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

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001916921</cik>
        <entityName>Greenwoods Balanced Fund</entityName>
        <issuerAddress>
            <street1>SUITE 3601-05 &amp; 3620, 36/F JARDINE HOUSE</street1>
            <street2>1 CONNAUGHT PLACE, CENTRAL</street2>
            <city>HONG KONG</city>
            <stateOrCountry>K3</stateOrCountry>
            <stateOrCountryDescription>HONG KONG</stateOrCountryDescription>
            <zipCode>00000</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>65 6202 9792</issuerPhoneNumber>
        <jurisdictionOfInc>HONG KONG</jurisdictionOfInc>
        <issuerPreviousNameList>
            <previousName>Greenwoods A-Shares Opportunities Fund</previousName>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>exempted company incorporated in the Cayman Islands</entityTypeOtherDesc>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Greenwoods Investments SG Pte. Ltd.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>One Temasek Avenue, #09-02</street1>
                <street2>Millenia Tower</street2>
                <city>Singapore</city>
                <stateOrCountry>U0</stateOrCountry>
                <stateOrCountryDescription>SINGAPORE</stateOrCountryDescription>
                <zipCode>039192</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager of the Issuer (&quot;Manager&quot;)</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jinzhi</firstName>
                <lastName>Jiang</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Suite 3601-05 &amp; 3620, 36/F</street1>
                <street2>Jardine House, 1 Connaught Pl., Central</street2>
                <city>Hong Kong</city>
                <stateOrCountry>K3</stateOrCountry>
                <stateOrCountryDescription>HONG KONG</stateOrCountryDescription>
                <zipCode>00000</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Taosheng</firstName>
                <lastName>Liu</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Suite 3601-05 &amp; 3620, 36/F</street1>
                <street2>Jardine House, 1 Connaught Pl., Central</street2>
                <city>Hong Kong</city>
                <stateOrCountry>K3</stateOrCountry>
                <stateOrCountryDescription>HONG KONG</stateOrCountryDescription>
                <zipCode>00000</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jian</firstName>
                <lastName>Gao</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Suite 3601-05 &amp; 3620, 36/F</street1>
                <street2>Jardine House, 1 Connaught Pl., Central</street2>
                <city>Hong Kong</city>
                <stateOrCountry>K3</stateOrCountry>
                <stateOrCountryDescription>HONG KONG</stateOrCountryDescription>
                <zipCode>00000</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>0000945621-24-000300</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2022-03-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1050000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Agecroft Partner, LLC</recipientName>
                <recipientCRDNumber>139227</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>103 Canterbury Road</street1>
                    <city>Richmond</city>
                    <stateOrCountry>VA</stateOrCountry>
                    <stateOrCountryDescription>VIRGINIA</stateOrCountryDescription>
                    <zipCode>23221</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Tangent Capital Partners, LLC</recipientName>
                <recipientCRDNumber>146999</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>437 Madison Avenue, Floor 34</street1>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10022</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>200000000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>Clarification of Item 11: Subscription amounts smaller than the required minimum may be accepted subject to the discretion of the Directors/Manager but in no event may be lower than the minimum amount required under the law which currently is US$100,000.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>1</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>Shareholders may be charged a fee of up to 1% of the investment amount which may be adjusted or waived at the discretion of the directors. No front end fee is charged at the Master Fund level.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>The Issuer pays the Manager management and performance fees as outlined in the Issuer's offering material. The Directors may be paid remuneration of up to US$10,000 per annum each.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Greenwoods Balanced Fund</issuerName>
                <signatureName>Yeo Whey Shin Edwin</signatureName>
                <nameOfSigner>Yeo Whey Shin Edwin</nameOfSigner>
                <signatureTitle>Authorized Signatory</signatureTitle>
                <signatureDate>2025-02-17</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
