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    <schemaVersion>X0707</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0000886687</cik>
        <entityName>Farallon Capital Institutional Partners, L.P.</entityName>
        <issuerAddress>
            <street1>C/O FARALLON PARTNERS, L.L.C.</street1>
            <street2>ONE MARITIME PLAZA, SUITE 2100</street2>
            <city>SAN FRANCICSO</city>
            <stateOrCountry>CA</stateOrCountry>
            <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
            <zipCode>94111</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(415) 421-2132</issuerPhoneNumber>
        <jurisdictionOfInc>CALIFORNIA</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <previousName>FARALLON CAPITAL INSTITUTIONAL PARTNERS L P</previousName>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

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                <lastName>Farallon Partners, L.L.C.</lastName>
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                <city>San Francisco</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>94111</zipCode>
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            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
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            <relationshipClarification>General Partner</relationshipClarification>
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            <relatedPersonName>
                <firstName>Andrew</firstName>
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                <lastName>Spokes</lastName>
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                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
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            <relatedPersonName>
                <firstName>Gregory</firstName>
                <middleName>S.</middleName>
                <lastName>Swart</lastName>
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                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
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                <firstName>Rajiv</firstName>
                <middleName>A.</middleName>
                <lastName>Patel</lastName>
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            <relatedPersonName>
                <firstName>Mark</firstName>
                <middleName>C.</middleName>
                <lastName>Wehrly</lastName>
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                <lastName>Hirsch</lastName>
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                <lastName>Fried</lastName>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <lastName>Linn</lastName>
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        <relatedPersonInfo>
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                <firstName>Dr. Thomas</firstName>
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                <lastName>Warren</lastName>
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                <city>San Francisco</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>94111</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
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            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of the General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Monica</firstName>
                <middleName>R.</middleName>
                <lastName>Landry</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
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                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>94111</zipCode>
            </relatedPersonAddress>
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            <relationshipClarification>Managing Member of the General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <middleName>J.</middleName>
                <lastName>Ceremsak, Jr.</lastName>
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        <relatedPersonInfo>
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                <firstName>David</firstName>
                <lastName>Kim</lastName>
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    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
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        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
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        <federalExemptionsExclusions>
            <item>06b</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001140361-13-012843</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>1990-01-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>7027344333</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>383</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
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            <findersFees>
                <dollarAmount>0</dollarAmount>
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            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
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            <clarificationOfResponse>The fund charges a management fee that is described in the fund's offering documents.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Farallon Capital Institutional Partners, L.P.</issuerName>
                <signatureName>/s/ Robert J. Ceremsak, Jr.</signatureName>
                <nameOfSigner>Robert J. Ceremsak, Jr.</nameOfSigner>
                <signatureTitle>Managing Member of the General Partner</signatureTitle>
                <signatureDate>2014-03-18</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
