UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549

                                   FORM 13F

                              FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended:  June 30, 2009

Check here if an Amendment [ ];  Amendment Number: _________
        This Amendment (Check only one.):      [ ] is a restatement.
                                               [ ] adds new holdings entries.

INSTITUTIONAL INVESTMENT MANAGER FILING THIS REPORT:

Name:     Avenue Capital Partners V, LLC
Address:  535 Madison Avenue, 15th Floor
          New York, New York  10022

Form 13F File Number:  028-13480

The  institutional  investment manager filing this report and the person by whom
it is signed hereby represent  that  the person signing the report is authorized
to  submit  it,  that all information contained  herein  is  true,  correct  and
complete, and that  it  is  understood  that  all  required  items,  statements,
schedules, lists, and tables, are considered integral parts of this form.

PERSON SIGNING THIS REPORT ON BEHALF OF REPORTING MANAGER:

Name:      Marc Lasry
Title:     Managing Member of General Partner
Phone:     (212)850-7511

Signature, Place, and Date of Signing:

/s/ Marc Lasry              New York, New York        August 14, 2009
- -----------------------------------------------------------------------
  [Signature]                 [City, State]              [Date]

REPORT TYPE (Check only one.):

[ ]  13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
are reported in this report.)
[X]  13F NOTICE. (Check here if no holdings reported are in this report, and all
holdings are reported by other reporting manager(s).)
[ ]  13F COMBINATION REPORT. (Check here if a portion of the holdings for this
reporting manager are reported in this report and a portion are reported by
other reporting manager(s).)

LIST OF OTHER MANAGERS REPORTING FOR THIS MANAGER:

Form 13F File Number            Name

028-10797                       Marc Lasry