-----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,
 CaqlCt4yBkSbtUuO3/IHvUycrafFMhi/NzPICrcGEyvc37/B7zF2HwJATZEKd6B/
 RHg9Uvf90QTqR6BxPBmyYg==

<SEC-DOCUMENT>0001461219-10-000002.txt : 20100325
<SEC-HEADER>0001461219-10-000002.hdr.sgml : 20100325
<ACCEPTANCE-DATETIME>20100325152336
ACCESSION NUMBER:		0001461219-10-000002
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20100325
DATE AS OF CHANGE:		20100325
EFFECTIVENESS DATE:		20100325

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRAHAM ALTERNATIVE INVESTMENT FUND I LLC
		CENTRAL INDEX KEY:			0001461219
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-129883
		FILM NUMBER:		10704472

	BUSINESS ADDRESS:	
		STREET 1:		C/O GRAHAM CAPITAL MGMT LP
		STREET 2:		40 HIGHLAND AVENUE
		CITY:			ROWAYTON
		STATE:			CT
		ZIP:			06853
		BUSINESS PHONE:		203-899-3400

	MAIL ADDRESS:	
		STREET 1:		C/O GRAHAM CAPITAL MGMT LP
		STREET 2:		40 HIGHLAND AVENUE
		CITY:			ROWAYTON
		STATE:			CT
		ZIP:			06853
</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>0001461219</cik>
        <entityName>GRAHAM ALTERNATIVE INVESTMENT FUND I LLC</entityName>
        <issuerAddress>
            <street1>C/O GRAHAM CAPITAL MGMT LP</street1>
            <street2>40 HIGHLAND AVENUE</street2>
            <city>ROWAYTON</city>
            <stateOrCountry>CT</stateOrCountry>
            <zipCode>06853</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>203-899-3400</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2006</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>GRAHAM</firstName>
                <middleName>CAPITAL</middleName>
                <lastName>MANAGEMENT LP</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>40 HIGHLAND AVENUE</street1>
                <city>ROWAYTON</city>
                <stateOrCountry>CT</stateOrCountry>
                <zipCode>06853</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>Over $100,000,000</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-09-015857</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2006-08-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>50000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>MULTIPLE</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>WELLS FARGO ADVISORS LLC</associatedBDName>
                <associatedBDCRDNumber>19616</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>ONE NORTH JEFFERSON AVENUE</street1>
                    <city>ST LOUIS</city>
                    <stateOrCountry>MO</stateOrCountry>
                    <zipCode>63103</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>MULTIPLE</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>COMMONWEALTH EQUITY SERVICES LLC</associatedBDName>
                <associatedBDCRDNumber>8032</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>29 SAWYER ROAD</street1>
                    <city>WALTHAM</city>
                    <stateOrCountry>MA</stateOrCountry>
                    <zipCode>02453-3483</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>MULTIPLE</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>UHLMANN PRICE SECURITIES LLC</associatedBDName>
                <associatedBDCRDNumber>42854</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>141 WEST JACKSON BLVD</street1>
                    <street2>SUITE 1340A</street2>
                    <city>CHICAGO</city>
                    <stateOrCountry>IL</stateOrCountry>
                    <zipCode>60604</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>MULTIPLE</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>STANFORD GROUP COMPANY</associatedBDName>
                <associatedBDCRDNumber>39285</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>5051 WESTHEIMER</street1>
                    <city>HOUSTON</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <zipCode>77056</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>MULTIPLE</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>MORGAN KEEGAN &amp; COMPANY INC</associatedBDName>
                <associatedBDCRDNumber>4161</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>FIFTY FRONT STREET</street1>
                    <city>MEMPHIS</city>
                    <stateOrCountry>TN</stateOrCountry>
                    <zipCode>38103-9980</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>MULTIPLE</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>SOUTHWEST SECURITIES INC</associatedBDName>
                <associatedBDCRDNumber>6220</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1201 ELM STREET</street1>
                    <street2>SUITE 3500</street2>
                    <city>DALLAS</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <zipCode>75270-2180</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>MULTIPLE</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>STIFEL NICOLAUS &amp; COMPANY INCORPORATED</associatedBDName>
                <associatedBDCRDNumber>793</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>501 NORTH BROADSWAY</street1>
                    <city>ST LOUIS</city>
                    <stateOrCountry>MO</stateOrCountry>
                    <zipCode>63102</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>MULTIPLE</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>RBC CAPITAL MARKETS CORPORATION</associatedBDName>
                <associatedBDCRDNumber>31194</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>ONE LIBERTY PLAZA</street1>
                    <city>NEW YORK</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10006-1404</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>MULTIPLE</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>CAPTRUST FINANCIAL ADVISORS</associatedBDName>
                <associatedBDCRDNumber>126291</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>4208 SIX FORKS ROAD</street1>
                    <street2>SUITE 1700</street2>
                    <city>RALEIGH</city>
                    <stateOrCountry>NC</stateOrCountry>
                    <zipCode>27609</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>MULTIPLE</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>CHARLES SCHWAB &amp; CO INC</associatedBDName>
                <associatedBDCRDNumber>5393</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>211 MAIN STREET</street1>
                    <city>SAN FRANCISCO</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <zipCode>94105</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>MULTIPLE</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>VSR FINANCIAL SERVICES INC</associatedBDName>
                <associatedBDCRDNumber>14503</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>8620 W 110TH STREET</street1>
                    <city>OVERLAND PARK</city>
                    <stateOrCountry>KS</stateOrCountry>
                    <zipCode>66210-9651</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>274398852</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>938</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>THE ISSUER DOES NOT PAY ANY SALES COMMISSIONS; HOWEVER, GRAHAM CAPITAL MANAGEMENT, LP, THE ISSUER'S MANAGER, MAY PAY A PORTION OF FEES THAT IT RECEIVES FROM THE ISSUER TO THIRD PARTIES AS COMPENSATION FOR THEIR SALES ACTIVITIES FOR THE ISSUER</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>PURSUANT TO ITS CONSTITUENT DOCUMENTS AND SERVICE AGREEMENTS, THE ISSUER PAYS ONGOING ADVISORY FEES AND OTHER SERVICE FEES CALCULATED AS A PERCENTAGE OF NET ASSETS AS WELL AS PERFORMANCE BASED COMPENSATION TO GRAHAM CAPITAL MANAGEMENT LP, ITS MANAGER</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>GRAHAM ALTERNATIVE INVESTMENT FUND I LLC</issuerName>
                <signatureName>PAUL SEDLACK</signatureName>
                <nameOfSigner>PAUL SEDLACK</nameOfSigner>
                <signatureTitle>CEO, GRAHAM CAPITAL MANAGEMENT LP, AS MANAGER</signatureTitle>
                <signatureDate>2010-03-25</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----