<?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>0001456694-10-000002</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>
            <recipient>
                <recipientName>Arthur T. Roth II</recipientName>
                <recipientCRDNumber>2593892</recipientCRDNumber>
                <associatedBDName>Berthel, Fisher &amp; Company Financial Services, Inc.</associatedBDName>
                <associatedBDCRDNumber>13609</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>200 W. Merritt Island Causeway</street1>
                    <city>Merritt Island</city>
                    <stateOrCountry>FL</stateOrCountry>
                    <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                    <zipCode>32952</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>FL</state>
                    <description>FLORIDA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>75000000</totalOfferingAmount>
            <totalAmountSold>990757</totalAmountSold>
            <totalRemaining>74009243</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>25</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>2010-06-23</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
