-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Onwdhk6h9tAhVpyzEAzasBK7QhKwHn7M9GjLigKlQkTmZjesM3ZKYfQLbFH5RkiY
 bZuR53kgCTbl3GII/X49cA==

<SEC-DOCUMENT>0000874511-11-000002.txt : 20110112
<SEC-HEADER>0000874511-11-000002.hdr.sgml : 20110112
<ACCEPTANCE-DATETIME>20110112171904
ACCESSION NUMBER:		0000874511-11-000002
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20110112
DATE AS OF CHANGE:		20110112
EFFECTIVENESS DATE:		20110112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HEDGECAP PARTNERS L P
		CENTRAL INDEX KEY:			0000874511
		IRS NUMBER:				954315639
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-87451-1L
		FILM NUMBER:		11526035

	BUSINESS ADDRESS:	
		STREET 1:		303 N GLENOAKS BLVD #905
		CITY:			BURBANK
		STATE:			CA
		ZIP:			91502
		BUSINESS PHONE:		818-563-5170

	MAIL ADDRESS:	
		STREET 1:		303 N GLENOAKS BLVD #905
		CITY:			BURBANK
		STATE:			CA
		ZIP:			91502
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0000874511</cik>
        <entityName>HEDGECAP PARTNERS L P</entityName>
        <issuerAddress>
            <street1>303 N GLENOAKS BLVD #905</street1>
            <city>BURBANK</city>
            <stateOrCountry>CA</stateOrCountry>
            <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
            <zipCode>91502</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>818-563-5170</issuerPhoneNumber>
        <jurisdictionOfInc>CALIFORNIA</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Joel</firstName>
                <middleName>Steven</middleName>
                <lastName>Edstrom</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>303 N. Glenoaks Blvd. #905</street1>
                <city>Burbank</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>91502</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Eric</firstName>
                <middleName>Anthony</middleName>
                <lastName>Weinlein</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>303 N. Glenoaks Blvd. #905</street1>
                <city>Burbank</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>91502</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>$50,000,001 - $100,000,000</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0000874511-10-000001</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>1991-03-19</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></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>32918737</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>95</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>60714</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>HEDGECAP PARTNERS L P</issuerName>
                <signatureName>Eric A. Weinlein</signatureName>
                <nameOfSigner>Eric A. Weinlein</nameOfSigner>
                <signatureTitle>CFO, Managing Genaral Partners, Wescap Management Group, Inc</signatureTitle>
                <signatureDate>2011-01-12</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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