-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 EcZmy32URb3995HaK1Q3VxtRChaTPZlGlV5UOWJRXKvbcV4GnNxm3yovHxXKzcnM
 j1P4EG6WviabNPnmYDGhDQ==

<SEC-DOCUMENT>0001169537-09-000007.txt : 20090312
<SEC-HEADER>0001169537-09-000007.hdr.sgml : 20090312
<ACCEPTANCE-DATETIME>20090311175347
ACCESSION NUMBER:		0001169537-09-000007
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(1)
FILED AS OF DATE:		20090312
DATE AS OF CHANGE:		20090311
EFFECTIVENESS DATE:		20090312

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PARAGON OFFSHORE FUND BVI LTD
		CENTRAL INDEX KEY:			0001169538
		IRS NUMBER:				364467380
		STATE OF INCORPORATION:			D8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-40944
		FILM NUMBER:		09673547

	BUSINESS ADDRESS:	
		STREET 1:		C/O CEDAR HILL ASSOCIATES, LLC
		STREET 2:		120 S. LASALLE STREET, SUITE 1750
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60603
		BUSINESS PHONE:		312-445-2911

	MAIL ADDRESS:	
		STREET 1:		C/O CEDAR HILL ASSOCIATES, LLC
		STREET 2:		120 S. LASALLE STREET, SUITE 1750
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60603
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0201</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001169538</cik>
        <entityName>PARAGON OFFSHORE FUND BVI LTD</entityName>
        <issuerAddress>
            <street1>C/O CEDAR HILL ASSOCIATES, LLC</street1>
            <street2>120 S. LASALLE STREET, SUITE 1750</street2>
            <city>CHICAGO</city>
            <stateOrCountry>IL</stateOrCountry>
            <zipCode>60603</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>312-445-2900</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>D8</jurisdictionOfInc>
        <entityType>Other</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Alan</firstName>
                <middleName></middleName>
                <lastName>Cole</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Cedar Hill Associates, LLC</street1>
                <street2>120 S. LaSalle Street, Suite 1750</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60603</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>President, Cedar Hill Associates, LLC - Manager of Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Joel</firstName>
                <middleName>H</middleName>
                <lastName>Jastromb</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Cedar Hill Associates, LLC</street1>
                <street2>120 S. LaSalle Street, Suite 1750</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60603</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chairman, Cedar Hill Associates, LLC - Manager of Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Christopher</firstName>
                <middleName>I</middleName>
                <lastName>Engelman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Cedar Hill Associates, LLC</street1>
                <street2>120 S. LaSalle Street, Suite 1750</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60603</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Director, Cedar Hill Associates, LLC - Manager of Issuer</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>$5,000,001 - $25,000,000</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001169538-09-000003</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <yetToOccur>true</yetToOccur>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>500000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>50000000</totalOfferingAmount>
            <totalAmountSold>26737999</totalAmountSold>
            <totalRemaining>23262001</totalRemaining>
            <clarificationOfResponse>Section 7, &quot;Type of filing&quot; did not allow input of first sale date which was 01/01/2002.  The only box allowed was &quot;First sale yet to occur&quot;.  This is first electronic filing.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>true</hasNonAccreditedInvestors>
            <numberNonAccreditedInvestors>1</numberNonAccreditedInvestors>
            <totalNumberAlreadyInvested>34</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>PARAGON OFFSHORE FUND BVI LTD</issuerName>
                <signatureName>Dawn H. Keach</signatureName>
                <nameOfSigner>Dawn Keach</nameOfSigner>
                <signatureTitle>Principal/Administration</signatureTitle>
                <signatureDate>2009-03-11</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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