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

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001764087</cik>
        <entityName>Valar Fund V LP</entityName>
        <issuerAddress>
            <street1>915 BROADWAY, SUITE 1101</street1>
            <city>NEW YORK</city>
            <stateOrCountry>NY</stateOrCountry>
            <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
            <zipCode>10010</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(646) 559-0458</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2019</value>
        </yearOfInc>
    </primaryIssuer>

    <issuerList>
        <issuer>
            <cik>0001772242</cik>
            <entityName>Valar Principals Fund V LP</entityName>
            <issuerAddress>
                <street1>915 BROADWAY, SUITE 1101</street1>
                <city>NEW YORK</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10010</zipCode>
            </issuerAddress>
            <issuerPhoneNumber>(646) 559-0458</issuerPhoneNumber>
            <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
            <edgarPreviousNameList>
                <previousName>Valar Principals V LP</previousName>
            </edgarPreviousNameList>
            <entityType>Limited Partnership</entityType>
            <yearOfInc>
                <yetToBeFormed>true</yetToBeFormed>
            </yearOfInc>
        </issuer>
    </issuerList>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Valar GP V LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>915 Broadway, Suite 1101</street1>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10010</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner of the Issuers</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>James</firstName>
                <lastName>Fitzgerald</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>915 Broadway, Suite 1101</street1>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10010</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of General Partner of the  Issuers</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Andrew</firstName>
                <lastName>McCormack</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>915 Broadway, Suite 1101</street1>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10010</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of General Partner of the  Issuers</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Venture Capital Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
            <item>3C</item>
            <item>3C.1</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001764087-19-000001</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <yetToOccur>true</yetToOccur>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Mercury Capital Advisors, LLC</recipientName>
                <recipientCRDNumber>152338</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>225 Liberty Street</street1>
                    <street2>36th Floor</street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10281</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>150000000</totalOfferingAmount>
            <totalAmountSold>0</totalAmountSold>
            <totalRemaining>150000000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>0</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>1000000</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>This estimate is an approximate aggregate amount expected to be paid to the recipients. The actual amount will be determined based on capital committed by certain investors to the Issuers when the offering is completed.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>The General Partner (or its designee) is entitled to the payment of a management fee payable by the Issuers.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Valar Fund V LP</issuerName>
                <signatureName>/s/ James Fitzgerald</signatureName>
                <nameOfSigner>James Fitzgerald</nameOfSigner>
                <signatureTitle>Managing Member of General Partner of Issuer</signatureTitle>
                <signatureDate>2019-04-01</signatureDate>
            </signature>
            <signature>
                <issuerName>Valar Principals Fund V LP</issuerName>
                <signatureName>/s/ James Fitzgerald</signatureName>
                <nameOfSigner>James Fitzgerald</nameOfSigner>
                <signatureTitle>Managing Member of General Partner of Issuer</signatureTitle>
                <signatureDate>2019-04-01</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
