-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 qi8hzJDIW6usiK8PdmdXLw==

<SEC-DOCUMENT>0001458247-09-000004.txt : 20090317
<SEC-HEADER>0001458247-09-000004.hdr.sgml : 20090317
<ACCEPTANCE-DATETIME>20090316194057
ACCESSION NUMBER:		0001458247-09-000004
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)(7)
FILED AS OF DATE:		20090317
DATE AS OF CHANGE:		20090316
EFFECTIVENESS DATE:		20090317

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Permal Systematic Macro Ltd.
		CENTRAL INDEX KEY:			0001458290
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D8

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-128054
		FILM NUMBER:		09686095

	BUSINESS ADDRESS:	
		STREET 1:		C/O HARNEYS CORPORATE SERVICES LIMITED
		STREET 2:		CRAIGMUIR CHAMBERS, ROAD TOWN
		CITY:			TORTOLA
		STATE:			D8
		ZIP:			BVI
		BUSINESS PHONE:		212-418-6624

	MAIL ADDRESS:	
		STREET 1:		C/O HARNEYS CORPORATE SERVICES LIMITED
		STREET 2:		CRAIGMUIR CHAMBERS, ROAD TOWN
		CITY:			TORTOLA
		STATE:			D8
		ZIP:			BVI
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0301</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001458290</cik>
        <entityName>Permal Systematic Macro Ltd.</entityName>
        <issuerAddress>
            <street1>C/O HARNEYS CORPORATE SERVICES LIMITED</street1>
            <street2>CRAIGMUIR CHAMBERS, ROAD TOWN</street2>
            <city>TORTOLA</city>
            <stateOrCountry>D8</stateOrCountry>
            <zipCode>BVI</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>212-418-6624</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>D8</jurisdictionOfInc>
        <entityType>Other</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2006</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Edmond</firstName>
                <middleName>de La Haye</middleName>
                <lastName>Jousselin</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Permal Asset Management</street1>
                <street2>900 Third Ave</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michel</firstName>
                <middleName></middleName>
                <lastName>Delauzun</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Permal Asset Management</street1>
                <street2>900 Third Ave</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Gary</firstName>
                <middleName></middleName>
                <lastName>Gladstein</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Permal Asset Management</street1>
                <street2>900 Third Ave</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Christopher</firstName>
                <middleName></middleName>
                <lastName>Gruninger</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Permal Asset Management</street1>
                <street2>900 Third Ave</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Isaac</firstName>
                <middleName></middleName>
                <lastName>Souede</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Permal Asset Management</street1>
                <street2>900 Third Ave</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>William</firstName>
                <middleName></middleName>
                <lastName>Waters</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Permal Asset Management</street1>
                <street2>900 Third Ave</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Over $100,000,000</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2006-09-18</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>100000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Maybridge Partners, Inc.</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>4 Maybridge</street1>
                    <street2></street2>
                    <city>Belvedere</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <zipCode>94920</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>C.P. Eaton and Associates</recipientName>
                <recipientCRDNumber>31170</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>131 Rowayton Avenue</street1>
                    <street2></street2>
                    <city>Rowayton</city>
                    <stateOrCountry>CT</stateOrCountry>
                    <zipCode>06853</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>134052771</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>Approximate as of 2/28/2009</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>21</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>&quot;None paid by the fund in connection with US offering in the past year.&quot;</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>30000</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>&quot;Annual fees payable to directors of the fund only.  This amount does not include investment management fee payable to the fund's investment adviser, which varies greatly from year to year, depending on performance and total assets.&quot;</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Permal Systematic Macro Ltd.</issuerName>
                <signatureName>Joseph M. Furey</signatureName>
                <nameOfSigner>Joseph M. Furey</nameOfSigner>
                <signatureTitle>Director and Associate General Counsel</signatureTitle>
                <signatureDate>2009-03-16</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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