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

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001756691</cik>
        <entityName>North Haven Private Equity Asia V Offshore, L.P.</entityName>
        <issuerAddress>
            <street1>1585 BROADWAY</street1>
            <city>NEW YORK</city>
            <stateOrCountry>NY</stateOrCountry>
            <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
            <zipCode>10036</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>212 761 4747</issuerPhoneNumber>
        <jurisdictionOfInc>ONTARIO, CANADA</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2018</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <lastName>Morgan Stanley Private Equity Asia V GP ONT, L.P.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>50 Queen Street North</street1>
                <street2>Suite 1020, P.O. Box 2248</street2>
                <city>Kitchener</city>
                <stateOrCountry>A6</stateOrCountry>
                <stateOrCountryDescription>ONTARIO, CANADA</stateOrCountryDescription>
                <zipCode>N2H 6M2</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General partner of issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <middleName>N.</middleName>
                <lastName>Miller</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Morgan Stanley</street1>
                <street2>1585 Broadway, 39th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Carlos</firstName>
                <middleName>A.</middleName>
                <lastName>Santiago</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Morgan Stanley</street1>
                <street2>522 Fifth Avenue, 19th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Private Equity Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001756691-18-000002</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2018-09-24</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Not Applicable</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>Morgan Stanley Smith Barney LLC</associatedBDName>
                <associatedBDCRDNumber>149777</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2000 WESTCHESTER AVENUE</street1>
                    <city>PURCHASE</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10577-2530</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>true</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Not Applicable</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>Morgan Stanley Asia International Limited</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>INTERNATIONAL COMMERCE CENTRE</street1>
                    <street2>1 AUSTIN ROAD WEST</street2>
                    <city>KOWLOON</city>
                    <stateOrCountry>K3</stateOrCountry>
                    <stateOrCountryDescription>HONG KONG</stateOrCountryDescription>
                    <zipCode>00000</zipCode>
                </recipientAddress>
                <statesOfSolicitationList></statesOfSolicitationList>
                <foreignSolicitation>true</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Not Applicable</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>Morgan Stanley Asia International Limited, Singapore Branch</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>23 CHURCH STREET</street1>
                    <street2>#16-0 I CAPITAL SQUARE</street2>
                    <city>SINGAPORE</city>
                    <stateOrCountry>U0</stateOrCountry>
                    <stateOrCountryDescription>SINGAPORE</stateOrCountryDescription>
                    <zipCode>049481</zipCode>
                </recipientAddress>
                <statesOfSolicitationList></statesOfSolicitationList>
                <foreignSolicitation>true</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Not Applicable</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>Morgan Stanley Investment Management (Japan) Co., Ltd.</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>OTEMACHI FINANCIAL CITY SOUTH TOWER</street1>
                    <street2>1-9-7 OTEMACHI, CHIYODA-KU</street2>
                    <city>TOKYO</city>
                    <stateOrCountry>M0</stateOrCountry>
                    <stateOrCountryDescription>JAPAN</stateOrCountryDescription>
                    <zipCode>100-8104</zipCode>
                </recipientAddress>
                <statesOfSolicitationList></statesOfSolicitationList>
                <foreignSolicitation>true</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Not Applicable</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>Picton S.A.</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>APOQUINDO 2929, 22ND FLOOR</street1>
                    <street2>LAS CONDES</street2>
                    <city>SANTIAGO</city>
                    <stateOrCountry>F3</stateOrCountry>
                    <stateOrCountryDescription>CHILE</stateOrCountryDescription>
                    <zipCode>00000</zipCode>
                </recipientAddress>
                <statesOfSolicitationList></statesOfSolicitationList>
                <foreignSolicitation>true</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Not Applicable</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>Morgan Stanley &amp; Co. International Plc, London, Zurich Branch</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>BEETHOVENSTRASSE 33</street1>
                    <city>ZURICH</city>
                    <stateOrCountry>V8</stateOrCountry>
                    <stateOrCountryDescription>SWITZERLAND</stateOrCountryDescription>
                    <zipCode>8002</zipCode>
                </recipientAddress>
                <statesOfSolicitationList></statesOfSolicitationList>
                <foreignSolicitation>true</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Not Applicable</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>Plurimi Wealth LLP</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>11 WATERLOO PLACE</street1>
                    <city>LONDON</city>
                    <stateOrCountry>X0</stateOrCountry>
                    <stateOrCountryDescription>UNITED KINGDOM</stateOrCountryDescription>
                    <zipCode>SW1Y 4AU</zipCode>
                </recipientAddress>
                <statesOfSolicitationList></statesOfSolicitationList>
                <foreignSolicitation>true</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>239600000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>95</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>50000000</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse>Estimate includes sales commissions of issuer and its parallel funds.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>true</authorizedRepresentative>
            <signature>
                <issuerName>North Haven Private Equity Asia V Offshore, L.P.</issuerName>
                <signatureName>/s/ Christopher H. Norris</signatureName>
                <nameOfSigner>Christopher H. Norris</nameOfSigner>
                <signatureTitle>Authorized Signatory</signatureTitle>
                <signatureDate>2020-09-16</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
