-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 Gr1Z8CEr4FTQf22HaUHDjj6WEoeJD1tSpwEsb6yIob+bJxqlJPgkYqyO9RmUS13S
 Y6Yvj5cirilHYtU0lH59pQ==

<SEC-DOCUMENT>0001481328-10-000001.txt : 20100226
<SEC-HEADER>0001481328-10-000001.hdr.sgml : 20100226
<ACCEPTANCE-DATETIME>20100225200331
ACCESSION NUMBER:		0001481328-10-000001
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)(1)
FILED AS OF DATE:		20100226
DATE AS OF CHANGE:		20100225
EFFECTIVENESS DATE:		20100226

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KCB Diversified Real Estate Fund LP
		CENTRAL INDEX KEY:			0001481328
		IRS NUMBER:				264121705
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-139072
		FILM NUMBER:		10635750

	BUSINESS ADDRESS:	
		STREET 1:		117 EAST COLORADO BOULEVARD
		STREET 2:		SUITE 400
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91105
		BUSINESS PHONE:		(626) 356-0944

	MAIL ADDRESS:	
		STREET 1:		117 EAST COLORADO BOULEVARD
		STREET 2:		SUITE 400
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91105
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001481328</cik>
        <entityName>KCB Diversified Real Estate Fund LP</entityName>
        <issuerAddress>
            <street1>117 EAST COLORADO BOULEVARD</street1>
            <street2>SUITE 400</street2>
            <city>PASADENA</city>
            <stateOrCountry>CA</stateOrCountry>
            <zipCode>91105</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(626) 356-0944</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2009</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Peter</firstName>
                <lastName>Knell</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>117 East Colorado Boulevard</street1>
                <street2>Suite 400</street2>
                <city>Pasadena</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>91105</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Harvey</firstName>
                <lastName>Knell</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>117 East Colorado Boulevard</street1>
                <street2>Suite 400</street2>
                <city>Pasadena</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>91105</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Lorin</firstName>
                <lastName>Knell</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>117 East Colorado Boulevard</street1>
                <street2>Suite 400</street2>
                <city>Pasadena</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>91105</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <lastName>Blair</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>117 East Colorado Boulevard</street1>
                <street2>Suite 400</street2>
                <city>Pasadena</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>91105</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>See Clarification</firstName>
                <lastName>See Clarification</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>117 East Colorado Boulevard</street1>
                <street2>Suite 400</street2>
                <city>Pasadena</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>91105</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>KCB Real Estate Fund Management I LLC, its general partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>See Clarification</firstName>
                <lastName>See Clarification</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>117 East Colorad Boulevard</street1>
                <street2>Suite 400</street2>
                <city>Pasadena</city>
                <stateOrCountry>CA</stateOrCountry>
                <zipCode>91105</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>KCB Management, Inc., as investment advisor</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>2010-02-10</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>100000000</totalOfferingAmount>
            <totalAmountSold>26300000</totalAmountSold>
            <totalRemaining>73700000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>27</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></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>KCB Diversified Real Estate Fund LP</issuerName>
                <signatureName>Peter Knell</signatureName>
                <nameOfSigner>Peter Knell</nameOfSigner>
                <signatureTitle>Authorized Person of General Partner</signatureTitle>
                <signatureDate>2010-02-22</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----