The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM D

Notice of Exempt Offering of Securities
OMB APPROVAL
OMB Number: 3235-0076
Estimated average burden
hours per response: 4.00

1. Issuer's Identity

CIK (Filer ID Number) Previous Names
X None
Entity Type
0001488275
   Corporation
X Limited Partnership
   Limited Liability Company
   General Partnership
   Business Trust
   Other (Specify)

Name of Issuer
Keystone Private Equity Opportunities II (Q), L.P.
Jurisdiction of Incorporation/Organization
DELAWARE
Year of Incorporation/Organization
   Over Five Years Ago
X Within Last Five Years (Specify Year) 2008
   Yet to Be Formed

2. Principal Place of Business and Contact Information

Name of Issuer
Keystone Private Equity Opportunities II (Q), L.P.
Street Address 1 Street Address 2
5000 EXECUTIVE PARKWAY, SUITE 445
City State/Province/Country ZIP/PostalCode Phone Number of Issuer
SAN RAMON CALIFORNIA 94583 925-407-3120

3. Related Persons

Last Name First Name Middle Name
Keystone Opportunities II, LLC N/A
Street Address 1 Street Address 2
5000 Executive Parkway Suite 445
City State/Province/Country ZIP/PostalCode
San Ramon CALIFORNIA 94583
Relationship: X Executive Officer    Director X Promoter

Clarification of Response (if Necessary):

General Partner of the Issuer
Last Name First Name Middle Name
Nielson Brandon
Street Address 1 Street Address 2
5000 Executive Parkway Suite 445
City State/Province/Country ZIP/PostalCode
San Ramon CALIFORNIA 94583
Relationship:    Executive Officer X Director    Promoter

Clarification of Response (if Necessary):

Director of the General Partner of the Issuer
Last Name First Name Middle Name
Earl John
Street Address 1 Street Address 2
5000 Executive Parkway Suite 445
City State/Province/Country ZIP/PostalCode
San Ramon CALIFORNIA 94583
Relationship:    Executive Officer X Director    Promoter

Clarification of Response (if Necessary):

Director of the General Partner of the Issuer
Last Name First Name Middle Name
Smith Barry
Street Address 1 Street Address 2
5000 Executive Parkway Suite 445
City State/Province/Country ZIP/PostalCode
San Ramon CALIFORNIA 94583
Relationship:    Executive Officer X Director    Promoter

Clarification of Response (if Necessary):

Director of the General Partner of the Issuer

4. Industry Group

   Agriculture
Banking & Financial Services
   Commercial Banking
   Insurance
   Investing
   Investment Banking
X Pooled Investment Fund
   Hedge Fund
   Private Equity Fund
X Venture Capital Fund
   Other Investment Fund
Is the issuer registered as
an investment company under
the Investment Company
Act of 1940?
   Yes X No
   Other Banking & Financial Services
   Business Services
Energy
   Coal Mining
   Electric Utilities
   Energy Conservation
   Environmental Services
   Oil & Gas
   Other Energy
Health Care
   Biotechnology
   Health Insurance
   Hospitals & Physicians
   Pharmaceuticals
   Other Health Care
   Manufacturing
Real Estate
   Commercial
   Construction
   REITS & Finance
   Residential
   Other Real Estate
  
 Retailing
  
 Restaurants
Technology
   Computers
   Telecommunications
   Other Technology
Travel
   Airlines & Airports
   Lodging & Conventions
   Tourism & Travel Services
   Other Travel
  
 Other

5. Issuer Size

Revenue Range OR Aggregate Net Asset Value Range
   No Revenues    No Aggregate Net Asset Value
   $1 - $1,000,000    $1 - $5,000,000
   $1,000,001 - $5,000,000    $5,000,001 - $25,000,000
   $5,000,001 - $25,000,000    $25,000,001 - $50,000,000
   $25,000,001 - $100,000,000    $50,000,001 - $100,000,000
   Over $100,000,000    Over $100,000,000
X Decline to Disclose    Decline to Disclose
   Not Applicable    Not Applicable

6. Federal Exemption(s) and Exclusion(s) Claimed (select all that apply)

   Rule 504(b)(1) (not (i), (ii) or (iii))    Rule 505
   Rule 504 (b)(1)(i) X Rule 506
   Rule 504 (b)(1)(ii)    Securities Act Section 4(5)
   Rule 504 (b)(1)(iii) X Investment Company Act Section 3(c)
   Section 3(c)(1)    Section 3(c)(9)  
   Section 3(c)(2)    Section 3(c)(10)
   Section 3(c)(3)    Section 3(c)(11)
   Section 3(c)(4)    Section 3(c)(12)
   Section 3(c)(5)    Section 3(c)(13)
   Section 3(c)(6)    Section 3(c)(14)
X Section 3(c)(7)

7. Type of Filing

X New Notice Date of First Sale 2010-04-01    First Sale Yet to Occur
   Amendment

8. Duration of Offering

Does the Issuer intend this offering to last more than one year?
X Yes    No

9. Type(s) of Securities Offered (select all that apply)

   Equity X Pooled Investment Fund Interests
   Debt    Tenant-in-Common Securities
   Option, Warrant or Other Right to Acquire Another Security    Mineral Property Securities
   Security to be Acquired Upon Exercise of Option, Warrant or Other Right to Acquire Security    Other (describe)

10. Business Combination Transaction

Is this offering being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer?
   Yes X No

Clarification of Response (if Necessary):

11. Minimum Investment

Minimum investment accepted from any outside investor $100,000 USD

12. Sales Compensation

Recipient
Recipient CRD Number    None
Brent Cochran 2361173
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Cambridge Investment Research 39543
Street Address 1 Street Address 2
6465 S. 3000 East, Suite 200
City State/Province/Country ZIP/Postal Code
Salt Lake City UTAH 84121
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
UTAH
CALIFORNIA
TEXAS
OREGON
FLORIDA
IDAHO
Recipient
Recipient CRD Number    None
David A. Russon 2361173
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Cambridge Investment Research 39543
Street Address 1 Street Address 2
6465 S. 3000, Suite 200
City State/Province/Country ZIP/Postal Code
Salt Lake City UTAH 84121
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
UTAH
CALIFORNIA
TEXAS
COLORADO
OREGON
FLORIDA
IDAHO
Recipient
Recipient CRD Number    None
David Rhett Jepson 2992473
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Cambridge Investment Research 39543
Street Address 1 Street Address 2
6465 S. 3000 East, Suite 200
City State/Province/Country ZIP/Postal Code
Salt Lake City UTAH 84121
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
UTAH
CALIFORNIA
TEXAS
COLORADO
OREGON
FLORIDA
IDAHO
Recipient
Recipient CRD Number    None
Allen Neuenschwander 1507901
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
SMH Capital Inc. 20580
Street Address 1 Street Address 2
600 Travis Street, Suite 5800
City State/Province/Country ZIP/Postal Code
Houston TEXAS 77002
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
TEXAS
Recipient
Recipient CRD Number    None
Andrew H. Walker 4823479
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
SMH Capital 20580
Street Address 1 Street Address 2
2550 Gaskins Road
City State/Province/Country ZIP/Postal Code
Richmond VIRGINIA 23238
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
VIRGINIA
Recipient
Recipient CRD Number    None
Tom Genco 2957076
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
SMH Capital Inc. 20580
Street Address 1 Street Address 2
1422 Euclid Avenue # 801
City State/Province/Country ZIP/Postal Code
Cleveland OHIO 44115
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
OHIO
Recipient
Recipient CRD Number    None
Daniel L. Bonder 2518757
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
SMH Capital Inc. 20580
Street Address 1 Street Address 2
25800 Science Park Drive Suite 200
City State/Province/Country ZIP/Postal Code
Beachwood OHIO 44122
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
OHIO
Recipient
Recipient CRD Number    None
Gregory G. Randall 2143449
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
SMH Capital 20580
Street Address 1 Street Address 2
25800 Science Park Drive Suite 200
City State/Province/Country ZIP/Postal Code
Beachwood OHIO 44122
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
OHIO
Recipient
Recipient CRD Number    None
Shree N. Sharma 1068361
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Cambridge Investment Research 35943
Street Address 1 Street Address 2
6465 S. 3000 East, Suite 200
City State/Province/Country ZIP/Postal Code
Salt Lake City UTAH 84121
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
UTAH
Recipient
Recipient CRD Number    None
John E. Fleckenstein 1790867
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Sunbelt Securities Inc. 42180
Street Address 1 Street Address 2
5075 Westheimer, Suite 670
City State/Province/Country ZIP/Postal Code
Houston TEXAS 77056
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
TEXAS
Recipient
Recipient CRD Number    None
Mark S. Henderson 242788
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
National Planning Corporation 29604
Street Address 1 Street Address 2
2750 William D. Tate Avenue Suite 100
City State/Province/Country ZIP/Postal Code
Grapevine TEXAS 76051
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
TEXAS
FLORIDA
Recipient
Recipient CRD Number    None
Raymond J. Miller 856248
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Sunbelt Securities Inc. 42180
Street Address 1 Street Address 2
5075 Westheimer, Suite 670
City State/Province/Country ZIP/Postal Code
Houston TEXAS 77056
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
TEXAS
Recipient
Recipient CRD Number    None
Dwane Mark Tidwell 2612587
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Sunbelt Securities Inc. 42180
Street Address 1 Street Address 2
5075 Westheimer, Suite 670
City State/Province/Country ZIP/Postal Code
Houston TEXAS 77056
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
TEXAS
FLORIDA
Recipient
Recipient CRD Number    None
Charles Auerbach 1193682
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
National Planning Corporation 29604
Street Address 1 Street Address 2
8001 Centerview Parkway Suite 801
City State/Province/Country ZIP/Postal Code
Cordova TENNESSEE 38018
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
TENNESSEE
Recipient
Recipient CRD Number    None
Daniel Whittenburg 2181920
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Lincold Financial Sdvisors Corporation 3978
Street Address 1 Street Address 2
3165 East Milrock Drive Suite 450
City State/Province/Country ZIP/Postal Code
Holladay UTAH 84121
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
UTAH
KENTUCKY
Recipient
Recipient CRD Number    None
Brett E. Jensen 4048577
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Lincoln Financial Advisors Corporation 3978
Street Address 1 Street Address 2
3165 East Milrock Drive Suite 450
City State/Province/Country ZIP/Postal Code
Holladay UTAH 84121
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
UTAH
COLORADO
Recipient
Recipient CRD Number    None
Brandon M. Nelson 3125377
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Lincoln Financial Advisors Corporation 3978
Street Address 1 Street Address 2
3165 East Milrock Drive Suite 450
City State/Province/Country ZIP/Postal Code
Holladay UTAH 84121
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
UTAH
COLORADO
Recipient
Recipient CRD Number    None
Richard Watson 2173329
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Cambridge Investment Research 39543
Street Address 1 Street Address 2
1013 Galleria Blvd. Suite 270
City State/Province/Country ZIP/Postal Code
Roseville CALIFORNIA 95678
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
ARIZONA
Recipient
Recipient CRD Number    None
Rick Isaac 2547424
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Cambridge Investment Research 39543
Street Address 1 Street Address 2
2420 N. Woodlawn Building 100, Suite J
City State/Province/Country ZIP/Postal Code
Wichata KANSAS 67220
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
VIRGINIA
KANSAS
PENNSYLVANIA
ILLINOIS
COLORADO
Recipient
Recipient CRD Number    None
Lei Wang 2626500
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Lincoln Financial Advisors Corporation 3978
Street Address 1 Street Address 2
100 Northfield Drive Suite 200
City State/Province/Country ZIP/Postal Code
Windsor CONNECTICUT 06095
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CONNECTICUT
Recipient
Recipient CRD Number    None
Harry P. Consaul III 2509700
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Cambridge Investment Research 39543
Street Address 1 Street Address 2
2750 William D. Tate Avenue Suite 100
City State/Province/Country ZIP/Postal Code
Grapevine TEXAS 76051
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
TEXAS
Recipient
Recipient CRD Number    None
Michael S. Franklin 4747047
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
National Planning Corporation 29604
Street Address 1 Street Address 2
2750 William D. Tate Avenue Suite 100
City State/Province/Country ZIP/Postal Code
Grapevine TEXAS 76051
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
TEXAS
Recipient
Recipient CRD Number    None
Jason B. Hill 4836904
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Cambridge Investment Research 39543
Street Address 1 Street Address 2
8100 E. 22nd N. Bldg. 1400-2
City State/Province/Country ZIP/Postal Code
Wichata KANSAS 67226
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
KANSAS
Recipient
Recipient CRD Number    None
Michael D. Kaufman 2362468
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Cambridge Investment Research 39543
Street Address 1 Street Address 2
6 Desta Drive, Suite 3500
City State/Province/Country ZIP/Postal Code
Midland TEXAS 79705
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
TEXAS
Recipient
Recipient CRD Number    None
Monte C. Ferguson 2627255
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Cambridge Investment Research 39543
Street Address 1 Street Address 2
6300 Ridglea Place Suite 734A
City State/Province/Country ZIP/Postal Code
Fort Worth TEXAS 76116
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
TEXAS
Recipient
Recipient CRD Number    None
John Richard Coe 867571
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Cambridge Investment Research 39543
Street Address 1 Street Address 2
8100 E. 22nd N. Bldg. 1400-2
City State/Province/Country ZIP/Postal Code
Wichata KANSAS 67226
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
KANSAS
Recipient
Recipient CRD Number    None
Jimmy Dale Mullins 2325029
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Cambridge Investment Research 39543
Street Address 1 Street Address 2
120 W. 3rd Street
City State/Province/Country ZIP/Postal Code
Ft. Worth TEXAS 76102
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
TEXAS
Recipient
Recipient CRD Number    None
Joseph Sterling 1101378
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Geneos Wealth Management 120894
Street Address 1 Street Address 2
7570 W. 147th Street Suite 100
City State/Province/Country ZIP/Postal Code
Apple Valley MINNESOTA 55124
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
MINNESOTA

13. Offering and Sales Amounts

Total Offering Amount $150,000,000 USD
or    Indefinite
Total Amount Sold $73,500,000 USD
Total Remaining to be Sold $76,500,000 USD
or    Indefinite

Clarification of Response (if Necessary):

Offering and Sales Amounts have been agggregted for the Issuer and Keystone Private Equity Opportunities II, L.P., a parallel vehicle of the issuer.

14. Investors

  
 Select if securities in the offering have been or may be sold to persons who do not qualify as accredited investors, and enter the number of such non-accredited investors who already have invested in the offering.
Regardless of whether securities in the offering have been or may be sold to persons who do not qualify as accredited investors, enter the total number of investors who already have invested in the offering:
58

15. Sales Commissions & Finder's Fees Expenses

Provide separately the amounts of sales commissions and finders fees expenses, if any. If the amount of an expenditure is not known, provide an estimate and check the box next to the amount.

Sales Commissions $400,000 USD
X Estimate
Finders' Fees $0 USD
   Estimate

Clarification of Response (if Necessary):

Sales Commissions include amounts paid in connection with the offering of interests in Keystone Private Equity Opportunities II, L.P., a parallel vehicle of the issuer.

16. Use of Proceeds

Provide the amount of the gross proceeds of the offering that has been or is proposed to be used for payments to any of the persons required to be named as executive officers, directors or promoters in response to Item 3 above. If the amount is unknown, provide an estimate and check the box next to the amount.

$0 USD
   Estimate

Clarification of Response (if Necessary):

Signature and Submission

Please verify the information you have entered and review the Terms of Submission below before signing and clicking SUBMIT below to file this notice.

Terms of Submission

In submitting this notice, each issuer named above is:
  • Notifying the SEC and/or each State in which this notice is filed of the offering of securities described and undertaking to furnish them, upon written request, in the accordance with applicable law, the information furnished to offerees.*
  • Irrevocably appointing each of the Secretary of the SEC and, the Securities Administrator or other legally designated officer of the State in which the issuer maintains its principal place of business and any State in which this notice is filed, as its agents for service of process, and agreeing that these persons may accept service on its behalf, of any notice, process or pleading, and further agreeing that such service may be made by registered or certified mail, in any Federal or state action, administrative proceeding, or arbitration brought against the issuer in any place subject to the jurisdiction of the United States, if the action, proceeding or arbitration (a) arises out of any activity in connection with the offering of securities that is the subject of this notice, and (b) is founded, directly or indirectly, upon the provisions of:  (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these statutes, or (ii) the laws of the State in which the issuer maintains its principal place of business or any State in which this notice is filed.
  • Certifying that, if the issuer is claiming a Rule 505 exemption, the issuer is not disqualified from relying on Rule 505 for one of the reasons stated in Rule 505(b)(2)(iii).

Each Issuer identified above has read this notice, knows the contents to be true, and has duly caused this notice to be signed on its behalf by the undersigned duly authorized person.

For signature, type in the signer's name or other letters or characters adopted or authorized as the signer's signature.

Issuer Signature Name of Signer Title Date
Keystone Private Equity Opportunities II (Q), L.P. /s/ John Earl John Earl Director of the Issuer's General Partner 2010-04-14

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.

* This undertaking does not affect any limits Section 102(a) of the National Securities Markets Improvement Act of 1996 ("NSMIA") [Pub. L. No. 104-290, 110 Stat. 3416 (Oct. 11, 1996)] imposes on the ability of States to require information. As a result, if the securities that are the subject of this Form D are "covered securities" for purposes of NSMIA, whether in all instances or due to the nature of the offering that is the subject of this Form D, States cannot routinely require offering materials under this undertaking or otherwise and can require offering materials only to the extent NSMIA permits them to do so under NSMIA's preservation of their anti-fraud authority.