-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 PPhVStA45kVWg8jxamkiKj5mere9AEptx92+JuRbYqKlR72Vn665A7BVI98Pns/g
 wzYMO3lZsXRQ9o54gWRTmQ==

<SEC-DOCUMENT>0001494020-10-000001.txt : 20100611
<SEC-HEADER>0001494020-10-000001.hdr.sgml : 20100611
<ACCEPTANCE-DATETIME>20100611163711
ACCESSION NUMBER:		0001494020-10-000001
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(7)
FILED AS OF DATE:		20100611
DATE AS OF CHANGE:		20100611
EFFECTIVENESS DATE:		20100611

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Prosperitas Real Estate Partners III, L.P.
		CENTRAL INDEX KEY:			0001494020
		IRS NUMBER:				272668546
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1210

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-143395
		FILM NUMBER:		10892885

	BUSINESS ADDRESS:	
		STREET 1:		C/O PROSPERITAS INVESTIMENTOS, S.A.
		STREET 2:		AV. JUSCELINO KUBITSCHEK, 50-4 ANDAR
		CITY:			SAO PAOLO - SP
		STATE:			D5
		ZIP:			04543-001
		BUSINESS PHONE:		5511-3127-5560

	MAIL ADDRESS:	
		STREET 1:		C/O PROSPERITAS INVESTIMENTOS, S.A.
		STREET 2:		AV. JUSCELINO KUBITSCHEK, 50-4 ANDAR
		CITY:			SAO PAOLO - SP
		STATE:			D5
		ZIP:			04543-001
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001494020</cik>
        <entityName>Prosperitas Real Estate Partners III, L.P.</entityName>
        <issuerAddress>
            <street1>C/O PROSPERITAS INVESTIMENTOS, S.A.</street1>
            <street2>AV. JUSCELINO KUBITSCHEK, 50-4 ANDAR</street2>
            <city>SAO PAULO - SP</city>
            <stateOrCountry>D5</stateOrCountry>
            <stateOrCountryDescription>BRAZIL</stateOrCountryDescription>
            <zipCode>04543-011</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>5511-3127-5560</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2010</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Prosperitas Real Estate GenPar III, Ltd.</firstName>
                <lastName>Prosperitas Real Estate GenPar III, Ltd.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Prosperitas Investimentos, S.A.</street1>
                <street2>Av. Juscelino Kubitschek, 50-4 andar</street2>
                <city>Sao Paulo</city>
                <stateOrCountry>D5</stateOrCountry>
                <stateOrCountryDescription>BRAZIL</stateOrCountryDescription>
                <zipCode>04543-011</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Maximo</firstName>
                <middleName>Pinheiro Lima</middleName>
                <lastName>Netto</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Prosperitas Real Estate GenPar III</street1>
                <street2>Av. Juscelino Kubitschek, 50-4 andar</street2>
                <city>Sao Paulo</city>
                <stateOrCountry>D5</stateOrCountry>
                <stateOrCountryDescription>BRAZIL</stateOrCountryDescription>
                <zipCode>04543-011</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jorge</firstName>
                <middleName>Carlos</middleName>
                <lastName>Nunez</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Prosperitas Real Estate GenPar III</street1>
                <street2>Av. Juscelino Kubitschek, 50-4 andar</street2>
                <city>Sao Paulo</city>
                <stateOrCountry>D5</stateOrCountry>
                <stateOrCountryDescription>BRAZIL</stateOrCountryDescription>
                <zipCode>04543-011</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Luciano</firstName>
                <lastName>Lewandowski</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Prosperitas Real Estate GenPar III</street1>
                <street2>Av. Juscelino Kubitschek, 50-4 andar</street2>
                <city>Sao Paulo</city>
                <stateOrCountry>D5</stateOrCountry>
                <stateOrCountryDescription>BRAZIL</stateOrCountryDescription>
                <zipCode>04543-011</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2010-05-28</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Park Hill Real Estate Group LLC</recipientName>
                <recipientCRDNumber>139491</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>345 Park Avenue</street1>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10154</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>true</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>750000000</totalOfferingAmount>
            <totalAmountSold>119500000</totalAmountSold>
            <totalRemaining>630500000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>14</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>5000000</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>12200000</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>Amount listed is estimated management fee (as defined in issuer's partnership agreement) over term of issuer.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Prosperitas Real Estate Partners III, L.P.</issuerName>
                <signatureName>Jorge Carlos Nunez</signatureName>
                <nameOfSigner>Jorge Carlos Nunez</nameOfSigner>
                <signatureTitle>Director of Prosperitas Real Estate GenPar III, Ltd.</signatureTitle>
                <signatureDate>2010-06-11</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----