<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001439859</cik>
        <entityName>ALPHAGEN ELTANIN FUND LTD</entityName>
        <issuerAddress>
            <street1>Box 1109</street1>
            <street2>68 West Bay Road</street2>
            <city>Grand Cayman</city>
            <stateOrCountry>E9</stateOrCountry>
            <stateOrCountryDescription>CAYMAN ISLANDS</stateOrCountryDescription>
            <zipCode>KY1-1102</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>345 914-7552</issuerPhoneNumber>
        <jurisdictionOfInc>CAYMAN ISLANDS</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Cayman Islands Exempted Company</entityTypeOtherDesc>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2005</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Hugh</firstName>
                <lastName>Ward</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Sunset Lodge</street1>
                <street2>La Rue du Haut, La Rue du Haut</street2>
                <city>Jersey</city>
                <stateOrCountry>X0</stateOrCountry>
                <stateOrCountryDescription>UNITED KINGDOM</stateOrCountryDescription>
                <zipCode>JE3 8AR</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jeffrey</firstName>
                <lastName>Meyer</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>8 Fenchurch Place</street1>
                <city>London</city>
                <stateOrCountry>X0</stateOrCountry>
                <stateOrCountryDescription>UNITED KINGDOM</stateOrCountryDescription>
                <zipCode>EC3M 4PB</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Heinz</firstName>
                <lastName>Riehl</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>187 Island Drive</street1>
                <city>Jupiter</city>
                <stateOrCountry>FL</stateOrCountry>
                <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                <zipCode>33477</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Dr. Paul</firstName>
                <lastName>Bolster</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>62 Juniper Road</street1>
                <city>Andover</city>
                <stateOrCountry>MA</stateOrCountry>
                <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                <zipCode>01810</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</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>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001439859-09-000003</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2007-01-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>100000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>MARTIN J. PHIPPS</recipientName>
                <recipientCRDNumber>5267004</recipientCRDNumber>
                <associatedBDName>GARTMORE DISTRIBUTION SERVICES, INC.</associatedBDName>
                <associatedBDCRDNumber>143032</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>8 FENCHURCH PLACE</street1>
                    <city>LONDON</city>
                    <stateOrCountry>X0</stateOrCountry>
                    <stateOrCountryDescription>UNITED KINGDOM</stateOrCountryDescription>
                    <zipCode>EC3M 4PB</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>SC</state>
                    <description>SOUTH CAROLINA</description>
                    <state>VA</state>
                    <description>VIRGINIA</description>
                    <state>LA</state>
                    <description>LOUISIANA</description>
                    <state>GA</state>
                    <description>GEORGIA</description>
                    <state>DC</state>
                    <description>DISTRICT OF COLUMBIA</description>
                    <state>OH</state>
                    <description>OHIO</description>
                    <state>MN</state>
                    <description>MINNESOTA</description>
                    <state>KY</state>
                    <description>KENTUCKY</description>
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                    <description>WASHINGTON</description>
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                    <description>ILLINOIS</description>
                    <state>OR</state>
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                    <description>NEW MEXICO</description>
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                    <description>RHODE ISLAND</description>
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                    <description>NEW YORK</description>
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                    <description>COLORADO</description>
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                    <description>OKLAHOMA</description>
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                    <state>MD</state>
                    <description>MARYLAND</description>
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                    <description>TEXAS</description>
                    <state>VT</state>
                    <description>VERMONT</description>
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                    <description>ARIZONA</description>
                    <state>IN</state>
                    <description>INDIANA</description>
                    <state>AL</state>
                    <description>ALABAMA</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>UT</state>
                    <description>UTAH</description>
                    <state>WY</state>
                    <description>WYOMING</description>
                    <state>ND</state>
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                    <state>PA</state>
                    <description>PENNSYLVANIA</description>
                    <state>AR</state>
                    <description>ARKANSAS</description>
                    <state>CT</state>
                    <description>CONNECTICUT</description>
                    <state>NJ</state>
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                    <description>MISSOURI</description>
                    <state>IA</state>
                    <description>IOWA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>JOHN A. EARLY III</recipientName>
                <recipientCRDNumber>2726671</recipientCRDNumber>
                <associatedBDName>GARTMORE DISTRIBUTION SERVICES, INC.</associatedBDName>
                <associatedBDCRDNumber>143032</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1 INTERNATIONAL PLACE</street1>
                    <street2>16TH FLOOR,</street2>
                    <city>Boston</city>
                    <stateOrCountry>MA</stateOrCountry>
                    <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                    <zipCode>02110</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>CORINNE T. LAMBERT</recipientName>
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                <associatedBDCRDNumber>143032</associatedBDCRDNumber>
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            <recipient>
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                    <state>NE</state>
                    <description>NEBRASKA</description>
                    <state>NV</state>
                    <description>NEVADA</description>
                    <state>MI</state>
                    <description>MICHIGAN</description>
                    <state>MD</state>
                    <description>MARYLAND</description>
                    <state>TX</state>
                    <description>TEXAS</description>
                    <state>VT</state>
                    <description>VERMONT</description>
                    <state>AZ</state>
                    <description>ARIZONA</description>
                    <state>PR</state>
                    <description>PUERTO RICO</description>
                    <state>IN</state>
                    <description>INDIANA</description>
                    <state>AL</state>
                    <description>ALABAMA</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>UT</state>
                    <description>UTAH</description>
                    <state>WY</state>
                    <description>WYOMING</description>
                    <state>ND</state>
                    <description>NORTH DAKOTA</description>
                    <state>PA</state>
                    <description>PENNSYLVANIA</description>
                    <state>AR</state>
                    <description>ARKANSAS</description>
                    <state>CT</state>
                    <description>CONNECTICUT</description>
                    <state>NJ</state>
                    <description>NEW JERSEY</description>
                    <state>ME</state>
                    <description>MAINE</description>
                    <state>MO</state>
                    <description>MISSOURI</description>
                    <state>IA</state>
                    <description>IOWA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>234492</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>3</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>30000</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>The Issuer's Investment Manager compensates the placement agents, which may include a portion of the Investment Manager's management fee while the investor remains invested.  This estimate is based on the expected fees over the life of the offering.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>ALPHAGEN ELTANIN FUND LTD</issuerName>
                <signatureName>Jeffrey Meyer</signatureName>
                <nameOfSigner>Jeffrey Meyer</nameOfSigner>
                <signatureTitle>Director</signatureTitle>
                <signatureDate>2010-07-27</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
