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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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 0jeP6Zkt7Yt20vwIIBHB6g==

<SEC-DOCUMENT>0001477282-09-000001.txt : 20091215
<SEC-HEADER>0001477282-09-000001.hdr.sgml : 20091215
<ACCEPTANCE-DATETIME>20091215135128
ACCESSION NUMBER:		0001477282-09-000001
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:		20091215
DATE AS OF CHANGE:		20091215
EFFECTIVENESS DATE:		20091215

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ING Real Estate Asia Value Fund L.P.
		CENTRAL INDEX KEY:			0001477282
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-136918
		FILM NUMBER:		091241212

	BUSINESS ADDRESS:	
		STREET 1:		WINDWARD I, 2ND FLOOR
		STREET 2:		REGATTA OFFICE PARK, WEST BAY ROAD
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1205
		BUSINESS PHONE:		345-949-3838

	MAIL ADDRESS:	
		STREET 1:		WINDWARD I, 2ND FLOOR
		STREET 2:		REGATTA OFFICE PARK, WEST BAY ROAD
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1205
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
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    <schemaVersion>X0603</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001477282</cik>
        <entityName>ING Real Estate Asia Value Fund L.P.</entityName>
        <issuerAddress>
            <street1>WINDWARD I, 2ND FLOOR</street1>
            <street2>REGATTA OFFICE PARK, WEST BAY ROAD</street2>
            <city>GRAND CAYMAN</city>
            <stateOrCountry>E9</stateOrCountry>
            <zipCode>KY1-1205</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>345-949-3838</issuerPhoneNumber>
        <jurisdictionOfInc>CAYMAN ISLANDS</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
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        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2007</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <lastName>ING RE AVF Management Limited</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Windward I, 2nd Floor</street1>
                <street2>Regatta Office Park, West Bay Road</street2>
                <city>Grand Cayman</city>
                <stateOrCountry>E9</stateOrCountry>
                <zipCode>KY1-1205</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Richard</firstName>
                <lastName>Price</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>ING RE AVF Management Limited</street1>
                <street2>Windward I, 2nd Fl, Regatta Office Park</street2>
                <city>Grand Cayman</city>
                <stateOrCountry>E9</stateOrCountry>
                <zipCode>KY1-1205</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Brian</firstName>
                <lastName>Ahn</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>ING RE AVF Management Limited</street1>
                <street2>Windward I, 2nd Fl, Regatta Office Park</street2>
                <city>Grand Cayman</city>
                <stateOrCountry>E9</stateOrCountry>
                <zipCode>KY1-1205</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Martijn</firstName>
                <lastName>van Eldik</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>ING RE AVF Management Limited</street1>
                <street2>Windward I, 2nd Fl, Regatta Office Park</street2>
                <city>Grand Cayman</city>
                <stateOrCountry>E9</stateOrCountry>
                <zipCode>KY1-1205</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Andrew</firstName>
                <lastName>Edgington</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Walkers Fund Services Limited</street1>
                <street2>Walker House, 87 Mary Street</street2>
                <city>George Town, Grand Cayman</city>
                <stateOrCountry>E9</stateOrCountry>
                <zipCode>KY1-9001</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <lastName>ING REIM (Singapore) Pte. Ltd.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Raffles Place</street1>
                <street2>#23-01 Republic Plaza</street2>
                <city>Singapore</city>
                <stateOrCountry>U0</stateOrCountry>
                <zipCode>048619</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Portfolio Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Charlie</firstName>
                <lastName>Duke</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>ING REIM (Singapore) Pte. Ltd.</street1>
                <street2>Raffles Place, #23-01 Republic Plaza</street2>
                <city>Singapore</city>
                <stateOrCountry>U0</stateOrCountry>
                <zipCode>048619</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Director of the Portfolio Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Desmond</firstName>
                <lastName>Tan</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>ING REIM (Singapore) Pte. Ltd.</street1>
                <street2>Raffles Place, #23-01 Republic Plaza</street2>
                <city>Singapore</city>
                <stateOrCountry>U0</stateOrCountry>
                <zipCode>048619</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Fund Controller and Authorized Signatory of the Portfolio Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Arjen</firstName>
                <lastName>Seckel</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>ING REIM (Singapore) Pte. Ltd.</street1>
                <street2>Raffles Place, #23-01 Republic Plaza</street2>
                <city>Singapore</city>
                <stateOrCountry>U0</stateOrCountry>
                <zipCode>048619</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Deputy Portfolio Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Rajindar</firstName>
                <lastName>Singh</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>ING REIM (Singapore) Pte. Ltd.</street1>
                <street2>Raffles Place, #23-01 Republic Plaza</street2>
                <city>Singapore</city>
                <stateOrCountry>U0</stateOrCountry>
                <zipCode>048619</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Authorized Signatory of the Portfolio Manager</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.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2008-04-03</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>1000000000</totalOfferingAmount>
            <totalAmountSold>196696616</totalAmountSold>
            <totalRemaining>803303384</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>7</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</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>ING Real Estate Asia Value Fund L.P.</issuerName>
                <signatureName>Desmond Tan</signatureName>
                <nameOfSigner>Desmond Tan</nameOfSigner>
                <signatureTitle>Fund Controller</signatureTitle>
                <signatureDate>2009-12-15</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
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