Hatteras Core Alternatives Institutional Fund LP is offering to buy limited partnership units in the fund in an amount up to about 5.00% of the net assets of the fund, or $4.1 million as of April 30.

It will buy the units from the fund's partners, who were given the option to tender all or some of their units up until July 13, 11:59 p.m. ET, the offer's expiration date. The deadline can be extended upon the board's discretion. Partners also have the right to change their minds and withdraw any tenders and re-tender their units.

The value of the units tendered to the fund for purchase will be the net asset value as of the close of business on Sept. 30. If the offer is extended, the net asset value will be determined at the close of business on a day determined by the fund and notified to the partners. During any such extension, all units previously tendered and not withdrawn will remain subject to the offer.

The fund reserves the right, at any time and from time to time, to cancel the offer and not pay for any units tendered, amend the offer and postpone the acceptance of the units.