-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 LbMj+/htkh98EgrrcQdt8o/SqYgvYgNSRU4I1OIK4ZeTnr/jZD+PebwbD3nnkEIf
 XP91K3i2BoNOAFMw0r+UDg==

<SEC-DOCUMENT>0001437324-09-000004.txt : 20090313
<SEC-HEADER>0001437324-09-000004.hdr.sgml : 20090313
<ACCEPTANCE-DATETIME>20090313145756
ACCESSION NUMBER:		0001437324-09-000004
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20090313
DATE AS OF CHANGE:		20090313
EFFECTIVENESS DATE:		20090313

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RANGER ALTERNATIVES FUND LP
		CENTRAL INDEX KEY:			0001437324
		IRS NUMBER:				260633442
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-119070
		FILM NUMBER:		09679563

	BUSINESS ADDRESS:	
		STREET 1:		300 CRESCENT COURT
		STREET 2:		SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
		BUSINESS PHONE:		214-871-5200

	MAIL ADDRESS:	
		STREET 1:		300 CRESCENT COURT
		STREET 2:		SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RANGER LONG SHORT OPPORTUNITY FUND LP
		DATE OF NAME CHANGE:	20080611
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0201</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001437324</cik>
        <entityName>RANGER ALTERNATIVES FUND LP</entityName>
        <issuerAddress>
            <street1>300 CRESCENT COURT</street1>
            <street2>SUITE 1100</street2>
            <city>DALLAS</city>
            <stateOrCountry>TX</stateOrCountry>
            <zipCode>75201</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>214-871-5200</issuerPhoneNumber>
        <issuerPreviousNameList>
            <previousName>RANGER LONG SHORT OPPORTUNITY FUND LP</previousName>
        </issuerPreviousNameList>
        <jurisdictionOfInc>TX</jurisdictionOfInc>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2008</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kenneth</firstName>
                <middleName>Scott</middleName>
                <lastName>Canon</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>300 Crescent Court</street1>
                <street2>Suite 1100</street2>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>75201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>President</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Joseph</firstName>
                <middleName>Whitaker</middleName>
                <lastName>Thompson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>300 Crescent Court</street1>
                <street2>Suite 1100</street2>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>75201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Operating Officer/Chief Financial Officer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Nimrod</firstName>
                <middleName>James</middleName>
                <lastName>Hacker</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>300 Crescent Court</street1>
                <street2>Suite 1100</street2>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>75201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Counsel</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Thomas</firstName>
                <middleName>Eads</middleName>
                <lastName>Burson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>300 Crescent Court</street1>
                <street2>Suite 1100</street2>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>75201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Compliance Officer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <middleName>Frank</middleName>
                <lastName>Del Vecchio</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>300 Crescent Court</street1>
                <street2>Suite 1100</street2>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>75201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Portfolio Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jason</firstName>
                <middleName>Christopher</middleName>
                <lastName>Elliott</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>300 Crescent Court</street1>
                <street2>Suite 1100</street2>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>75201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>$5,000,001 - $25,000,000</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-08-027892</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2008-01-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>5801172</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>4</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>RANGER ALTERNATIVES FUND LP</issuerName>
                <signatureName>Thomas Eads Burson</signatureName>
                <nameOfSigner>Thomas Eads Burson</nameOfSigner>
                <signatureTitle>Chief Compliance Officer</signatureTitle>
                <signatureDate>2009-03-13</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----