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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001512458-11-000004.txt : 20110329
<SEC-HEADER>0001512458-11-000004.hdr.sgml : 20110329
<ACCEPTANCE-DATETIME>20110329145431
ACCESSION NUMBER:		0001512458-11-000004
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:		20110329
DATE AS OF CHANGE:		20110329
EFFECTIVENESS DATE:		20110329

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AQR REAL ASSET FUND II, L.P.
		CENTRAL INDEX KEY:			0001512458
		IRS NUMBER:				274453584
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-156883
		FILM NUMBER:		11718469

	BUSINESS ADDRESS:	
		STREET 1:		C/O AQR CAPITAL MANAGEMENT, LLC
		STREET 2:		TWO GREENWICH PLAZA, 3RD FLOOR
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		203-742-3600

	MAIL ADDRESS:	
		STREET 1:		C/O AQR CAPITAL MANAGEMENT, LLC
		STREET 2:		TWO GREENWICH PLAZA, 3RD FLOOR
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AQR Real Asset Fund II, L.P.
		DATE OF NAME CHANGE:	20110329

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AQR Real Return Fund II, L.P.
		DATE OF NAME CHANGE:	20110208
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
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    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001512458</cik>
        <entityName>AQR REAL ASSET FUND II, L.P.</entityName>
        <issuerAddress>
            <street1>C/O AQR CAPITAL MANAGEMENT, LLC</street1>
            <street2>TWO GREENWICH PLAZA, 3RD FLOOR</street2>
            <city>GREENWICH</city>
            <stateOrCountry>CT</stateOrCountry>
            <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
            <zipCode>06830</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>203-742-3600</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>AQR Real Asset Fund II, L.P.</previousName>
            <previousName>AQR Real Return Fund II, L.P.</previousName>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2011</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Gregor</firstName>
                <middleName>M</middleName>
                <lastName>Andrade</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o AQR Capital Management, LLC</street1>
                <street2>Two Greenwich Plaza, 3rd Floor</street2>
                <city>Greenwich</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06830</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Gregor Andrade is an executive officer of AQR Capital Management II, LLC, the General Partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Bradley</firstName>
                <middleName>D</middleName>
                <lastName>Asness</lastName>
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            <relatedPersonAddress>
                <street1>c/o AQR Capital Management, LLC</street1>
                <street2>Two Greenwich Plaza, 3rd Floor</street2>
                <city>Greenwich</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06830</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Bradley Asness is an executive officer of AQR Capital Management II, LLC, the General Partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Clifford</firstName>
                <middleName>S</middleName>
                <lastName>Asness</lastName>
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                <street1>c/o AQR Capital Management, LLC</street1>
                <street2>Two Greenwich Plaza, 3rd Floor</street2>
                <city>Greenwich</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06830</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Clifford Asness is an executive officer of AQR Capital Management II, LLC, the General Partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Abdon</firstName>
                <middleName>A</middleName>
                <lastName>Bolivar</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o AQR Capital Management, LLC</street1>
                <street2>Two Greenwich Plaza, 3rd Floor</street2>
                <city>Greenwich</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06830</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Abdon Bolivar is an executive officer of AQR Capital Management, LLC, the Investment Manager of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jacques</firstName>
                <middleName>A</middleName>
                <lastName>Friedman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o AQR Capital Management, LLC</street1>
                <street2>Two Greenwich Plaza, 3rd Floor</street2>
                <city>Greenwich</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06830</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Jacques Friedman is an executive officer of AQR Capital Management II, LLC, the General Partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <lastName>Howard</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o AQR Capital Management, LLC</street1>
                <street2>Two Greenwich Plaza, 3rd Floor</street2>
                <city>Greenwich</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06830</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>John Howard is an executive officer of AQR Capital Management II, LLC, the General Partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Brian</firstName>
                <middleName>K</middleName>
                <lastName>Hurst</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o AQR Capital Management, LLC</street1>
                <street2>Two Greenwich Plaza, 3rd Floor</street2>
                <city>Greenwich</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06830</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Brian Hurst is an executive officer of AQR Capital Management II, LLC, the General Partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Ronen</firstName>
                <lastName>Israel</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o AQR Capital Management, LLC</street1>
                <street2>Two Greenwich Plaza, 3rd Floor</street2>
                <city>Greenwich</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06830</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Ronen Israel is an executive officer of AQR Capital Management II, LLC, the General Partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <middleName>G</middleName>
                <lastName>Kabiller</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o AQR Capital Management, LLC</street1>
                <street2>Two Greenwich Plaza, 3rd Floor</street2>
                <city>Greenwich</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06830</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>David Kabiller is an executive officer of AQR Capital Management II, LLC, the General Partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <middleName>J</middleName>
                <lastName>Krail</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o AQR Capital Management, LLC</street1>
                <street2>Two Greenwich Plaza, 3rd Floor</street2>
                <city>Greenwich</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06830</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Robert Krail is an executive officer of AQR Capital Management II, LLC, the General Partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Oktay</firstName>
                <lastName>Kurbanov</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o AQR Capital Management, LLC</street1>
                <street2>Two Greenwich Plaza, 3rd Floor</street2>
                <city>Greenwich</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06830</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Oktay Kurbanov is an executive officer of AQR Capital Management II, LLC, the General Partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <middleName>M</middleName>
                <lastName>Liew</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o AQR Capital Management, LLC</street1>
                <street2>Two Greenwich Plaza, 3rd Floor</street2>
                <city>Greenwich</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06830</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>John Liew is an executive officer of AQR Capital Management II, LLC, the General Partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Stephen</firstName>
                <middleName>J</middleName>
                <lastName>Mellas</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o AQR Capital Management, LLC</street1>
                <street2>Two Greenwich Plaza, 3rd Floor</street2>
                <city>Greenwich</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06830</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Stephen Mellas is an executive officer of AQR Capital Management II, LLC, the General Partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <middleName>A</middleName>
                <lastName>Mendelson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o AQR Capital Management, LLC</street1>
                <street2>Two Greenwich Plaza, 3rd Floor</street2>
                <city>Greenwich</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06830</zipCode>
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            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Michael Mendelson is an executive officer of AQR Capital Management II, LLC, the General Partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Lars</firstName>
                <middleName>N</middleName>
                <lastName>Nielsen</lastName>
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            <relatedPersonAddress>
                <street1>c/o AQR Capital Management, LLC</street1>
                <street2>Two Greenwich Plaza, 3rd Floor</street2>
                <city>Greenwich</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06830</zipCode>
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            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Lars Nielsen is an executive officer of AQR Capital Management II, LLC, the General Partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Lasse</firstName>
                <lastName>Pedersen</lastName>
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                <zipCode>06830</zipCode>
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            <relationshipClarification>Lasse Pedersen is an executive officer of AQR Capital Management II, LLC, the General Partner of the Issuer.</relationshipClarification>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jeremy</firstName>
                <lastName>Getson</lastName>
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                <zipCode>06830</zipCode>
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            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Jeremy Getson is an executive officer of AQR Capital Management II, LLC, the General Partner 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>
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        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
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        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
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        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>5000000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>0</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>0</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>The investment manager (or its affiliate) is entitled to receive an annual management fee in an amount equal to a specified percentage of assets under management.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>AQR REAL ASSET FUND II, L.P.</issuerName>
                <signatureName>Bradley D. Asness</signatureName>
                <nameOfSigner>Bradley D. Asness</nameOfSigner>
                <signatureTitle>Principal &amp; Chief Legal Officer</signatureTitle>
                <signatureDate>2011-03-29</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
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