GRAHAM ALTERNATIVE INVESTMENT FUND I LLC 8-K

What Happened
Graham Alternative Investment Fund I LLC filed an 8-K (Item 5.02) on Jan 26, 2026 reporting that, effective Jan 20, 2026, Pablo Calderini and the manager (Graham Capital Management, L.P.) agreed to terminate Mr. Calderini’s roles as Vice Chairman and Co‑Chief Investment Officer as he transitions to a portfolio manager role. Jens Foehrenbach will assume the title of Chief Investment Officer of Graham while retaining his title as President.

Key Details

• Effective date: January 20, 2026.
• Officer change: Pablo Calderini stepped down as Vice Chairman and Co‑CIO; Jens Foehrenbach became Chief Investment Officer and remains President.
• Employment arrangements: Calderini will operate under a new employment agreement with the Manager as a portfolio manager; Foehrenbach continues under his existing employment agreement with the Manager (base salary, annual bonus eligibility, employee benefits).
• Contractual notes: Neither Calderini nor Foehrenbach has an employment agreement with the Company (the fund). Foehrenbach’s Manager employment agreement includes confidentiality, non‑solicitation and non‑competition obligations during and after employment.

Why It Matters
This 8-K documents a leadership change at the Manager level that affects who holds the Chief Investment Officer title for the fund’s manager. For investors, it clarifies continuity in investment leadership (Jens Foehrenbach) and that Calderini will remain with the manager in a portfolio manager capacity. The filing does not disclose changes to fund-level employment contracts or specific compensation amounts.