Expense Limitation Agreement

Exhibit (g)(4)

Expense Limitation Agreement

To:	Alpha Alternative Assets Fund 1615
	South Xxxxxxxx Xxx Xxxxx 000
	Delray Beach, Florida 33445

November 21, 2023

Dear Board Members:

You have engaged us to act as the investment adviser to Alpha Alternative Assets Fund (the “Fund”), pursuant to the Investment Advisory Agreement dated October 1, 2022.

Effective as of the date hereof, we agree, at least until January 31, 2025 to waive our management fees and to pay or absorb the ordinary annual operating expenses of the Fund and the organizational and offering expenses of the Fund (excluding interest, dividends, amortization/accretion and interest on securities sold short, brokerage commissions, acquired fund fees and expenses, distribution and shareholder servicing fees, and extraordinary expenses) to the extent that our management fees plus the Fund’s expenses exceed 2.40% per annum of the Fund’s average daily net assets attributable to Class A Shares and Class I Shares.

This Expense Limitation Agreement may only be terminated by the Fund’s Board of Trustees, on 60 days written notice to us.

Any waiver or reimbursement by us is subject to repayment by the Fund within three years from the date we waived any payment or reimbursed any expense, if the Fund is able to make the repayment without exceeding the expense limitation in place at the time of waiver and the current expense limitation and the repayment is approved by the Board of Trustees.

Yours very truly,

ALPHA GROWTH MANAGEMENT, LLC
By:	/s/ Xxxx Xxxxxxx
Name:	Xxxx Xxxxxxx
Title:	Head of Affiliated Funds
Acceptance:
ALPHA ALTERNATIVE ASSETS FUND
By:	/s/ Xxxxxx Xxxxxx
Name:	Xxxxxx Xxxxxx
Title:	Chief Executive Office