Exhibit (a)(3)











February 23, 2005



TO:          UNIT HOLDERS OF INLAND CAPITAL FUND, L.P.

SUBJECT:     OFFER TO PURCHASE UNITS

Dear Unit Holder:

As  described  in the  enclosed  Offer  to  Purchase  and  related   Letters  of
Transmittal  (the  "Offer")  MPF  INCOME  FUND 21,  LLC;  MP VALUE  FUND 6, LLC;
MACKENZIE  PATTERSON SPECIAL FUND 6, LLC;  MACKENZIE  PATTERSON SPECIAL FUND 6A,
LLC; MP VALUE FUND 6, LLC; MPF SPECIAL FUND 8, LLC; MACKENZIE  PATTERSON SPECIAL
FUND 7, LLC; MPF DEWAAY  PREMIER  FUND,  LLC; MPF DEWAAY FUND 2, LLC; MPF DEWAAY
FUND 3,  LLC;  ACCELERATED  HIGH  YIELD  INSTITUTIONAL  INVESTORS,  LTD.,  L.P.;
ACCELERATED  HIGH YIELD  INSTITUTIONAL  FUND I, LTD., L.P.; and MPF-NY 2005, LLC
(collectively  the  "Purchasers")  are offering to purchase up to 8,000 Units of
limited  partnership  interest (the "Units") in INLAND  CAPITAL FUND,  L.P. (the
"Partnership") at a purchase price equal to:

                                  $320 per Unit
                                  -------------

The Offer will provide you with an opportunity to liquidate all, or a portion
of, your investment in INLAND CAPITAL FUND, L.P. without the usual transaction
costs associated with market sales or partnership transfer fees.

After carefully reading the enclosed Offer, if you elect to tender your Units,
mail (using the enclosed pre-addressed, postage paid envelope) or fax a duly
completed and executed copy of the Letter of Transmittal (printed on green
paper) and change of address forms, and any other documents required by the
Letter of Transmittal, to the Depositary for the Offer at:

                        MacKenzie Patterson Fuller, Inc.,
                               1640 School Street
                            Moraga, California 94556
                            Facsimile: (925) 631-9119


If you have any questions or need assistance, please call the Depository at
800-854-8357.

This Offer expires (unless extended) March 25, 2005