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

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001502014</cik>
        <entityName>AEQUITAS OPPORTUNITY FUND LLC</entityName>
        <issuerAddress>
            <street1>933 EAST 1910 SOUTH</street1>
            <street2>SUITE 202</street2>
            <city>PROVO</city>
            <stateOrCountry>UT</stateOrCountry>
            <stateOrCountryDescription>UTAH</stateOrCountryDescription>
            <zipCode>84606</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>801-854-9150</issuerPhoneNumber>
        <jurisdictionOfInc>UTAH</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>Robert</firstName>
                <middleName>C</middleName>
                <lastName>Montgomery</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>933 East 1910 South</street1>
                <street2>Suite 202</street2>
                <city>Provo</city>
                <stateOrCountry>X1</stateOrCountry>
                <stateOrCountryDescription>UNITED STATES</stateOrCountryDescription>
                <zipCode>84604</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager of Aequitas Asset Management Group LLC, the Issuer's Managing Member</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jon</firstName>
                <middleName>L</middleName>
                <lastName>Farris</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>933 East 1910 South</street1>
                <street2>Suite 202</street2>
                <city>Provo</city>
                <stateOrCountry>X1</stateOrCountry>
                <stateOrCountryDescription>UNITED STATES</stateOrCountryDescription>
                <zipCode>84604</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager of Aequitas Asset Management Group LLC, the Issuer's Managing Member</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>-</firstName>
                <lastName>Aequitas Asset Management Group LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>933 East 1910 South</street1>
                <street2>Suite 202</street2>
                <city>Provo</city>
                <stateOrCountry>UT</stateOrCountry>
                <stateOrCountryDescription>UTAH</stateOrCountryDescription>
                <zipCode>84604</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of the Issuer</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Other Real Estate</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>No Revenues</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>46</item>
            <item>3C</item>
            <item>3C.1</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001502014-10-000001</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2010-09-22</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
            <isOtherType>true</isOtherType>
            <descriptionOfOtherType>Units of LLC Preferred Membership Interests</descriptionOfOtherType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>100000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>.</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>.</street1>
                    <city>.</city>
                    <stateOrCountry>X1</stateOrCountry>
                    <stateOrCountryDescription>UNITED STATES</stateOrCountryDescription>
                    <zipCode>00000</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>1000000</totalOfferingAmount>
            <totalAmountSold>100000</totalAmountSold>
            <totalRemaining>900000</totalRemaining>
            <clarificationOfResponse>Expandable to $2,800,000 maximum</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>true</hasNonAccreditedInvestors>
            <numberNonAccreditedInvestors>1</numberNonAccreditedInvestors>
            <totalNumberAlreadyInvested>1</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse>The securities will be sold by the Issuer's management who will not receive remuneration in connection with the sale of securities. In the event FINRA-reps are retained and sales commissions are paid, Item 12 of this Form D will be amended accordingly.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>75000</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>The Issuer's Managers, its Managing Member and/or their affiliates will be paid an Acquisition Fee of $1,500 per Property acquired by the Issuer.  This estimate assumes the acquisition of 50 properties by the Issuer.  Actual amounts will vary.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>AEQUITAS OPPORTUNITY FUND LLC</issuerName>
                <signatureName>Robert C. Montgomery</signatureName>
                <nameOfSigner>Robert C. Montgomery</nameOfSigner>
                <signatureTitle>Manager of Issuer's Managing Member</signatureTitle>
                <signatureDate>2010-10-12</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
