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

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001679708</cik>
        <entityName>Phoenix LHF Ltd.</entityName>
        <issuerAddress>
            <street1>190 ELGIN AVENUE</street1>
            <street2>GEORGE TOWN</street2>
            <city>GRAND CAYMAN</city>
            <stateOrCountry>E9</stateOrCountry>
            <stateOrCountryDescription>CAYMAN ISLANDS</stateOrCountryDescription>
            <zipCode>KY1-9005</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>561-741-0820</issuerPhoneNumber>
        <jurisdictionOfInc>CAYMAN ISLANDS</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Cayman Islands - Exempted Company</entityTypeOtherDesc>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <middleName>N/A</middleName>
                <lastName>Lighthouse Investment Partners LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3801 PGA Blvd.</street1>
                <street2>SUITE 604</street2>
                <city>PALM BEACH GARDENS</city>
                <stateOrCountry>FL</stateOrCountry>
                <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                <zipCode>33410</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Sean</firstName>
                <middleName>G.</middleName>
                <lastName>McGould</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3801 PGA Blvd.</street1>
                <street2>Suite 604</street2>
                <city>PALM BEACH GARDENS</city>
                <stateOrCountry>FL</stateOrCountry>
                <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                <zipCode>33410</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer of the Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <middleName>P.</middleName>
                <lastName>Swan, III</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3801 PGA Blvd.</street1>
                <street2>SUITE 604</street2>
                <city>PALM BEACH GARDENS</city>
                <stateOrCountry>FL</stateOrCountry>
                <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                <zipCode>33410</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer of the Investment Manager and Director of the Fund</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>J.</firstName>
                <middleName>Scott</middleName>
                <lastName>Perkins</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3801 PGA Blvd.</street1>
                <street2>SUITE 604</street2>
                <city>PALM BEACH GARDENS</city>
                <stateOrCountry>FL</stateOrCountry>
                <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                <zipCode>33410</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Benjamin</firstName>
                <middleName>C.</middleName>
                <lastName>Browning</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>437 Madison Ave</street1>
                <street2>21st Flr</street2>
                <city>NEW YORK</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Georgia</firstName>
                <middleName>N/A</middleName>
                <lastName>Prinsloo</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Buckingham Square, 2nd Floor</street1>
                <street2>720A West, PO Box 10034</street2>
                <city>GRAND CAYMAN</city>
                <stateOrCountry>E9</stateOrCountry>
                <stateOrCountryDescription>CAYMAN ISLANDS</stateOrCountryDescription>
                <zipCode>KY1-1001</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Principal of Global Funds Management, Ltd. has entered into Director Services Agreement with the Fund.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Barry</firstName>
                <middleName>N/A</middleName>
                <lastName>McGrath</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Carriag Breac House, Old Carrickbrack Rd</street1>
                <street2>Baily, Howth Co.</street2>
                <city>DUBLIN</city>
                <stateOrCountry>L2</stateOrCountry>
                <stateOrCountryDescription>IRELAND</stateOrCountryDescription>
                <zipCode>F92YC56</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>06b</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001679708-25-000002</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2016-08-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>100000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>286850251</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>The Total Amount Sold herein reflects the net asset value of U.S. investors of the Issuer as of November 30, 2024.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>1</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>The Manager is entitled to receive management fees and performance fees in accordance with the applicable offering documents and sub-advisory agreements.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Phoenix LHF Ltd.</issuerName>
                <signatureName>Robert P. Swan, III</signatureName>
                <nameOfSigner>Robert P. Swan, III</nameOfSigner>
                <signatureTitle>Vice Pres., Lighthouse Investment Partners, LLC, Inv. Mgr</signatureTitle>
                <signatureDate>2025-02-14</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
