-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 LGe8ppMljznB9O1uz8TFAk8NGnlGtKhRxHTFzo9Qu/FxUQFooI1tu43EdIWarBdh
 kJyug5qY51Aq6vAxEMsxnQ==

<SEC-DOCUMENT>0001432685-09-000006.txt : 20090409
<SEC-HEADER>0001432685-09-000006.hdr.sgml : 20090409
<ACCEPTANCE-DATETIME>20090409114516
ACCESSION NUMBER:		0001432685-09-000006
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)(7)
FILED AS OF DATE:		20090409
DATE AS OF CHANGE:		20090409
EFFECTIVENESS DATE:		20090409

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FLAG PRIVATE EQUITY IV LP
		CENTRAL INDEX KEY:			0001432727
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-117110
		FILM NUMBER:		09741680

	BUSINESS ADDRESS:	
		STREET 1:		C/O FLAG CAPITAL MANAGEMENT LLC
		STREET 2:		1266 EAST MAIN STREET, 5TH FLOOR
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06902
		BUSINESS PHONE:		203-352-0440

	MAIL ADDRESS:	
		STREET 1:		C/O FLAG CAPITAL MANAGEMENT LLC
		STREET 2:		1266 EAST MAIN STREET, 5TH FLOOR
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06902
</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>0001432727</cik>
        <entityName>FLAG PRIVATE EQUITY IV LP</entityName>
        <issuerAddress>
            <street1>C/O FLAG CAPITAL MANAGEMENT LLC</street1>
            <street2>1266 EAST MAIN STREET, 5TH FLOOR</street2>
            <city>STAMFORD</city>
            <stateOrCountry>CT</stateOrCountry>
            <zipCode>06902</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>203-352-0440</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>DE</jurisdictionOfInc>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2008</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>L</firstName>
                <middleName>Peter</middleName>
                <lastName>Lawrence</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1266 East Main Street</street1>
                <street2>5th Floor</street2>
                <city>Stamford</city>
                <stateOrCountry>CT</stateOrCountry>
                <zipCode>06902</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of the General Partner of the Issuer's General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Diana</firstName>
                <middleName>H</middleName>
                <lastName>Frazier</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1266 East Main Street</street1>
                <street2>5th Floor</street2>
                <city>Stamford</city>
                <stateOrCountry>CT</stateOrCountry>
                <zipCode>06902</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of the General Partner of the Issuer's General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>James</firstName>
                <middleName>H</middleName>
                <lastName>Gasperoni</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1266 East Main Street</street1>
                <street2>5th Floor</street2>
                <city>Stamford</city>
                <stateOrCountry>CT</stateOrCountry>
                <zipCode>06902</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the General Partner of the Issuer's General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Louis</firstName>
                <middleName></middleName>
                <lastName>Sciarretta Jr</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1266 East Main Street</street1>
                <street2>5th Floor</street2>
                <city>Stamford</city>
                <stateOrCountry>CT</stateOrCountry>
                <zipCode>06902</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Treasurer and Secretary of the General Partner of the Issuer's General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <middleName></middleName>
                <lastName>Sullivan</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1266 East Main Street</street1>
                <street2>5th Floor</street2>
                <city>Stamford</city>
                <stateOrCountry>CT</stateOrCountry>
                <zipCode>06902</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the General Partner of the Issuer's General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Peter</firstName>
                <middleName>L</middleName>
                <lastName>Denious</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1266 East Main Street</street1>
                <street2>5th Floor</street2>
                <city>Stamford</city>
                <stateOrCountry>CT</stateOrCountry>
                <zipCode>06902</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the General Partner of the Issuer's General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Timothy</firstName>
                <middleName>C</middleName>
                <lastName>Fritzinger</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1266 East Main Street</street1>
                <street2>5th Floor</street2>
                <city>Stamford</city>
                <stateOrCountry>CT</stateOrCountry>
                <zipCode>06902</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the General Partner of the Issuer's General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Scott</firstName>
                <middleName>W</middleName>
                <lastName>Reed</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1266 East Main Street</street1>
                <street2>5th Floor</street2>
                <city>Stamford</city>
                <stateOrCountry>CT</stateOrCountry>
                <zipCode>06902</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the General Partner of the Issuer's General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Eileen</firstName>
                <middleName></middleName>
                <lastName>Nelson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1266 East Main Street</street1>
                <street2>5th Floor</street2>
                <city>Stamford</city>
                <stateOrCountry>CT</stateOrCountry>
                <zipCode>06902</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the General Partner of the Issuer's General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <middleName></middleName>
                <lastName>Bardorf</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1266 East Main Street</street1>
                <street2>5th Floor</street2>
                <city>Stamford</city>
                <stateOrCountry>CT</stateOrCountry>
                <zipCode>06902</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the General Partner of the Issuer's General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Karen</firstName>
                <middleName>M</middleName>
                <lastName>Hansen</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1266 East Main Street</street1>
                <street2>5th Floor</street2>
                <city>Stamford</city>
                <stateOrCountry>CT</stateOrCountry>
                <zipCode>06902</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the General Partner of the Issuer's General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Malcolm</firstName>
                <middleName></middleName>
                <lastName>McAllister</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1266 East Main Street</street1>
                <street2>5th Floor</street2>
                <city>Stamford</city>
                <stateOrCountry>CT</stateOrCountry>
                <zipCode>06902</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Member of the General Partner of the Issuer's General Partner</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Private Equity Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <revenueRange>No Revenues</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-08-019813</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2008-03-28</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>100000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>300000000</totalOfferingAmount>
            <totalAmountSold>124374500</totalAmountSold>
            <totalRemaining>175625500</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>63</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>An affiliate of the General Partner will receive an investment advisory fee payable by the Issuer quarterly in advance.  The investment advisory fee will generally be equal to a percentage of commitments as specified in the Issuer's partnership agreement.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>FLAG PRIVATE EQUITY IV LP</issuerName>
                <signatureName>Louis Sciarretta, Jr.</signatureName>
                <nameOfSigner>Louis Sciarretta, Jr.</nameOfSigner>
                <signatureTitle>Treas. &amp; Sec. of the Gen. Partner (&quot;GP&quot;) of the Issuer's GP</signatureTitle>
                <signatureDate>2009-04-09</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----