Exhibit F

                          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.

                                                   Xxxxx  xxx , 2005


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
December 31, 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
$19,000,000  through the tender of  Interests or portions  thereof  based on the
estimated  unaudited net asset value of the Fund as of December 31, 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
December 31, 2004,  determined based on the audited 2005 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 #520730