SC TO-I

As filed with the Securities and Exchange Commission on May 28, 2008

Securities Act File No. 333-128729

Investment Company Act File No. 811-21258

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

SCHEDULE TO

TENDER OFFER STATEMENT UNDER SECTION 13(E)(1)

OF THE SECURITIES EXCHANGE ACT OF 1934

PNC LONG-SHORT FUND LLC

(Name of Subject Company (Issuer))

PNC LONG-SHORT FUND LLC

(Name of Filing Person(s) (Issuer))

LIMITED LIABILITY COMPANY INTERESTS

(Title of Class of Securities)

69350W100

(CUSIP Number of Class of Securities)

Jennifer E. Vollmer, Esq.

PNC Legal Department

1600 Market Street, 28th Floor

Philadelphia, PA 19103

(215) 585-5082

(Name, Address and Telephone Number of Person Authorized to Receive Notices and

Communications on Behalf of the Filing Person(s))

With a copy to:

S. Elliott Cohan, Esq.

Kramer, Levin Naftalis & Frankel LLP

1177 Avenue of the Americas

New York, NY 10036

(212) 715-9512

May 28, 2008

(Date Tender Offer First Published,

Sent or Given to Security Holders)

CALCULATION OF FILING FEE

Transaction Valuation: $2,500,000 (a) Amount of Filing Fee: $267.50 (b)

(a) Calculated as the aggregate maximum value of Interests being purchased.

(b) Calculated at $107.00 per $1,000,000 of the Transaction Valuation.

¨ Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

Amount Previously Paid: 

Form or Registration No.:

Filing Party:

Date Filed:

¨ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the statement relates:

¨ third-party tender offer subject to Rule 14d-1.

x issuer tender offer subject to Rule 13e-4.

¨ going-private transaction subject to Rule 13e-3.

¨ amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer:   ¨

ITEM 1. SUMMARY TERM SHEET.

The Summary Term Sheet of the Offer to Purchase that is attached as Exhibit (a) (1) (i) is incorporated by reference.

ITEM 2. SUBJECT COMPANY INFORMATION.

(a) The name of the issuer is PNC Long-Short Fund LLC (the “Fund”), a closed-end investment company organized as a Delaware limited liability company and registered under the Investment Company Act of 1940, as amended. The Fund invests substantially all its assets in the PNC Long-Short Master Fund LLC (the “Master Fund”), a separate closed-end, non-diversified management investment company with the same investment objective as the Fund. All portfolio investments for the Fund are made at the Master Fund level. This structure is called a “master-feeder” structure. The Master Fund is simultaneously making a concurrent tender offer to the Fund to repurchase interests in the Master Fund at least equivalent in value to the value of the Interests that the Fund is offering to repurchase. The Fund cannot make a repurchase offer larger than the repurchase offer made by the Master Fund. The principal executive office of the Fund is located at Two Hopkins Plaza, Baltimore Maryland 21201 and the telephone number is (800) 239-0418.

(b) The title of the securities being sought is limited liability company interests (“Interests”). As of April 30, 2008, there were approximately $50,983,838 of Interests issued and outstanding.

(c) There is no secondary trading market for the Interests, which many only be sold to certain qualified investors.

ITEM 3. IDENTITY AND BACKGROUND OF FILING PERSON.

(a) The Fund is tendering for its own Interests. The Master Fund will repurchase Interests in the Master Fund equivalent in value to the value of the interests tendered to the Fund by its members for cash repurchase consistent with the terms of the Offer. The information required by this Item is set forth in Item 2(a) above. The Master Fund concurrently filed a Schedule TO with the Securities and Exchange Commission on May 28, 2008.

ITEM 4. TERMS OF THE TRANSACTION.

(a) (1) (i) The Fund is seeking tenders for Interests having up to $2.5 million at a price equal to the net asset value as of September 30, 2008 (the “ Offer”).

(ii) For each Interest tendered by a Member and accepted by the Fund, the Member will receive a promissory note. The promissory note will entitle the Member to receive an initial payment equal to 90% of the net asset value per Interest (the “NAV”) calculated as of September 30, 2008, upon the terms and subject to the conditions set forth in the Offer to Purchase dated May 28, 2008 (the “Offer to Purchase”), with the balance determined as set forth in the Offer to Purchase. Although the Fund has retained the option to pay all or a portion of the purchase price by distributing securities in-kind as set forth in its Registration Statement, in each case, the purchase price will be paid entirely in cash except in the unlikely event that the Fund determines that the distribution of securities is necessary to avoid or mitigate any adverse effect of the Offer on the remaining Members. The information required is incorporated by reference to Section 2 “Offer to Purchase and Price” and Section 6 “Purchases and Payments” of the Offer to Purchase.

(iii) The Offer is scheduled to expire on June 26, 2008, unless extended. The Cover Page, Summary Term Sheet, Section 2 “Offer to Purchase and Price” and Section 5 “Withdrawal Rights” of the Offer to Purchase are incorporated herein by reference.

(iv) Not applicable.

(v) The Cover Page, Summary Term Sheet and Section 7 “Certain Conditions of the Offer” of the Offer to Purchase are incorporated herein by reference.

(vi) Section 5 “Withdrawal Rights” of the Offer to Purchase is incorporated herein by reference.

(vii) The Cover Page, Section 4 “Procedure for Tenders” and Section 5 “Withdrawal Rights” of the Offer to Purchase are incorporated herein by reference.

(viii) Section 4 “Procedure for Tenders” and Section 6 “Purchases and Payments” of the Offer to Purchase is incorporated herein by reference.

(ix) The Cover Page, Section 3 “Amount of Tender,” and Section 6 “Purchases and Payments” of the Offer to Purchase are incorporated herein by reference.

(x) The purchase of Interests pursuant to the Offer will have the effect of increasing the proportionate interest in the Fund of Members that do not tender Interests. Members that retain their Interests may be subject to increased risks due to the reduction in the Fund’s aggregate assets resulting from payment for the Interests tendered. These risks include the potential for greater volatility due to decreased diversification. In addition, a reduction in the aggregate assets of the Fund may result in Members who do not tender Interests bearing higher costs to the extent that certain expenses borne by the Fund are relatively fixed and may not decrease if assets decline. Section 9 “Certain Federal Income Tax Consequences” of the Offer to Purchase is incorporated herein by reference.

(xi) Not applicable.

(xii) Section 9 “Certain Federal Income Tax Consequences” of the Offer to Purchase is incorporated herein by reference.

(2) Not applicable.

(b) PNC Investment Corp., an affiliate of the Fund’s manager, PNC Capital Advisors, Inc. (the “Manager”), is an Interest holder of the Fund. As of April 30, 2008 PNC Investment Corp., held 46.83% of the Fund’s net asset value. PNC Investment Corp. has informed the Fund that it intends to tender to the Fund in response to the Offer.

ITEM 5. PAST CONTACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS.

The Fund does not know of any contract, agreement, arrangement, understanding or relationship, whether contingent or otherwise or whether or not legally enforceable, between the Fund or the Master Fund, any of the Fund’s or the Master Fund’s executive officers or directors, any person controlling the Fund or the Master Fund, or any executive officer or director of any corporation ultimately in control of the Fund or the Master Fund and any person with respect to any securities of the Fund or the Master Fund (including, but not limited to, any contract, agreement, arrangement, understanding or relationship concerning the transfer or the voting of any such securities, joint ventures, loan or option arrangements, puts or calls, guarantees of loans, guarantees against loss, or the giving or withholding of proxies, consents or authorizations). However, the LLC Agreement provides that the Fund shall be dissolved if the Interest of any Member that has submitted a written request, in accordance with the terms of the LLC Agreement, to tender its entire Interest for purchase by the Fund has not been purchased within a period of two years of the request.

ITEM 6. PURPOSES OF THE TRANSACTIONS AND PLANS OR PROPOSALS.

(a) and (b) Section 1 “Background and Purpose of the Offer” of the Offer to Purchase is incorporated herein by reference.

(c) Section 8 “Certain Information About the Fund” of the Offer to Purchase is incorporated herein by reference. The Fund is engaged in a public offering, from time to time, of its Interests. The Fund is a “feeder” fund that invests all its investable assets in the Master Fund. The Master Fund has the same investment objective as the Fund. All investment activity is

undertaken at the Master Fund level. This structure is sometimes called a “master/feeder” structure.

ITEM 7. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.

(a) (b) and (d) Section 6 “Purchases and Payments” of the Offer to Purchase is incorporated herein by reference.

ITEM 8. INTEREST IN SECURITIES OF THE ISSUER.

(a) Neither the Fund nor the Master Fund holds any Interests in treasury securities. Based on April 30, 2008 values, PNC Investment Corp. owns $23,822,379 of Interests, representing approximately 46.83% of the outstanding Interests.

(b) Section 8 “Certain Information About the Fund” of the Offer to Purchase is incorporated herein by reference. Affiliates of the Fund tendered Interests to the Fund in response to the Fund’s repurchase offer that concluded on March 25, 2008. Except as set forth herein and in Section 8, there have not been any transactions involving the Interests that were effected during the past 60 days by the Fund or the Master Fund, any executive officer or director of the Fund or the Master Fund, any person controlling the Fund, any executive officer or director of any corporation ultimately in control of the Fund or the Master Fund or by any associate or subsidiary of any of the foregoing, including any executive officer or director of any such subsidiary. The Master Fund issues Interests to the Fund in private placement transactions that do not involve any “public offering” within the meaning of Section 4 (2) of the Securities Act of 1933 in amounts equal to the aggregate value of Interest of the Fund sold to the public. Within the past 60 business days, the Master Fund has issued to the Fund $50,000 in aggregate amount of Interests.

ITEM 9. PERSONS/ASSETS RETAINED, EMPLOYED, COMPENSATED OR USED.

No persons have been directly or indirectly employed or retained or are to be compensated by the Fund to make solicitations or recommendations in connection with the Offer.

ITEM 10. FINANCIAL STATEMENTS.

(a) The Fund’s financial information for the period ended March 31, 2007 has been audited by Deloitte & Touche LLP, and is incorporated herein by reference to the report filed with the SEC on June 5, 2007 (File number 811-21257). The Master Fund’s financial information for the period ended March 31, 2007 has been audited by Deloitte & Touche LLP, and is incorporated herein by reference to the report filed with the SEC on June 5, 2007 for the Master Fund (File number 811-21816). Copies of the Fund’s and the Master Fund’s financial information may be found on the Securities and Exchange Commission’s website at www.sec.gov or may be obtained free of charge by calling the Fund at (800) 239-0418.

(b) Not applicable.

ITEM 11. ADDITIONAL INFORMATION.

(a) (1) None.

(2) None.

(3) Not applicable.

(4) Not applicable.

(5) None.

(b) The Offer to Purchase, attached hereto as Exhibit (a)(1)(i), is incorporated herein by reference in its entirety.

ITEM 12. EXHIBITS.

(a) (1) (i) Offer to Purchase.

(ii) Form of Letter of Transmittal.

(iii) Letter to Members.

(iv) Form of Notice of Withdrawal of Tender.

(2) – (4) Not applicable.

(5) (i) Audited Financial Statements of PNC Long-Short Fund LLC by Deloitte & Touche LLP for the period ended March 31, 2007 are incorporated by reference to the Fund’s Annual Report as filed on Form N-CSR with the Securities and Exchange Commission on June 5, 2007 (File number 811-21257).

(ii) Audited Financial Statements of PNC Long-Short Master Fund LLC by Deloitte & Touche LLP for the period ended March 31, 2007 are incorporated by reference to the Master Fund’s Annual Report as filed on Form N-CSR with the Securities and Exchange Commission on June 5, 2007 (File number 811-21816).

(b) Not applicable.

(d) Not applicable.

(g) Not applicable.

(h) Not applicable.

ITEM 13. INFORMATION REQUIRED BY SCHEDULE 13E-3.

Not applicable.

SIGNATURE

After due inquiry and to the best of my knowledge and belief, I certify that the information set out in this statement is true, complete and correct.

PNC LONG-SHORT FUND LLC
By:	/S/ Kevin A. McCreadie
	Name: Kevin A. McCreadie
	Title: President

May 28, 2008

EXHIBIT INDEX

EXHIBIT

(a) (1) (i)	Offer to Purchase.
(a) (1) (ii)	Form of Letter of Transmittal.
(a) (1) (iii)	Letter to Members.
(a)(1)(iv)	Form of Notice of Withdrawal of Tender.

EX-99.(A)(1)(I)

Exhibit A (1) (i)

THE OFFER TO PURCHASE

PNC LONG-SHORT FUND LLC

c/o UMB Fund Services

803 W. Michigan St. Ste A

Milwaukee, Wisconsin 53233

OFFER TO PURCHASE INTERESTS

DATED MAY 28, 2008

THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT

5:00 P.M., EASTERN TIME, ON JUNE 26, 2008,

UNLESS THE OFFER IS EXTENDED

To the Members of PNC Long-Short Fund LLC:

PNC Long-Short Fund LLC, a closed-end, non-diversified management investment company organized as a Delaware limited liability company (the “Fund”), is offering to purchase for cash on the terms and conditions set forth in this Offer to Purchase and the related Letter of Transmittal (which together constitute the “Offer”) up to $2.5 million of the Fund’s Interest tendered by members of the Fund (“Members”) at a price equal to the net asset value as of September 30, 2008. (As used in this Offer, the term “Interest” or “Interests” as the context requires, shall refer to the Member’s limited liability company interests in the Fund and portions thereof representing beneficial interests in the Fund.)

The Offer is being made to all Members and is not conditioned on any minimum amount of Interests being tendered, but is subject to certain conditions described below. Interests are not traded on any established trading market and are subject to strict restrictions on transferability pursuant to the Fund’s Limited Liability Company Agreement amended and restated as of June 30, 2006 and amended as of October 5, 2007 (the “LLC Agreement”).

Members should realize that the value of the Interests tendered in the Offer likely will change between April 30, 2008 (the last time net asset value was calculated) and September 30, 2008, when the value of the Interests tendered to the Fund will be determined for purposes of calculating the purchase price of such Interests. Members tendering their Interests should also note that they will remain Members in the Fund, with respect to the Interests tendered and accepted for purchase by the Fund, through September 30, 2008, the valuation date of the Offer when the net asset value of their Interests is calculated. Any tendering Members who wish to obtain the most current estimated net asset value of their Interests should contact the Fund, at the telephone number or address set forth below, Monday through Friday, except holidays, during normal business hours of 8:30 a.m. to 5:00 p.m. (Eastern Time).

Members desiring to tender all or any portion of their Interests in accordance with the terms of the Offer should complete and sign the attached Letter of Transmittal and mail or fax it to the Fund in the manner set forth below.

IMPORTANT

None of the Fund, its Manager, its Adviser or its Board of Directors makes any recommendation to any Member as to whether to tender or refrain from tendering interests. Members must make their own decisions about whether to tender interests, and, if they choose to do so, the portion of their interests to tender.

Because each Member’s investment decision is a personal one, based on each Member’s financial circumstances, no person has been authorized to make any recommendation on behalf of the Fund as to whether any Members should tender Interests pursuant to the Offer. No person has been authorized to give any information or to make any representations in connection with the Offer other than those contained herein or in The Letter of Transmittal. If given or made, such recommendation and such information and representations must not be relied on as having been authorized by the Fund.

This transaction has not been approved or disapproved by the Securities and Exchange Commission nor has the Securities and Exchange Commission or any State Securities Commission passed on the fairness or merits of such transaction or on the accuracy or adequacy of the information contained in this document. Any representation to the contrary is unlawful.

Questions, requests for assistance and requests for additional copies of the Offer may be directed to:

PNC Long-Short Fund LLC

c/o UMB Fund Services

803 W. Michigan St. Ste A

Milwaukee, Wisconsin 53233

Phone: (800) 239-0418

Fax: (816) 860-3140

TABLE OF CONTENTS

SUMMARY TERM SHEET	1
1. BACKGROUND AND PURPOSE OF THE OFFER	2
2. OFFER TO PURCHASE AND PRICE	4
3. AMOUNT OF TENDER	4
4. PROCEDURE FOR TENDERS	5
5. WITHDRAWAL RIGHTS	5
6. PURCHASES AND PAYMENTS	5
7. CERTAIN CONDITIONS OF THE OFFER	6
8. CERTAIN INFORMATION ABOUT THE FUND	7
9. CERTAIN FEDERAL INCOME TAX CONSEQUENCES	8
10. MISCELLANEOUS	8

SUMMARY TERM SHEET

This Summary Term Sheet highlights certain information concerning this Offer. To understand the Offer fully and for a more complete discussion of the terms and conditions of the Offer, please read carefully this entire Offer to Purchase and the related Letter of Transmittal. Section references are to this Offer to Purchase.

• As stated in the LLC Agreement and Prospectus, the Fund will purchase your Interests in the Fund at their net asset value (that is, the value of the Fund’s assets minus its liabilities, multiplied by the proportionate interest in the Fund you desire to redeem). The Offer will remain open until 5:00 p.m., Eastern Time, on June 26, 2008 unless the Offer is extended (the “Expiration Date”). The net asset value will be calculated for this purpose on September 30, 2008 (the “Valuation Date”). The Fund reserves the right to adjust the Valuation Date to correspond with any extension of the Offer.

• The Fund reserves the right to cancel, extend, amend or postpone the Offer at any time before 5:00 p.m., Eastern Time, on June 26, 2008 subject to conditions discussed in Section 7. Also note that although the Offer expires on June 26, 2008, you will remain a Member of the Fund with respect to the Interests you tendered that are accepted for purchase by the Fund through September 30, 2008, when the net asset value of your Interests is calculated.

• You may tender all of your Interests, a portion of your Interests defined as a specified dollar amount, or a portion of your Interests above the minimum required capital account balance of at least $50,000. If you tender only a portion of your Interests, you must maintain a capital account balance of at least $50,000 after giving effect to the amount repurchased by the Fund. The Fund reserves the right to reduce the amount you tender or to purchase your entire Interest in the Fund if the purchase would cause your capital account to have less than the required minimum balance.

• If the Fund accepts your tender then the Fund will give you a non-interest bearing and non-transferable promissory note (the “Promissory Note”) promptly after the Expiration Date, that entitles you to be paid an amount equal to the value, determined as of the Valuation Date, of the repurchased Interests.

• The Promissory Note will entitle you to an initial payment that will be in an amount equal to at least 90% of the unaudited net asset value of the purchased Interest, determined as of the Valuation Date (the “Initial Payment”). The Initial Payment will be made as of the later of (1) 30 days after the Valuation Date, or (2) if PNC Long-Short Master Fund LLC (the “Master Fund”), the investment company in which the Fund invests, has requested withdrawal of its capital from any investment funds in order to fund the purchase of Interests, within 10 business days after the Master Fund has received at least 90% of the aggregate amount withdrawn by the Master Fund from the investment funds.

• The Promissory Note will also entitle you to a second and final payment equal to (a) the net asset value of the purchased Interest determined as of the Valuation Date as it may be adjusted based upon the results of the annual audit of the Fund’s financial statements for the fiscal year ending March 31, 2009, minus (b) the Initial Payment. The Post Audit Payment, if any, will be made promptly after the completion of the Fund’s annual audit for its fiscal year ending March 31, 2009 (which it expects will be completed 60 days after the fiscal year end).

• If the Fund accepts the tender of all or a portion of your Interest, payments will generally be made in cash equal to the value of the Interests repurchased, however, the Fund may under certain limited

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circumstances pay all or a portion of the amounts due by an in-kind distribution of securities on a pro rata basis based on the aggregate net asset value of tendered Interests.

• Following this summary is a formal notice of the Fund’s offer to purchase your Interests. If you desire to tender all or any portion of your Interest for purchase, you must do so by 5:00 p.m., Eastern Time, on June 26, 2008, the expected expiration date of the Offer. Until that time, you have the right to change your mind and withdraw any tender of your Interests.

• If you would like the Fund to purchase your Interests, you should (i) mail the Letter of Transmittal (enclosed with the Offer) to the Fund, c/o UMB Fund Services, 803 W. Michigan St. Ste A, Milwaukee, Wisconsin 53233; or (ii) fax it to the Fund at (816) 860-3140. In either case, the Letter of Transmittal must be received before 5:00 p.m., Eastern Time, on June 26, 2008. If you fax the Letter of Transmittal, you must also mail the original Letter of Transmittal to the Fund promptly after you fax it (although the original does not have to be received before 5:00 P.M., Eastern Time, on June 26, 2008). Of course, the value of your Interests likely will change between April 30, 2008 (the last time net asset value was calculated) and September 30, 2008, when the value of your investment will be determined for purposes of calculating the purchase price for Interests.

• If you would like to obtain the most current estimated net asset value of your Interests, which the Fund calculates monthly based upon the information it receives from the manager of the investment company in which the Fund invests, you may call (800) 239-0418 Monday through Friday, except holidays, during normal business hours of 8:30 a.m. to 5:00 p.m., Eastern Time, or write to the address listed above.

1. BACKGROUND AND PURPOSE OF THE OFFER.

The purpose of the Offer is to provide liquidity to Members who hold Interests in the Fund, as contemplated by and in accordance with the procedures set forth in the Fund’s LLC Agreement and Prospectus.

The Fund previously offered to purchase Interests from Members pursuant a written tender. The chart below summarizes the effective date of those offers, the aggregate amounts of Interests tendered and the aggregate amounts of tendered Interests accepted by the Fund for purchase.

Effective Date of Offer	Amount       Tendered		Amount       Accepted
December 29, 2003	$	1,250,000	$	1,250,000
March 3, 2004	$	2,210,935	$	2,210,935
September 7, 2004	$	2,213,176	$	2,213,176
March 1, 2005	$	4,413,135	$	4,413,135
September 1, 2005	$	2,078,933	$	2,078,933
March 1, 2006	$	806,122	$	806,122
August 25, 2006	$	138,562	$	138,562
November 27, 2006	$	1,027,425	$	1,027,425
February 27, 2007	$	750,422	$	750,422
June 6, 2007	$	975,284	$	975,284
August 24, 2007	$	5,556,910	$	2,500,000
November 26, 2007	$	6,234,823	$	2,500,000
February 26, 2008*	$	5,977,675	$	2,500,000

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*Amounts are estimated using the net asset value as of April 30, 2008. The actual valuation date for this offer is June 30, 2008.

Because there is no secondary trading market for Interests, and transfers of Interests are prohibited without prior approval of the Fund, the Board of Directors of the Fund has determined, after consideration of various matters, including but not limited to those set forth in the LLC Agreement, that the Offer is in the best interests of Members in order to provide liquidity for Interests as contemplated in the LLC Agreement. The Fund intends to consider the continued desirability of making an offer to purchase Interests quarterly, but the Fund is not required to make any such offer.

The purchase of Interests pursuant to the Offer will have the effect of increasing the proportionate interest in the Fund of Members who do not tender Interests. Members who retain their Interests may be subject to increased risks due to the reduction in the Fund’s aggregate assets resulting from payment for the Interests tendered. These risks include the potential for greater volatility due to decreased diversification. However, the Fund believes that this result is unlikely given the nature of the Fund’s investment program. A reduction in the aggregate assets of the Fund may result in Members that do not tender Interests bearing higher costs to the extent that certain expenses borne by the Fund are relatively fixed and may not decrease if assets decline.

The Fund invests substantially all its assets in the Master Fund, a separate closed-end, non-diversified management investment company with the same investment objective as the Fund. All portfolio investments for the Fund are made at the Master Fund level. This structure is sometimes called a “master/feeder” structure. The Master Fund is simultaneously making a concurrent tender offer to the Fund to repurchase interests in the Master Fund at least equivalent in value to the value of the Interests that the Fund is offering to repurchase. The Fund cannot make a repurchase offer larger than the repurchase offer made by the Master Fund.

PNC Investment Corp., an affiliate of the Fund’s manager, PNC Capital Advisors, Inc. (the “Manager”), is a direct Interest holder of the Fund. As of April 30, 2008, PNC Investment Corp., held 46.83% of the Fund’s net asset value. PNC Investment Corp. has informed the Fund that it intends to tender a portion of its Interest in response to the Offer.

The Fund’s Offer is made to all its Members on the same terms, including affiliates of the Manager. If the amount of Interests duly tendered to the Fund prior to the expiration of the Offer exceeds $2.5 million of the Fund’s Interest as of September 30, 2008, the Valuation Date, then the Fund will in its sole discretion either (a) accept the additional Interests; (b) extend the Offer, if necessary, and increase the amount of Interests that the Fund is offering to purchase to an amount it believes sufficient to accommodate the excess Interests tendered as well as any Interests tendered during the extended Offer; or (c) accept Interests tendered on or before the Expiration Date for payment on a pro rata basis based on the aggregate net asset value of tendered Interests. The Fund generally will attempt to purchase those Interests tendered unless the aggregate value of those Interests tendered exceed $2.5 million on the Valuation Date.

Interests that are tendered to the Fund in connection with this Offer will be retired, although the Fund will issue new Interests from time to time as set forth in its Prospectus.

The tender of Interests by a Member will not affect the record ownership of such Member for purposes of voting or entitlement to any distributions payable by the Fund unless and until such Interests are purchased. Although the Offer expires on June 26, 2008, a Member remains a Member of the Fund with respect to the Interests tendered that are accepted for purchase through September 30, 2008, the

3

Valuation Date, when the net asset value of the Interests is calculated and retains all rights in the Member’s tendered Interest, including voting rights, until the Valuation Date.

2. OFFER TO PURCHASE AND PRICE.

The Fund will, on the terms and subject to the conditions of the Offer, purchase up to $2.5 million of the Fund’s Interests that are properly tendered by Members and not withdrawn (in accordance with Section 5 below) prior to 5:00 p.m., Eastern Time, on June 26, 2008. The Fund reserves the right to extend, amend or cancel the Offer as described in Sections 3 and 7 below. The value of the Interests tendered for purchase will be the net asset value of the Fund divided by the number of Interests outstanding on September 30, 2008, the Valuation Date, payable as set forth in Section 6. The Fund reserves the right to adjust the Valuation Date to correspond with any extension of the Offer.

There is no established trading market for the Interests of the Fund, and the value of Interests at any particular time is based on the net asset value of the Fund at that time. Members may obtain monthly net asset value information, which the Fund calculates based upon the information it receives from the Master Fund in which the Fund invests, until the expiration of the Offer by contacting the Fund at the telephone numbers or address set forth on page 2, Monday through Friday, except holidays, during normal business hours of 8:30 a.m. to 5:00 p.m. Eastern Time.

3. AMOUNT OF TENDER.

Subject to the limitations set forth below, Members may tender their entire Interest or, alternatively, request a specific dollar amount or that a percentage of their Interest be purchased. A Member who tenders for purchase only a portion of such Member’s Interest shall be required to maintain a minimum capital account balance of at least $50,000 after giving effect to the amount repurchased by the Fund. If a Member’s tender of an amount less than all of its Interests causes the Member’s capital account balance to fall below the required minimum, the Fund reserves the right to reduce the amount to be purchased from such Member so that the required minimum balance is maintained or to purchase the Member’s entire Interest. The Offer is being made to all Members and is not conditioned on any minimum amount of Interests being tendered.

If the amount of Interests that is properly tendered pursuant to the Offer and not withdrawn pursuant to Section 5 below is less than or equal to $2.5 million of the Fund’s Interest as of the Valuation Date (or such greater amount as the Fund may elect to purchase pursuant to the Offer), the Fund will, on the terms and subject to the conditions of the Offer, purchase all of the Interests so tendered unless the Fund elects to cancel or amend the Offer, or postpone acceptance of tenders made pursuant to the Offer, as provided in Section 7 below. If the amount of Interests duly tendered to the Fund prior to the expiration of the Offer and not withdrawn pursuant to Section 5 below exceeds $2.5 million of the Fund’s Interest as of the Valuation Date, the Fund may in its sole discretion either (a) accept the additional Interests; (b) extend the Offer, if necessary, and increase the amount of Interests that the Fund is offering to purchase to an amount it believes sufficient to accommodate the excess Interests tendered as well as any Interests tendered during the extended Offer; or (c) accept Interests tendered on or before the Expiration Date for payment on a pro rata basis based on the aggregate net asset value of tendered Interests. The Offer may be extended, amended or canceled in various other circumstances described in Section 7 below.

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4. PROCEDURE FOR TENDERS.

Members wishing to tender Interests pursuant to the Offer should mail a completed and executed Letter of Transmittal to the Fund at the address set forth on page 2 hereof, or fax a completed and executed Letter of Transmittal using the fax number set forth on page 2 hereof. The completed and executed Letter of Transmittal must be received, either by mail or by fax, no later than 5:00 p.m., Eastern Time, on June 26, 2008 unless the Offer is extended. Please note that, as set forth in the Letter of Transmittal, if a Member invests through a financial intermediary, the intermediary may require alternate instructions. Members should contact their intermediary for more information.

The Fund recommends that all documents be submitted via certified mail, return receipt requested, or by facsimile transmission with confirmation of successful transmission. A Member choosing to fax a Letter of Transmittal must also send or deliver the original completed and executed Letter of Transmittal promptly thereafter. Members wishing to confirm receipt of a Letter of Transmittal may contact the Fund at the address or telephone number set forth on page 2 hereof. The method of delivery of any documents is at the election and complete risk of the Member tendering Interests including, but not limited to, the failure to receive any Letter of Transmittal or other document submitted by facsimile transmission. All questions as to the validity, form, eligibility (including time of receipt) and acceptance of tenders will be determined by the Fund, in its sole discretion, and such determination shall be final and binding. The Fund reserves the absolute right to reject any or all tenders determined by it not to be in appropriate form or the acceptance of or payment for which would, in the opinion of counsel for the Fund, be unlawful. The Fund also reserves the absolute right to waive any of the conditions of the Offer or any defect in any tender with respect to any particular Interest or any particular Member, and the Fund’s interpretation of the terms and conditions of the Offer will be final and binding. Unless waived, any defects or irregularities in connection with tenders must be cured within such time as the Fund shall determine. Tenders will not be deemed to have been made until the defects or irregularities have been cured or waived. Neither the Fund, the Manager nor the Board of Directors shall be obligated to give notice of any defects or irregularities in tenders, nor shall any of them incur any liability for failure to give such notice.

5. WITHDRAWAL RIGHTS.

Any Member tendering Interests pursuant to this Offer may withdraw the tender at any time prior to 5:00 p.m., Eastern Time, on June 26, 2008 (or if the Offer is extended, before any later Expiration Date). To be effective, any notice of withdrawal of a tender must be timely received at the address or fax numbers set forth on page 2 hereof. A form to give notice of withdrawal of a tender is available by calling the Fund at the telephone number indicated on page 2 hereof. All questions as to the form and validity (including time of receipt) of notices of withdrawal of a tender will be determined by the Fund, in its sole discretion, and such determination shall be final and binding. Interests subject to a properly withdrawn tender shall not thereafter be deemed to be tendered for purposes of the Offer. However, withdrawn Interests may be tendered again prior to the Expiration Date by following the procedures described in Section 4.

6. PURCHASES AND PAYMENTS.

For purposes of the Offer, the Fund will be deemed to have accepted Interests that are tendered when it gives written notice to the tendering Member of its election to purchase such Interest.

As set forth in Section 3, Members may tender all their Interests or a portion of their Interests. The amount a tendering Member will be paid will equal the value of the Interests tendered determined as of the Valuation Date and will be based upon the net asset value of the Fund’s assets as of that date, after

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giving effect to all allocations to be made as of that date. Members requesting a specific dollar amount will have the appropriate number of Interests purchased by the Fund from the Member’s capital account to satisfy the requested amount based upon the value of an Interest on the Valuation Date.

If a Member tenders only a portion of its Interests, the Member will be required to maintain a capital account balance equal to $50,000 after giving effect to the amount repurchased by the Fund. If a Member’s tender of an amount less than all of its Interests causes the Member’s capital account balance to fall below the required minimum, the Fund reserves the right to reduce the amount to be purchased from such Member so that the required minimum balance is maintained or to purchase the Member’s entire Interest.

If a Member’s tender is accepted, payment of the purchase amount will consist of the Promissory Note, a non-interest bearing, non-transferable promissory note. The Promissory Note will be mailed directly to the tendering Member after the Expiration Date. The Promissory Note will entitle the Member to receive the Initial Payment in an amount equal to at least 90% of the unaudited net asset value of the Interest tendered and accepted for purchase by the Fund as of the Valuation Date. Payment of this amount will be made as of the later of 30 days after the Valuation Date, or if the Master Fund has requested withdrawals of its capital from any of the investment funds in order to fund the purchase of Interests, 10 business days after the Master Fund has received at least 90% of the aggregate amount withdrawn by the Master Fund from the investment funds. The Promissory Note will also entitle the Member to receive the Post-Audit Payment, a contingent payment equal to the excess, if any, of (a) the value of the purchased Interest determined as of the Valuation Date, as it may be adjusted based upon the results of the next annual audit of the Fund’s financial statements for its fiscal year ending March 31, 2009 (which is expected to be completed 60 days after the fiscal year end), minus (b) the Initial Payment. The Post Audit Payment will be made promptly after the completion of the Fund’s annual audit.

Although the Fund has retained the option to pay all or a portion of the purchase price by distributing securities in-kind as set forth in its LLC Agreement, the purchase price will be paid entirely in cash except in the unlikely event that the Fund determines that the distribution of securities is necessary to avoid or mitigate any adverse effect of the Offer on the remaining Members. It is expected that cash payments for Interests acquired pursuant to the Offer, which will not exceed $2.5 million of the Fund’s Interests as of the Valuation Date (unless the Fund elects to purchase a greater amount), will be derived from: (a) cash on hand and (b) withdrawals of capital from the Master Fund in which the Fund invests.

7. CERTAIN CONDITIONS OF THE OFFER.

The Fund reserves the right, at any time and from time to time, to extend the period of time during which the Offer is pending by notifying Members of such extension. During any such extension, all Interests previously tendered and not withdrawn will remain subject to the Offer. The Fund also reserves the right, at any time and from time to time, up to and including acceptance of tenders pursuant to the Offer, to: (a) cancel the Offer in the circumstances set forth in the following paragraph and in the event of such cancellation not to purchase or pay for any Interests tendered pursuant to the Offer; (b) amend the Offer; and (c) postpone the acceptance of Interests. If the Fund determines to amend the Offer or to postpone the acceptance of Interests tendered, it will, to the extent necessary, extend the period of time during which the Offer is open as provided above and will promptly notify Members.

The Fund may cancel the Offer, amend the Offer or postpone the acceptance of tenders made pursuant to the Offer if: (a) the Fund would not be able to liquidate interests in the investment funds in a manner that is orderly and consistent with the Fund’s investment objectives and policies in order to purchase Interests tendered pursuant to the Offer; (b) there is, in the judgment of the Fund’s Board of Directors, any (i) legal action or proceeding instituted challenging the Offer or otherwise materially

6

adversely affecting the Fund, (ii) declaration of a banking moratorium by federal or state authorities or any suspension of payment by banks in the United States that is material to the Fund, (iii) limitation imposed by federal or state authorities on the extension of credit by lending institutions, (iv) suspension of trading on any organized exchange or over-the-counter market where the Fund has a material investment, (v) commencement of war, armed hostilities or other international or national calamity directly or indirectly involving the United States that is material to the Fund (the Fund acknowledges the military actions involving the United States in Iraq and Afghanistan and has determined, as of the date hereof, that such actions are not material to the Partnership), (vi) material decrease in the net asset value of the Fund from the net asset value of the Fund as of commencement of the Offer, or (vii) other event or condition that would have a material adverse effect on the Fund or its Members if Interests tendered pursuant to the Offer were purchased; or (c) the Fund’s Board of Directors determines that it is not in the best interests of the Fund to purchase Interests pursuant to the Offer. There can be no assurance that the Fund will exercise its right to extend, amend or cancel the Offer or to postpone acceptance of tenders pursuant to the Offer.

8. CERTAIN INFORMATION ABOUT THE FUND.

The Fund is registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company. It is organized as a Delaware limited liability company and the principal office of the Fund is located at Two Hopkins Plaza, Baltimore, Maryland. The Fund’s telephone number is (800) 239-0418. Interests are not traded on any established trading market and are subject to strict restrictions on transferability pursuant to the LLC Agreement.

The Fund does not have any plans, proposals or negotiations that relate to or that the Fund anticipates would result in: (a) the acquisition by any person of additional Interests (other than routine sales as disclosed in the Fund’s registration statement); (b) any extraordinary transaction, such as a merger, reorganization or liquidations, involving the Fund; (c) any purchase, sale or transfer of a material amount of assets of the Fund; (d) any material change in the present dividend rate or policy, or indebtedness or capitalization of the Fund; (e) any change in the present board of directors or management of the Fund, including but not limited to, any plans or proposal to change the number or the term of directors or to change any material term of the employment contract of any executive officer; (f) a sale or transfer of a material amount of assets of the Fund (other than as the Fund determines may be necessary or appropriate to finance any portion of the purchase price for Interests acquired pursuant to this Offer to Purchase or in connection with ordinary portfolio transactions of the Fund); (g) any other material change in the Fund’s structure or business, including any plans or proposals to make any changes in its investment policy for which a vote would be required by Section 13 of the 1940 Act, as amended; (h) any class of equity securities of the Fund to be delisted from a national securities exchange or cease to be authorized to be quoted in an automated quotation system operated by a national securities association; (i) any class of equity securities of the Fund becoming eligible for termination of registration under Section 12 (g) (4) of the Securities Exchange Act of 1934 (the “1934 Act”); (j) the suspension of the Fund’s obligation to file reports under Section 15 (d) of the 1934 Act; (k) the acquisition by any person of additional securities of the Fund or the disposition of securities of the Fund other than as set forth in the Fund’s registration statement; or (l) any changes in the Fund’s governing instruments or other actions that could impede the acquisition of control of the Fund.

Man-Glenwood Lexington TEI, LLC, or an affiliate thereof (“MG”), a non-affiliated investment company, has filed a patent application relating to a structure that interposes a Cayman Islands entity between a registered investment company and an underlying master fund (the “Patent Application”). The Patent Application was published on February 2, 2006. In the event that the Patent Application is granted and it is determined that the master-feeder structure of which the Fund forms a part infringes on the MG patent, the Master Fund’s and/or the Fund’s Board of Directors may determine to enter into a licensing

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agreement pursuant to which the master-feeder structure may continue to operate without infringing on the MG patent. Such a licensing agreement will likely impose additional costs, in the form of licensing fees and other costs, on the Master Fund, the Fund and the Members.

9. CERTAIN FEDERAL INCOME TAX CONSEQUENCES.

The following discussion is a general summary of the federal income tax consequences of the purchase of Interests by the Fund from Members pursuant to the Offer. Members should consult their own tax advisors for a complete description of the tax consequences to them of a purchase of their Interests by the Fund pursuant to the Offer.

In general, a Member from whom Interests are purchased by the Fund will be treated as receiving a distribution from the Fund. Such Member generally will not recognize income or gain as a result of the purchase, except to the extent (if any) that the amount of consideration received by the Member exceeds such Member’s then adjusted tax basis in such Member’s Interests. A Member’s basis in such Member’s Interests will be reduced (but not below zero) by the amount of consideration received by the Member from the Fund in connection with the purchase of such Interest. A Member’s basis in such Member’s Interests will be adjusted for income, gain or loss allocated (for tax purposes) to such Member for periods prior to the purchase of such Interest. Cash distributed to a Member in excess of the adjusted tax basis of such Member’s Interest is taxable as capital gain or ordinary income, depending on the circumstances. If the Fund purchases a Member’s entire Interest, the Member may recognize a loss, but only to the extent that the amount of consideration received from the Fund is less than the Member’s then adjusted tax basis in such Member’s Interest.

10. MISCELLANEOUS.

The Offer is not being made to, nor will tenders be accepted from, Members in any jurisdiction in which the Offer or its acceptance would not comply with the securities or other laws of such jurisdiction. The Fund is not aware of any jurisdiction in which the Offer or tenders pursuant thereto would not be in compliance with the laws of such jurisdiction. However, the Fund reserves the right to exclude Members from the Offer in any jurisdiction in which it is asserted that the Offer cannot lawfully be made. The Fund believes such exclusion is permissible under applicable laws and regulations, provided the Fund makes a good faith effort to comply with any state law deemed applicable to the Offer.

The Fund has filed an Issuer Tender Offer Statement on Schedule TO with the Securities and Exchange Commission, which includes certain information relating to this Offer. A free copy of such statement may be obtained by contacting the Fund at the address and telephone number set out on page 2 hereof or from the Securities and Exchange Commission’s internet web site, http://www.sec.gov. A copy may be inspected and copied at, and for a fee, may be obtained by mail from, the public reference office of the Securities and Exchange Commission at 450 Fifth Street, N.W., Washington, DC 20549.

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EX-99.(A)(1)(II)

Exhibit (A)(1)(ii)

LETTER OF TRANSMITTAL

Regarding

Limited Liability Company Interests

in

PNC LONG-SHORT FUND LLC

Tendered Pursuant to the Offer to Purchase

Dated May 28, 2008

THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE

AT, AND THIS LETTER OF TRANSMITTAL MUST BE

RECEIVED BY THE FUND BY, 5:00 P.M. EASTERN TIME, ON

JUNE 26, 2008, UNLESS THE OFFER IS EXTENDED.

COMPLETE THIS LETTER OF TRANSMITTAL

AND RETURN BY MAIL OR FAX TO:

PNC LONG-SHORT FUND LLC

c/o UMB Fund Services

803 W. Michigan St. Ste A

Milwaukee, Wisconsin 53233

Phone: (800) 239-0418

Fax: (816) 860-3140

Ladies and Gentlemen:

The undersigned hereby tenders to PNC Long-Short Fund LLC, a limited liability company organized under the laws of the State of Delaware (the “Fund”), the limited liability company interest in the Fund or portion thereof (the “Interests”) held by the undersigned, described and specified below, on the terms and conditions set forth in the Offer to Purchase, dated May 28, 2008, receipt of which is hereby acknowledged, and in this Letter of Transmittal (which, together with the Offer to Purchase, constitute the “Offer”).

The tender is subject to all the terms and conditions set forth in the Offer, including, but not limited to, the absolute right of the Fund to reject any and all tenders determined by the Fund, in its sole discretion, not to be in the appropriate form.

The undersigned hereby sells to the Fund the Interests tendered hereby pursuant to the Offer. The undersigned hereby warrants that the undersigned has full authority to sell the Interests or portion thereof tendered hereby and that the Fund will acquire good title thereto, free and clear of all liens, charges, encumbrances, conditional sales agreements or other obligations relating to the sale thereof, and not subject to any adverse claim, when and to the extent the same are purchased by it. Upon request, the undersigned will execute and deliver any additional documents necessary to complete the sale in accordance with the terms of the Offer.

The undersigned recognizes that under certain circumstances set forth in the Offer, the Fund may not be required to purchase any of the Interests or portions thereof in the Fund tendered hereby.

The initial payment of the purchase price for the Interests or portions thereof tendered by the undersigned will be made on behalf of the Fund by check or wire transfer to the account identified by the undersigned below, as described in Section 6 of the Offer to Purchase. (Any payment in the form of securities would be made by means of special arrangement with the tendering member in the sole discretion of the Fund.)

The undersigned recognizes that the amount of the purchase price for Interests will be based on the unaudited net asset value of the Fund as of September 30, 2008, subject to an extension of the Offer to Purchase as described in Section 7 of the Offer to Purchase. The contingent payment portion of the purchase price, if any, will be determined upon completion of the audit of the Fund’s financial statements for 2009, which is anticipated to be in May 2009.

Note: If you invest in the Fund through a financial intermediary, that financial intermediary may require alternate payment and/or delivery instructions, notwithstanding your request below. Please contact your financial intermediary for more information.

All authority herein conferred or agreed to be conferred shall survive the death or incapacity of the undersigned and the obligation of the undersigned hereunder shall be binding on the heirs, personal representatives, successors and assigns of the undersigned. Except as stated in Section 5 of the Offer to Purchase, this tender is irrevocable.

2

A completed Letter of Transmittal should be sent to the Fund by either fax or mail. If replying by fax, the completed Letter of Transmittal should be faxed to (816) 860-3140 and the original Letter should then be promptly mailed to the Fund at the address below. If replying by mail, place the completed Letter of Transmittal in the enclosed business reply envelope and send to:

PNC LONG-SHORT FUND LLC

c/o UMB Fund Services

803 W. Michigan St. Ste A

Milwaukee, Wisconsin 53233

FOR ADDITIONAL INFORMATION:

Phone: (800) 239-0418

PART 1.	NAME AND ADDRESS
	Member Name:
	Address:
	Social Security No. or Taxpayer Identification No.:
	Telephone Number:
PART 2.	AMOUNT OF LIMITED LIABILITY COMPANY INTERESTS IN THE FUND BEING TENDERED:

[    ] The undersigned’s entire limited liability company interest.

[    ] A portion of the undersigned’s limited liability company interest expressed as a specific dollar value.*

    $              

[    ] A portion of the undersigned’s limited liability company interest expressed as a percentage of the undersigned’s limited liability company interest:*

*A minimum interest with a value greater than $50,000 must be maintained in the Fund (the “Required Minimum Balance”). The undersigned understands and agrees that if the

3

undersigned tenders an amount that would cause the undersigned’s capital account balance to fall below the Required Minimum Balance, the Fund may reduce the amount to be purchased from the undersigned so that the Required Minimum Balance is maintained.

PART 3.	PAYMENT
	The undersigned wishes to receive payment by (check the appropriate box):
	[    ] Check (all payments will be mailed to your address as reflected in the Fund’s records)
	[    ] Wire transfer (the information below must be completed)

Bank Name:

ABA Routing Number:

Credit to:

Account Number:

For further credit to:

Name(s) on the Account:

		Account Number:
	PROMISSORY NOTE
	A promissory note reflecting both the initial payment and the post-audit payment portion of the purchase amount, as applicable, will be mailed directly to the undersigned at the address of the undersigned as maintained in the books and records of the Fund.
PART 4.	SIGNATURE(S)

FOR INDIVIDUAL INVESTORS AND JOINT TENANTS:	FOR ALL OTHER INVESTORS:
Signature	Signature
(SIGNATURE OF OWNER(S)EXACTLY AS IT APPEARS ON SUBSCRIPTION AGREEMENT)	(SIGNATURE OF OWNER(S) EXACTLY AS IT APPEARS ON SUBSCRIPTION AGREEMENT)
Print Name of Investor	Print Name of Investor

4

Joint Tenant Signature if necessary	Print Name and Title of Signatory
(SIGNATURE OF OWNER(S) EXACTLY AS IT APPEARS ON SUBSCRIPTION AGREEMENT)
	Co-signatory if necessary
	(SIGNATURE OF OWNER(S) EXACTLY
	AS IT APPEARS ON SUBSCRIPTION
	AGREEMENT)
Print Name of Joint Tenant
	Print Name and Title of Co-signatory
Date:

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EX-99.(A)(1)(III)

Exhibit A(1)(iii)

COVER LETTER TO OFFER TO PURCHASE AND LETTER OF TRANSMITTAL

IF YOU DO NOT WANT TO SELL YOUR LIMITED LIABILITY COMPANY INTERESTS

AT THIS TIME, PLEASE DISREGARD THIS NOTICE. THIS IS SOLELY A

NOTIFICATION OF THE COMPANY’S OFFER TO PURCHASE.

May 28, 2008

[MEMBER NAME AND ADDRESS]

Dear PNC Long-Short Fund LLC Member:

We are writing to inform you of important dates relating to an offer to purchase by PNC Long-Short Fund LLC (the “Fund”). If you are not interested in tendering your limited liability company interests in the Fund (the “Interests”) for purchase at this time, please disregard this notice and take no action.

The tender offer period will begin on May 28, 2008 and end at 5:00 p.m., Eastern Time, on June 26, 2008. The purpose of the offer to purchase is to provide liquidity to members of the Fund that hold Interests. Interests may be presented to the Fund for purchase only by tendering them during one of the Fund’s announced tender offers. The specific terms of the tender offer are governed by the terms and conditions of the enclosed Offer to Purchase and Letter of Transmittal.

Should you wish to tender your Interests or a portion of your Interests for purchase by the Fund during this tender offer period, please complete and return the enclosed Letter of Transmittal either by mail or by fax to the Fund, as indicated in the Letter of Transmittal, so that it arrives no later than 5:00 p.m., Eastern Time, on June 26, 2008. If you do not wish to sell your Interests, simply disregard this notice.

NO ACTION IS REQUIRED IF YOU DO NOT WISH TO SELL ANY PORTION OF YOUR INTERESTS AT THIS TIME.

All tenders of Interests must be received by the Fund, either by mail or by fax (if by fax, an original, executed copy must be delivered promptly thereafter) in good order by 5:00 p.m., Eastern Time, on June 26, 2008.

If you have any questions, please refer to the attached Offer to Purchase document, which contains additional important information about the offer to purchase, or call (800) 239-0418.

Sincerely,

PNC Long-Short Fund LLC

EX-99.(A)(1)(IV)

Exhibit A(1)(iv)

NOTICE OF WITHDRAWAL OF TENDER

Regarding

Limited Liability Company Interests

in

PNC LONG-SHORT FUND LLC

Tendered Pursuant to the Offer to Purchase

Dated May 28, 2008

THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE

AT, AND THIS NOTICE OF WITHDRAWAL MUST BE

RECEIVED BY THE FUND BY, 5:00 P.M. EASTERN TIME, ON

JUNE 26, 2008, UNLESS THE OFFER IS EXTENDED.

COMPLETE THIS NOTICE OF WITHDRAWAL

AND RETURN BY MAIL OR FAX TO:

PNC LONG-SHORT FUND LLC

c/o UMB Fund Services

803 W. Michigan St. Ste A

Milwaukee, Wisconsin 53233

Phone: (800) 239-0418

Fax: (816) 860-3140

Ladies and Gentlemen:

The undersigned hereby wishes to withdraw the tender of its units of limited liability company interest or portion thereof (the “Interests”) in the PNC Long-Short Fund LLC, a limited liability company organized under the laws of the State of Delaware (the “Fund”), for purchase by the Fund that previously was submitted by the undersigned in a Letter of Transmittal dated                     .

Such tender was in the amount of :

[    ] The undersigned’s entire limited liability company interest.

[    ] A portion of the undersigned’s limited liability company interest expressed as a specific dollar value.

$             

[    ] The portion of the undersigned’s limited liability company interest in excess of the Required Minimum Balance. NOTE: A minimum interest with a value greater than $50,000 must be maintained (the “Required Minimum Balance”).

The undersigned recognizes that upon the submission on a timely basis of this Notice of Withdrawal of Tender, properly executed, the Interests previously tendered will not be purchased by the Fund upon expiration of the tender offer described above.

PLEASE FAX THIS NOTICE OF WITHDRAWAL TO (816) 860-3140 OR MAIL IT IN THE ENCLOSED BUSINESS REPLY ENVELOPE TO:

PNC LONG-SHORT FUND LLC

c/o UMB Fund Services

803 W. Michigan St. Ste A

Milwaukee, Wisconsin 53233

FOR ADDITIONAL INFORMATION:

Phone: (800) 239-0418

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SIGNATURE(S) (Must Appear Exactly As It Appeared On The Letter of Transmittal)

FOR INDIVIDUAL INVESTORS AND JOINT TENANTS:	FOR ALL OTHER INVESTORS:
Signature	Print Name of Investor
(SIGNATURE OF OWNER(S) EXACTLY AS IT APPEARS ON SUBSCRIPTION AGREEMENT)
	Signature
	(SIGNATURE OF OWNER(S) EXACTLY AS IT APPEARS ON SUBSCRIPTION AGREEMENT)
Print Name of Investor
Joint Tenant Signature if necessary	Print Name and Title of Signatory
(SIGNATURE OF OWNER(S) EXACTLY AS IT APPEARS ON SUBSCRIPTION AGREEMENT)
	Co-signatory if necessary
	(SIGNATURE OF OWNER(S) EXACTLY AS IT APPEARS ON SUBSCRIPTION AGREEMENT)
Print Name of Joint Tenant
	Print Name and Title of Co-signatory
Date:

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