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  <headerData>
    <submissionType>13F-NT/A</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <credentials>
          <cik>0001462608</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>09-30-2018</periodOfReport>
    </filerInfo>
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    <coverPage>
      <reportCalendarOrQuarter>09-30-2018</reportCalendarOrQuarter>
      <isAmendment>true</isAmendment>
      <amendmentNo>1</amendmentNo>
      <amendmentInfo>
        <amendmentType>RESTATEMENT</amendmentType>
        <confDeniedExpired>false</confDeniedExpired>
      </amendmentInfo>
      <filingManager>
        <name>ACOF Operating Manager III LLC</name>
        <address>
          <ns1:street1>c/o Ares Management LLC</ns1:street1>
          <ns1:street2>2000 Avenue of the Stars, 12th Floor</ns1:street2>
          <ns1:city>Los Angeles</ns1:city>
          <ns1:stateOrCountry>CA</ns1:stateOrCountry>
          <ns1:zipCode>90067</ns1:zipCode>
        </address>
      </filingManager>
      <reportType>13F NOTICE</reportType>
      <form13FFileNumber>028-14343</form13FFileNumber>
      <otherManagersInfo>
        <otherManager>
          <cik>0001259313</cik>
          <form13FFileNumber>028-12990</form13FFileNumber>
          <name>Ares Management LLC</name>
        </otherManager>
      </otherManagersInfo>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Michael D. Weiner</name>
      <title>General Counsel, Executive Vice President, and Secretary</title>
      <phone>310-201-4140</phone>
      <signature>/s/ Michael D. Weiner</signature>
      <city>Los Angeles</city>
      <stateOrCountry>CA</stateOrCountry>
      <signatureDate>02-14-2019</signatureDate>
    </signatureBlock>
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