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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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<SEC-DOCUMENT>0000919574-09-005696.txt : 20090316
<SEC-HEADER>0000919574-09-005696.hdr.sgml : 20090316
<ACCEPTANCE-DATETIME>20090313190528
ACCESSION NUMBER:		0000919574-09-005696
CONFORMED SUBMISSION TYPE:	D
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:		20090316
DATE AS OF CHANGE:		20090313
EFFECTIVENESS DATE:		20090316

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Polaris Prime Small Cap Value, L.P.
		CENTRAL INDEX KEY:			0001458121
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-127881
		FILM NUMBER:		09681688

	BUSINESS ADDRESS:	
		STREET 1:		30 FENWICK HALL ALL?E
		CITY:			JOHNS ISLAND
		STATE:			SC
		ZIP:			29455
		BUSINESS PHONE:		(843) 414-4000

	MAIL ADDRESS:	
		STREET 1:		30 FENWICK HALL ALL?E
		CITY:			JOHNS ISLAND
		STATE:			SC
		ZIP:			29455
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0201</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001458121</cik>
        <entityName>Polaris Prime Small Cap Value, L.P.</entityName>
        <issuerAddress>
            <street1>30 FENWICK HALL ALLEE</street1>
            <city>JOHNS ISLAND</city>
            <stateOrCountry>SC</stateOrCountry>
            <zipCode>29455</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(846) 414-4000</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc></jurisdictionOfInc>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <middleName>C.</middleName>
                <lastName>Pernell, Jr.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>30 Fenwick Hall Allee</street1>
                <city>Johns Island</city>
                <stateOrCountry>SC</stateOrCountry>
                <zipCode>29455</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>President of Polaris Private Managers, Ltd., the General Partner of the Issuer.</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>06</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>1996-11-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>250000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>2027929</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>This is an amendment filing.  Original Form D filed on 7/23/2001.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>30</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>The General Partner (or its affiliate) is entitled to receive an annual management fee in an amount equal to a specified percentage of assets under management.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Polaris Prime Small Cap Value LP</issuerName>
                <signatureName>/s/ John C. Pernell, Jr.</signatureName>
                <nameOfSigner>John C. Pernell, Jr.</nameOfSigner>
                <signatureTitle>President of the General Partner</signatureTitle>
                <signatureDate>2009-03-07</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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