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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 Yr7kStu8a7C0OBN/9OQacw==

<SEC-DOCUMENT>0001431352-09-000005.txt : 20090318
<SEC-HEADER>0001431352-09-000005.hdr.sgml : 20090318
<ACCEPTANCE-DATETIME>20090318134500
ACCESSION NUMBER:		0001431352-09-000005
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:		20090318
DATE AS OF CHANGE:		20090318
EFFECTIVENESS DATE:		20090318

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INDUSTRY VENTURES FUND V, L.P.
		CENTRAL INDEX KEY:			0001431352
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-116577
		FILM NUMBER:		09690490

	BUSINESS ADDRESS:	
		STREET 1:		C/O INDUSTRY VENTURES, L.L.C.
		STREET 2:		750 BATTERY STREET, 7TH FLOOR
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111
		BUSINESS PHONE:		415 273-4231

	MAIL ADDRESS:	
		STREET 1:		C/O INDUSTRY VENTURES, L.L.C.
		STREET 2:		750 BATTERY STREET, 7TH FLOOR
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INDUSTRY VENTURES FUND V LP
		DATE OF NAME CHANGE:	20080402
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0301</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001431352</cik>
        <entityName>INDUSTRY VENTURES FUND V, L.P.</entityName>
        <issuerAddress>
            <street1>750 BATTERY STREET, 7TH FLOOR</street1>
            <street2></street2>
            <city>SAN FRANCISCO</city>
            <stateOrCountry>CA</stateOrCountry>
            <zipCode>94111</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>415-273-4231</issuerPhoneNumber>
        <issuerPreviousNameList>
            <previousName>INDUSTRY VENTURES FUND V LP</previousName>
        </issuerPreviousNameList>
        <jurisdictionOfInc>DE</jurisdictionOfInc>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2008</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>JOHAN</firstName>
                <middleName></middleName>
                <lastName>SWILDENS</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>C/O INDUSTRY VENTURES, L.L.C.</street1>
                <street2>750 BATTERY STREET, 7TH FLOOR</street2>
                <city>SAN FRANCISCO</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>94111</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>MANAGING MEMBER OF THE GENERAL PARTNER OF THE ISSUER</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-09-000345</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2008-03-18</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>GOLD BRIDGE CAPITAL, LLC</recipientName>
                <recipientCRDNumber>140888</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>100 SPEAR STREET, SUITE 1600</street1>
                    <street2></street2>
                    <city>SAN FRANCISCO</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <zipCode>94105</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <state>NY</state>
                    <state>SC</state>
                    <state>TX</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>FARRELL MARSH &amp; CO.</recipientName>
                <recipientCRDNumber>31971</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>41 WEST PUTNAM AVENUE</street1>
                    <street2></street2>
                    <city>GREENWICH</city>
                    <stateOrCountry>CT</stateOrCountry>
                    <zipCode>06830</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <state>MD</state>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>2629350000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>48</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>2850000</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>INDUSTRY VENTURES FUND V, L.P.</issuerName>
                <signatureName>JOHAN D. SWILDENS</signatureName>
                <nameOfSigner>JOHAN D. SWILDENS</nameOfSigner>
                <signatureTitle>MANAGING MEMBER OF THE GENERAL PARTNER OF THE ISSUER</signatureTitle>
                <signatureDate>2009-03-18</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----