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

    <schemaVersion>X0707</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001481060</cik>
        <entityName>Penn Mid Cap Equity Fund, L.P.</entityName>
        <issuerAddress>
            <street1>THE NAVY YARD CORPORATE CENTER</street1>
            <street2>THREE CRESCENT DRIVE, SUITE 400</street2>
            <city>PHILADELPHIA</city>
            <stateOrCountry>PA</stateOrCountry>
            <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
            <zipCode>19112</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>215-302-1500</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <previousName>Penn Largecap Enhanced Core Fund, L.P.</previousName>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Richard</firstName>
                <middleName>A.</middleName>
                <lastName>Hocker</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Navy Yard Corporate Center</street1>
                <street2>3 Crescent Drive, Suite 400</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                <zipCode>19112</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of Penn Capital Management Company, INc., the general partner of the Issuer (the &quot;General Partner&quot;).</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Marcia</firstName>
                <middleName>A.</middleName>
                <lastName>Hocker</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Navy Yard Corporate Center</street1>
                <street2>3 Crescent Drive, Suite 400</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                <zipCode>19112</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the General Partner.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Eric</firstName>
                <middleName>J.</middleName>
                <lastName>Green</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Navy Yard Corporate Center</street1>
                <street2>3 Crescent Drive, Suite 400</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                <zipCode>19112</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the General Partner.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Christian</firstName>
                <middleName>M.</middleName>
                <lastName>Noyes</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Navy Yard Corporate Center</street1>
                <street2>3 Crescent Drive, Suite 400</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                <zipCode>19112</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the General Partner.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Scott</firstName>
                <middleName>D.</middleName>
                <lastName>Schumacher, Sr.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Navy Yard Corporate Center</street1>
                <street2>3 Crescent Drive, Suite 400</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                <zipCode>19112</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the General Partner.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Gerald</firstName>
                <middleName>M.</middleName>
                <lastName>McBride</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Navy Yard Corporate Center</street1>
                <street2>3 Crescent Drive, Suite 400</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                <zipCode>19112</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the General Partner.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kimberly</firstName>
                <middleName>A.</middleName>
                <lastName>Hocker</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Navy Yard Corporate Center</street1>
                <street2>3 Crescent Drive, Suite 400</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                <zipCode>19112</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the General Partner.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kirstin</firstName>
                <middleName>A.</middleName>
                <lastName>Hocker</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Navy Yard Corporate Center</street1>
                <street2>3 Crescent Drive, Suite 400</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                <zipCode>19112</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the General Partner.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Peter</firstName>
                <lastName>Moran</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Navy Yard Corporate Center</street1>
                <street2>3 Crescent Drive, Suite 400</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                <zipCode>19112</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the General Partner.</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>06b</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001192482-15-000073</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2000-10-26</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>SMH Capital Inc.</recipientName>
                <recipientCRDNumber>20580</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>600 Travis Street</street1>
                    <city>Houston</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                    <zipCode>77002</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CT</state>
                    <description>CONNECTICUT</description>
                    <state>FL</state>
                    <description>FLORIDA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Christenson Investment Partners</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>300 Bar Harbor Drive, Suite 138</street1>
                    <city>Conshohocken</city>
                    <stateOrCountry>PA</stateOrCountry>
                    <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                    <zipCode>19428</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>NC</state>
                    <description>NORTH CAROLINA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>VSR Financial Services Incorporated</recipientName>
                <recipientCRDNumber>14503</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>8620 W 110th St</street1>
                    <city>Overland Park</city>
                    <stateOrCountry>KS</stateOrCountry>
                    <stateOrCountryDescription>KANSAS</stateOrCountryDescription>
                    <zipCode>62210</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CT</state>
                    <description>CONNECTICUT</description>
                    <state>FL</state>
                    <description>FLORIDA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>25165025</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>true</hasNonAccreditedInvestors>
            <numberNonAccreditedInvestors>1</numberNonAccreditedInvestors>
            <totalNumberAlreadyInvested>50</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>5868</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Penn Mid Cap Equity Fund, L.P.</issuerName>
                <signatureName>/s/ Lisa Matson</signatureName>
                <nameOfSigner>Lisa Matson</nameOfSigner>
                <signatureTitle>General Counsel to the General Partner</signatureTitle>
                <signatureDate>2016-03-09</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
