-----BEGIN PRIVACY-ENHANCED MESSAGE-----
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>0001063601-10-000002.txt : 20100317
<SEC-HEADER>0001063601-10-000002.hdr.sgml : 20100317
<ACCEPTANCE-DATETIME>20100316204311
ACCESSION NUMBER:		0001063601-10-000002
CONFORMED SUBMISSION TYPE:	D/A
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:		20100317
DATE AS OF CHANGE:		20100316
EFFECTIVENESS DATE:		20100317

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRIVATE ADVISORS ALTERNATIVE ASSET FUND QP LP
		CENTRAL INDEX KEY:			0001063601
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-74097
		FILM NUMBER:		10687261

	BUSINESS ADDRESS:	
		STREET 1:		1800 BAYBERRY COURT
		STREET 2:		SUITE 300
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23226
		BUSINESS PHONE:		804-289-6000

	MAIL ADDRESS:	
		STREET 1:		1800 BAYBERRY COURT
		STREET 2:		SUITE 300
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23226

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRIVATE ADVISORS ALTERNATIVE ASSET FUND LP
		DATE OF NAME CHANGE:	19980609
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001063601</cik>
        <entityName>PRIVATE ADVISORS ALTERNATIVE ASSET FUND QP LP</entityName>
        <issuerAddress>
            <street1>1800 BAYBERRY COURT</street1>
            <street2>SUITE 300</street2>
            <city>RICHMOND</city>
            <stateOrCountry>VA</stateOrCountry>
            <zipCode>23226</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>804-289-6000</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>PRIVATE ADVISORS ALTERNATIVE ASSET FUND LP</previousName>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Louis</firstName>
                <middleName>W.</middleName>
                <lastName>Moelchert, Jr.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1800 Bayberry Court</street1>
                <street2>Suite 300</street2>
                <city>Richmond</city>
                <stateOrCountry>VA</stateOrCountry>
                <zipCode>23226</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Charles</firstName>
                <middleName>M.</middleName>
                <lastName>Johnson, III</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1800 Bayberry Court</street1>
                <street2>Suite 300</street2>
                <city>Richmond</city>
                <stateOrCountry>VA</stateOrCountry>
                <zipCode>23226</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Louis</firstName>
                <middleName>W.</middleName>
                <lastName>Moelchert, III</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1800 Bayberry Court</street1>
                <street2>Suite 300</street2>
                <city>Richmond</city>
                <stateOrCountry>VA</stateOrCountry>
                <zipCode>23226</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <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>Over $100,000,000</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-09-014012</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>1998-06-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>North Bridge Capital, LLC</recipientName>
                <recipientCRDNumber>107320</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>45 School Street</street1>
                    <city>Boston</city>
                    <stateOrCountry>MA</stateOrCountry>
                    <zipCode>02108</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>MA</state>
                    <state>NY</state>
                    <state>OH</state>
                    <state>PA</state>
                    <state>VT</state>
                    <state>VA</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Wachovia Securities</recipientName>
                <recipientCRDNumber>19616</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>275 McLaws Circle</street1>
                    <city>Williamsburg</city>
                    <stateOrCountry>VA</stateOrCountry>
                    <zipCode>23185</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Smith Barney Alternative Investments</recipientName>
                <recipientCRDNumber>7059</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>484 Lexington Avenue</street1>
                    <street2>12th Floor</street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10017</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>CapGroup Investment Advisors</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>7100 Forest Ave</street1>
                    <street2>Suite 301</street2>
                    <city>Richmond</city>
                    <stateOrCountry>VA</stateOrCountry>
                    <zipCode>23226</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>M Holdings Securities, Inc.</recipientName>
                <recipientCRDNumber>43285</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1125 NW Couch Street</street1>
                    <street2>Suite 900</street2>
                    <city>Portland</city>
                    <stateOrCountry>OR</stateOrCountry>
                    <zipCode>97209</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>155400000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>223</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>831895</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>3942754</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>PRIVATE ADVISORS ALTERNATIVE ASSET FUND QP LP</issuerName>
                <signatureName>James J. Shannon</signatureName>
                <nameOfSigner>James J. Shannon</nameOfSigner>
                <signatureTitle>Chief Operating Officer of Private Advisors, LLC the GP</signatureTitle>
                <signatureDate>2010-03-16</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----