Graham Capital Management, L.P.

40 Highland Avenue

Rowayton, Connecticut 06853

June 22, 2010

Mail Stop 3010

VIA EDGAR AND FEDEX

Securities and Exchange Commission

Division of Corporation Finance

100 F Street, N.E.

Washington, D.C. 20549

Attn: Sonia Barros

Special Counsel

Re: Graham Alternative Investment Fund I LLC

Form 10

Filed April 30, 2010

File No. 000-53965

Ladies and Gentlemen:

On behalf of Graham Alternative Investment Fund I LLC (the “Fund”), I am writing this letter in my capacity as an officer of Graham Capital Management, L.P., the manager of the Fund (the “Manager”).  This letter responds to the Securities and Exchange Commission (the “Commission”) Staff’s comment letter dated May 28, 2010, (the “Letter”) to the Fund’s Registration Statement on Form 10 that was filed with the Commission on April 30, 2010.  For your convenience, the Staff’s comments are indicated in italics, followed by the response of the Manager.

1. In connection with responding to our comments, please provide, in writing, a statement from the company acknowledging that:

the company is responsible for the adequacy and accuracy of the disclosure in the filing;

staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and

the company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.

The Fund acknowledges that it is responsible for the adequacy and accuracy of the disclosures in the filing.

The Fund is aware that Staff comments or changes to disclosures in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing.

The Fund may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities law of the United States.

Please feel free to call the undersigned at (203) 899-3491 with any questions.

Very truly yours,

/s/ Paul Sedlack

Paul Sedlack

Chief Executive Officer

cc:  Christopher Wells