountryDescription>GEORGIA</stateOrCountryDescription>
                    <zipCode>30328</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>GA</state>
                    <description>GEORGIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Ron Lundy</recipientName>
                <recipientCRDNumber>4060961</recipientCRDNumber>
                <associatedBDName>QA3 Financial Corporation</associatedBDName>
                <associatedBDCRDNumber>14754</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>7000 Central Parkway NE, Suite 1340</street1>
                    <city>Atlanta</city>
                    <stateOrCountry>GA</stateOrCountry>
                    <stateOrCountryDescription>GEORGIA</stateOrCountryDescription>
                    <zipCode>30328</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>GA</state>
                    <description>GEORGIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Lou Wright</recipientName>
                <recipientCRDNumber>4053503</recipientCRDNumber>
                <associatedBDName>GunnAllen</associatedBDName>
                <associatedBDCRDNumber>17609</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>218 S. Main Street</street1>
                    <city>Plymouth</city>
                    <stateOrCountry>MI</stateOrCountry>
                    <stateOrCountryDescription>MICHIGAN</stateOrCountryDescription>
                    <zipCode>48170</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>MI</state>
                    <description>MICHIGAN</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Matthew Bade</recipientName>
                <recipientCRDNumber>1686261</recipientCRDNumber>
                <associatedBDName>GunnAllen</associatedBDName>
                <associatedBDCRDNumber>17609</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>28175 Haggerty Road #104</street1>
                    <city>Novi</city>
                    <stateOrCountry>MI</stateOrCountry>
                    <stateOrCountryDescription>MICHIGAN</stateOrCountryDescription>
                    <zipCode>48377</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>MI</state>
                    <description>MICHIGAN</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Bryan Bourgeois</recipientName>
                <recipientCRDNumber>4691362</recipientCRDNumber>
                <associatedBDName>Workman Securities</associatedBDName>
                <associatedBDCRDNumber>31898</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2501 W. William Cannon Dr.</street1>
                    <street2>#204</street2>
                    <city>Austin</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                    <zipCode>78785</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>TX</state>
                    <description>TEXAS</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>75000000</totalOfferingAmount>
            <totalAmountSold>940757</totalAmountSold>
            <totalRemaining>74059243</totalRemaining>
            <clarificationOfResponse>The offering amount may be increased by the Issuer's manager by up to an additional $25,000,000 in units of membership interest, for a maximum aggregate offering amount of up to $100,000,000.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>24</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>5250000</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>Estimated to be paid based on total offering amount</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>1687500</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>$375,000 to be paid to RMC Medstone Capital, LP, an affiliate of such person, and up to $1,312,500 to be paid to RMC Capital Markets Group, Inc. (of which up to $750,000 may be reallowed to non-affiliates), also an affiliate of such person</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Medstone Equity Fund, LLC</issuerName>
                <signatureName>Chris Matthews</signatureName>
                <nameOfSigner>Chris Matthews</nameOfSigner>
                <signatureTitle>Chief Financial Officer</signatureTitle>
                <signatureDate>2010-06-16</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
