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WARBURG PINCUS INSTITUTIONAL FUND, INC.
Emerging Markets Portfolio
International Equity Portfolio
SUPPLEMENT TO THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION,
DATED FEBRUARY 27, 1998
The following information supersedes certain information in the prospectus and
statement of additional information of Warburg Pincus Institutional Fund, Inc.
in the section entitled "Management of the Fund -- Portfolio Managers":
Emerging Markets Portfolio. Richard H. King and Vincent J. McBride serve as
Co-Portfolio Managers of the Portfolio and Morid Kamshad, Jun Sung Kim and
Federico D. Laffan serve as Associate Portfolio Managers of the Portfolio. Mr.
King and Mr. McBride have been Co-Portfolio Managers of the Portfolio since the
Portfolio's inception and since September 1997, respectively. Mr. Kamshad, Mr.
Kim and Mr. Laffan have been Associate Portfolio Managers of the Portfolio since
April 1998.
Mr. Kamshad, a Vice President of Warburg, has been with Warburg since June 1997.
Prior to joining Warburg, Mr. Kamshad was a senior investment manager at Pictet
Asset Management from 1995 to 1997. From 1994 to 1995 he was an investment
analyst at HSBC Asset Management, prior to which time he was a business
development manager at Air Products and Chemicals-France. Mr. Kim, a Vice
President of Warburg, has been with Warburg since September 1997. Prior to
joining Warburg, Mr. Kim was an investment manager at Asset Korea Ltd. in Seoul
from 1995 to 1997. From 1994 to 1995, Mr. Kim was an investment analyst at
Baring Securities Ltd. (also in Seoul), prior to which time he was an assistant
investment manager at Koeneman Capital Management in Singapore. Mr. Laffan, a
Vice President of Warburg, has been with Warburg since May 1997. Prior to
joining Warburg, Mr. Laffan was a senior manager and partner at Green Cay Asset
Management from 1996 to 1997, prior to which time he was a senior portfolio
manager and director at Foreign & Colonial Emerging Markets in London.
International Equity Portfolio. Mr. King, Mr. Ehrlich, Mr. McBride and P.
Nicholas Edwards serve as Co-Portfolio Managers of the Portfolio. Mr. King has
served as Portfolio Manager or Co-Portfolio Manager since the Portfolio's
inception. In addition, Mr. Edwards, Mr. Ehrlich and Mr. McBride have been
Co-Portfolio Managers of the Portfolio since April 1998, prior to which time
they served as the Portfolio's Associate Portfolio Managers.
Dated, April 20, 1998 WPINI-16-0498
