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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>0001510374-11-000001.txt : 20110114
<SEC-HEADER>0001510374-11-000001.hdr.sgml : 20110114
<ACCEPTANCE-DATETIME>20110114170919
ACCESSION NUMBER:		0001510374-11-000001
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:		20110114
DATE AS OF CHANGE:		20110114
EFFECTIVENESS DATE:		20110114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Grandmaster Capital Fund Ltd
		CENTRAL INDEX KEY:			0001510374
		IRS NUMBER:				980680749
		STATE OF INCORPORATION:			D8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-153850
		FILM NUMBER:		11530990

	BUSINESS ADDRESS:	
		STREET 1:		171 MAIN STREET
		STREET 2:		ROAD TOWN
		CITY:			TORTOLA
		STATE:			D8
		ZIP:			VG1110
		BUSINESS PHONE:		284.852.2214

	MAIL ADDRESS:	
		STREET 1:		171 MAIN STREET
		STREET 2:		ROAD TOWN
		CITY:			TORTOLA
		STATE:			D8
		ZIP:			VG1110
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001510374</cik>
        <entityName>Grandmaster Capital Fund Ltd</entityName>
        <issuerAddress>
            <street1>171 MAIN STREET</street1>
            <street2>ROAD TOWN</street2>
            <city>TORTOLA</city>
            <stateOrCountry>D8</stateOrCountry>
            <stateOrCountryDescription>VIRGIN ISLANDS, BRITISH</stateOrCountryDescription>
            <zipCode>VG1110</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>284.852.2214</issuerPhoneNumber>
        <jurisdictionOfInc>VIRGIN ISLANDS, BRITISH</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>a British Virgin Islands business company</entityTypeOtherDesc>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2010</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <lastName>Grandmaster Capital Management LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>456 Montgomery Street, Suite 1350</street1>
                <city>San Francisco</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>94104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Grandmaster Capital Management LLC is the investment manager and a director of the issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Peter</firstName>
                <lastName>Poole</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Sable Trust Limited, 4th Floor</street1>
                <street2>Rodus Bldg., Road Reef, Road Town</street2>
                <city>Tortola</city>
                <stateOrCountry>D8</stateOrCountry>
                <stateOrCountryDescription>VIRGIN ISLANDS, BRITISH</stateOrCountryDescription>
                <zipCode>VG1110</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Walter</firstName>
                <lastName>Reich</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Tovel Management Limited</street1>
                <street2>Road Town</street2>
                <city>Tortola</city>
                <stateOrCountry>D8</stateOrCountry>
                <stateOrCountryDescription>VIRGIN ISLANDS, BRITISH</stateOrCountryDescription>
                <zipCode>VG1110</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Patrick</firstName>
                <lastName>Wolff</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>456 Montgomery Street, Suite 1350</street1>
                <city>San Francisco</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>94104</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Mr. Wolff is the managing member of Grandmaster Capital Management LLC, the investment manager and director 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.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2011-01-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>50000000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>1</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>Grandmaster Capital Fund Ltd</issuerName>
                <signatureName>/s/ Patrick Wolff</signatureName>
                <nameOfSigner>Patrick Wolff</nameOfSigner>
                <signatureTitle>Managing Member of a Director</signatureTitle>
                <signatureDate>2011-01-14</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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