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                    WARBURG PINCUS INSTITUTIONAL FUND, INC.
                                VALUE PORTFOLIO
                 SUPPLEMENT TO PROSPECTUS DATED APRIL 16, 1997
 
     For a limited period of time following inception of the Value Portfolio,
through August 15, 1997 registered investment advisers, financial planners and
other investment professionals ('Advisers') may open an account with the Value
Portfolio on behalf of clients with a special initial investment minimum of $3
million in the aggregate. The Fund does not normally allow such aggregation of
underlying client accounts. The initial investment minimum for individual and
institutional shareholders not investing through Advisers continues to be $1
million per shareholder. There is no subsequent investment minimum for the Value
Portfolio.
 
                                                                   WPINS-16-0797
 
Dated: July 7, 1997 
 
 
 



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