Report of Independent Registered Public Accounting Firm

To the Shareholders and
Board of Trustees of AIP Alternative Lending Fund P
In planning and performing our audit of the financial
statements of AIP Alternative Lending Fund P (the Fund)
as of and for the year ended September 30, 2019, in
accordance with the standards of the Public Company
Accounting Oversight Board (United States), we considered
the Fund?s internal control over financial reporting,
including controls over safeguarding securities, as a
basis for designing our auditing procedures for the purpose
of expressing our opinion on the financial statements and
to comply with the requirements of Form N-CEN, but not for
the purpose of expressing an opinion on the effectiveness
of the Fund?s internal control over financial reporting.
Accordingly, we express no such opinion.
The management of the Fund is responsible for establishing
and maintaining effective internal control over financial
reporting. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected
benefits and related costs of controls. A company?s internal
control over financial reporting is a process designed to
provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial
statements for external purposes in accordance with U.S.
generally accepted accounting principles. A company?s
internal control over financial reporting includes those
policies and procedures that (1) pertain to the maintenance
of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of
the company; (2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial
statements in accordance with U.S. generally accepted accounting
principles, and that receipts and expenditures of the company
are being made only in accordance with authorizations of
management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use or disposition of a company?s
assets that could have a material effect on the financial
statements.
Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the
degree of compliance with the policies or procedures may
deteriorate.
A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow management
or employees, in the normal course of performing their assigned
functions, to prevent or detect misstatements on a timely basis.
A material weakness is a deficiency, or a combination of deficiencies,
in internal control over financial reporting, such that there is a
reasonable possibility that a material misstatement of the company?s
annual or interim financial statements will not be prevented or
detected on a timely basis.
Our consideration of the Fund?s internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control that might be material weaknesses under standards
established by the Public Company Accounting Oversight Board
(United States). However, we noted no deficiencies in the Fund?s
internal control over financial reporting and its operation,
including controls over safeguarding securities, that we consider
to be a material weakness as defined above as of September 30, 2019.
This report is intended solely for the information and use of
management and the Board of Trustees of AIP Alternative Lending
Fund P and the Securities and Exchange Commission and is not intended
to be and should not be used by anyone other than these specified parties.
Ernst?&?Young LLP

New York, New York
November?27, 2019