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

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2025-02-07</periodOfReport>

    <noSecuritiesOwned>1</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001461237</issuerCik>
        <issuerName>GRAHAM ALTERNATIVE INVESTMENT FUND II LLC</issuerName>
        <issuerTradingSymbol>none</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001638841</rptOwnerCik>
            <rptOwnerName>Foehrenbach Jens</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O GRAHAM CAPITAL MANAGEMENT, L.P.</rptOwnerStreet1>
            <rptOwnerStreet2>40 HIGHLAND AVENUE</rptOwnerStreet2>
            <rptOwnerCity>ROWAYTON</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06853</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President, Graham Capital Mgmt</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <remarks>Graham Capital Management, L.P., is the Manager of Graham Alternative Investment Fund II LLC.</remarks>

    <ownerSignature>
        <signatureName>Jens Foehrenbach</signatureName>
        <signatureDate>2025-02-25</signatureDate>
    </ownerSignature>
</ownershipDocument>
