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.

                                                        November xx, 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.

     Because you have  tendered and the Fund has accepted  your tender  request,
you will be entitled to receive a payment of at least 95% of the purchase  price
of the interest  tendered,  based on the estimated  unaudited net asset value of
the Fund as of December 31, 2004 (the "Valuation  Date"), in accordance with the
terms  of the  tender  offer.  A cash  payment  in  this  amount  will  be  wire
transferred to the account designated by you in your Letter of Transmittal dated
____________  no later  than March 1, 2005,  unless  the  Valuation  Date of the
Interests  has changed,  or the Fund has  requested a withdrawal  of its capital
from the  portfolio  funds in which it has  invested,  and  provided  that  your
account retains the required  minimum  balance,  in accordance with the terms of
the  tender  offer.  You will  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

03564.0004 #520728