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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001472018-09-000001.txt : 20090915
<SEC-HEADER>0001472018-09-000001.hdr.sgml : 20090915
<ACCEPTANCE-DATETIME>20090915122743
ACCESSION NUMBER:		0001472018-09-000001
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(1)
FILED AS OF DATE:		20090915
DATE AS OF CHANGE:		20090915
EFFECTIVENESS DATE:		20090915

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Neon Liberty Emerging Markets Fund Ltd.
		CENTRAL INDEX KEY:			0001472018
		IRS NUMBER:				450485208
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-134440
		FILM NUMBER:		091069370

	BUSINESS ADDRESS:	
		STREET 1:		QUEENSGATE HOUSE, SOUTH CHURCH STREET
		STREET 2:		P.O. BOX 1234
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1108
		BUSINESS PHONE:		212.687.1948

	MAIL ADDRESS:	
		STREET 1:		QUEENSGATE HOUSE, SOUTH CHURCH STREET
		STREET 2:		P.O. BOX 1234
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1108
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0502</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001472018</cik>
        <entityName>Neon Liberty Emerging Markets Fund Ltd.</entityName>
        <issuerAddress>
            <street1>QUEENSGATE HOUSE</street1>
            <street2>South Church St., P.O. BOX 1234</street2>
            <city>GRAND CAYMAN</city>
            <stateOrCountry>E9</stateOrCountry>
            <zipCode>KY1-1108</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>212.687.1948</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>CAYMAN ISLANDS</jurisdictionOfInc>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Cayman Islands exempted company</entityTypeOtherDesc>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Satyen</firstName>
                <middleName></middleName>
                <lastName>Mehta</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>230 Park Avenue</street1>
                <street2>Suite 865</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10169</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Satyen Mehta is a principal of Neon Liberty Capital Management LLC, the investment manager of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Alejandro</firstName>
                <middleName></middleName>
                <lastName>Baez-Sacasa</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>230 Park Avenue</street1>
                <street2>Suite 865</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10169</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Alejandro Baez-Sacasa is a principal of Neon Liberty Capital Management LLC, the investment manager of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Graham</firstName>
                <middleName></middleName>
                <lastName>Cook</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Bison Financial Services, Ltd.</street1>
                <street2>Bison Court, P.O.Box 3460</street2>
                <city>Road Town, Tortola</city>
                <stateOrCountry>D8</stateOrCountry>
                <zipCode>00000</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <middleName>G.</middleName>
                <lastName>Cooper</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Cox Hallet Wilkenson</street1>
                <street2>Bison Court, P.O. Box 3460</street2>
                <city>Road Town, Tortola</city>
                <stateOrCountry>D8</stateOrCountry>
                <zipCode>00000</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></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>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2003-01-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>500000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>49841623</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>19</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>The investment manager is entitled to a performance allocation and a management fee.  The performance allocation and management fee are fully discussed in the Issuer's confidential offering materials.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Neon Liberty Emerging Markets Fund Ltd.</issuerName>
                <signatureName>Satyen Mehta</signatureName>
                <nameOfSigner>Satyen Mehta</nameOfSigner>
                <signatureTitle>Principal of Neon Liberty Capital Management LLC</signatureTitle>
                <signatureDate>2009-09-15</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----