UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-8F

Application for Deregistration of Certain Registered Investment Companies.

(Note: Abandonments of Registration answer only questions 1 through 15, 24 and 25 of this form and complete verification at the end of the form.)

(Note: Business Development Companies answer only questions 1 through 10 of this form and complete verification at the end of the form.)

þ        Initial Application        ¨       Amendment

c/o UMB Fund

235 West Galena Street

Milwaukee, WI 53212

Joshua B. Deringer, Esq.

Faegre Drinker Biddle & Reath LLP

One Logan Square, Suite 2000

Philadelphia, Pennsylvania 19103

(215) 988 2959

c/o UMB Fund

235 West Galena Street

Milwaukee, WI 53212

(414) 299-2270

NOTE: Once deregistered, a fund is still required to maintain and preserve the records described in rules 31a-1 and 31a-2 for the periods specified in those rules.

þ       Management company;

¨       Unit investment trust; or

¨       Face-amount certificate company.

¨ Open-end       þ     Closed-end

Delaware

Investment Adviser:*

First Trust Capital Management L.P.

225 W. Wacker Drive, 21^st Floor

Chicago, IL 60606

* The Fund invested all or substantially all of its assets in, and was the sole shareholder of, Destiny Alternative Fund Limited (the “Offshore Fund”), a Cayman Islands exempted company that, in turn, invested all or substantially all of its assets in Destiny Alternative Fund LLC (the “Master Fund”), a Delaware limited liability company registered under the 1940 Act as a closed-end management investment company. On January 1, 2026, the Master Fund merged with and into Destiny Alternative Fund (“DAF”), a Delaware statutory trust registered under the 1940 Act as a closed-end management investment company. The Board of the Fund had overall responsibility for the management and supervision of the business operations of the Fund. First Trust Capital Management LP served as the investment adviser to the Master Fund.

The Fund’s shares were offered and sold solely in private placement transactions in reliance on an exemption from registration under Section 4(a)(2) of the 1933 Act and Rule 506 of Regulation D promulgated thereunder.

(a)       Depositor’s name(s) and address(es):

(b)       Trustee’s name(s) and address(es):

¨      Yes       þ       No

If Yes, for each UIT state:

Name(s):

File No.: 811-

Business Address:

þ      Yes       ¨      No

If Yes, state the date on which the board vote took place: September 10, 2025.

If No, explain:

¨      Yes       þ       No

If Yes, state the date on which the shareholder vote took place:

If No, explain: Pursuant to Section 6.1 of the Fund’s Amended and Restated Limited Liability Company Agreement, the Board of Managers, without the vote of shareholders, is permitted to cause a dissolution of the Fund by the affirmative vote of a majority of the Managers. See exhibit (a)(1) to the Fund’s Registration Statement, filed with the Securities and Exchange Commission on December 9, 2022. In advance of the Fund’s final repurchase offer, the Fund provided notice to investors that the Board had voted to approve the liquidation of the Fund in connection with the related reorganization of the Master Fund.

II.       Distributions to Shareholders

þ      Yes      ¨      No

þ      Yes      ¨      No

þ      Yes      ¨      No

Were any distributions to shareholders made in kind?

¨      Yes      þ      No

If Yes, indicate the percentage of fund shares owned by affiliates, or any other affiliation of shareholders:

Has the fund issued senior securities?

¨      Yes      þ      No

If Yes, describe the method of calculating payments to senior security holders and distributions to other shareholders:

þ      Yes      ¨      No

If No,

¨      Yes      þ      No

If Yes, describe briefly the plans (if any) for distributing to, or preserving the interests of, those shareholders:

¨      Yes      þ      No

If Yes,

¨      Yes      ¨      No

¨      Yes      þ      No

If Yes,

Due Diligence: $1,696.54

Asset Transfer: $2,500.00      

¨      Yes      þ      No

If Yes, cite the release numbers of the Commission’s notice and order or, if no notice or order has been issued, the file number and date the application was filed:

¨      Yes      þ      No

If Yes, describe the nature of any litigation or proceeding and the position taken by the fund in that litigation:

¨      Yes      þ      No

If Yes, describe the nature and extent of those activities:

VERIFICATION

The undersigned states that (i) he or she has executed this Form N-8F application for an order under section 8(f) of the Investment Company Act of 1940 on behalf of Destiny Alternative Fund (TEI) LLC (ii) he is the President of Destiny Alternative Fund (TEI) LLC and (iii) all actions by shareholders, directors, and any other body necessary to authorize the undersigned to execute and file this Form N-8F application have been taken. The undersigned also states that the facts set forth in this Form N-8F application are true to the best of his or her knowledge, information, and belief.