EXHIBIT E

                          Form of Letter from the Fund
       to Investors in Connection with the Fund's Acceptance of Tenders of
                       Limited Liability Company Interests


THIS LETTER IS BEING SENT TO YOU IF YOU TENDERED YOUR INTEREST IN THE FUND, OR A
PORTION THEREOF.

                                                      [______] , 2004


Dear Investor:

                  BACAP Alternative Multi-Strategy Fund, LLC (the "Fund") has
received and accepted for purchase your tender of your limited liability company
interest, or a portion thereof, in the Fund. Enclosed is a statement showing the
    breakdown of your capital withdrawal resulting from our purchase of your
interest in the Fund, or a portion thereof, and the manner in which payment of
the purchase price is being distributed, in accordance with the terms of the
tender offer.

          You have been paid at least 95% of the purchase price of the
interest tendered, based on the estimated unaudited net asset value of the Fund
as of June 30, 2004, provided that, in the case of a partial tender, your
account retains the required minimum balance, in accordance with the terms of
the tender offer. The funds were wired directly into your account or such other
account that you designated in writing. You remain a member of the Fund with
respect to the portion of your interest in the Fund that you did not tender.

          The balance of the purchase price will be paid to you after the
completion of the Fund's year-end audit for the fiscal year ending March 31,
2005, and is subject to year-end audit adjustment. This amount will be paid
promptly after the conclusion of the year-end audit, or on such earlier date as
the Fund's Board of Managers may determine, according to the terms of the tender
offer. We expect the audit to be completed by the end of May 2005.

          Should you have any questions, please feel free to contact Forum
Shareholder Services, LLC at (207) 879-6093.

                                   Sincerely,


                                   BACAP ALTERNATIVE MULTI-STRATEGY FUND, LLC
Enclosure





                                 PROMISSORY NOTE

          Pursuant to the Offer to Purchase (the "Offer") limited liability
company interests in the Fund ("Interest" or "Interests" as the context
requires) up to $17,000,000 through the tender of Interests or portions thereof
based on the estimated unaudited net asset value of the Fund as of June 30, 2004
or such later date as corresponds to any extension of the Offer made by BACAP
Alternative Multi-Strategy Fund, LLC (the "Fund") with respect to Interests in
the Fund, the Fund hereby promises to pay, in the manner set forth below, to the
person identified below as the payee (the "Payee") an amount equal to the
excess, if any, of (a) the value of the Interests tendered by the Payee as of
June 30, 2004, determined based on the audited 2004 financial statements of the
Fund in accordance with the valuation policy of the Fund, over (b) the Cash
Payment to the Payee; provided, however, that if the Fund's Board of Managers
determines that payment of all or a portion of the purchase price by a
distribution of marketable securities is necessary to avoid or mitigate any
adverse effect of the Offer on the remaining Investors of the Fund, then such
payment shall be made by distributing such marketable securities, all as more
fully described in the Offer.

          This note shall be due and payable promptly after the completion of
the audit of the Fund's financial statements for the fiscal year ending March
31, 2005.

          The amount payable by the Fund under this note shall not include
interest.

          Payment of this note shall be made by wire transfer to the account in
which the Payee held its Interest, or such other account as the Payee may
designate in writing.

          This note may not be pledged, assigned or otherwise transferred by the
Payee.

          This note shall be construed according to and governed by the laws of
the State of North Carolina without giving effect to the conflict of laws
principles thereof.

          Any capitalized term used herein but not defined shall have the
meaning ascribed to it in the Offer.

Payee:  ___________________

                                   BACAP ALTERNATIVE MULTI-STRATEGY FUND, LLC


                                   By:   -------------------------------
                                            Lawrence R. Morgenthal
                                            President


03564.0004 #486973