<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0706</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001522708</cik>
        <entityName>FLAG International Partners (Offshore) III, L.P.</entityName>
        <issuerAddress>
            <street1>1266 EAST MAIN STREET</street1>
            <street2>SOUNDVIEW PLAZA, 5TH FLOOR</street2>
            <city>STAMFORD</city>
            <stateOrCountry>CT</stateOrCountry>
            <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
            <zipCode>06902</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>203-352-0440</issuerPhoneNumber>
        <jurisdictionOfInc>CAYMAN ISLANDS</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2011</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>FLAG Offshore GP, Ltd.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1266 East Main Street</street1>
                <street2>Soundview Plaza, 5th Floor</street2>
                <city>Stamford</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06902</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>L.</firstName>
                <middleName>Peter</middleName>
                <lastName>Lawrence</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1266 East Main Street</street1>
                <street2>Soundview Plaza, 5th Floor</street2>
                <city>Stamford</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06902</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the Issuer's General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Diana</firstName>
                <middleName>H.</middleName>
                <lastName>Frazier</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1266 East Main Street</street1>
                <street2>Soundview Plaza, 5th Floor</street2>
                <city>Stamford</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06902</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Promoter of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>James</firstName>
                <middleName>H.</middleName>
                <lastName>Gasperoni</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>One Beacon Street</street1>
                <street2>23rd Floor</street2>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                <zipCode>02108</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Promoter of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Louis</firstName>
                <lastName>Sciarretta, Jr.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1266 East Main Street</street1>
                <street2>Soundview Plaza, 5th Floor</street2>
                <city>Stamford</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06902</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the Issuer's General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Peter</firstName>
                <middleName>L.</middleName>
                <lastName>Denious</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1266 East Main Street</street1>
                <street2>Soundview Plaza, 5th Floor</street2>
                <city>Stamford</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06902</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Promoter of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Scott</firstName>
                <middleName>W.</middleName>
                <lastName>Reed</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>One Beacon Street</street1>
                <street2>23rd Floor</street2>
                <city>Boston</city>
                <stateOrCountry>MA</stateOrCountry>
                <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                <zipCode>02108</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Promoter of the Issuer</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Private Equity Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <revenueRange>Not Applicable</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001522708-12-000001</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2011-06-28</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Cygnus Capital Partners Limited</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>26 Bury Street</street1>
                    <city>London</city>
                    <stateOrCountry>X0</stateOrCountry>
                    <stateOrCountryDescription>UNITED KINGDOM</stateOrCountryDescription>
                    <zipCode>SWIY 6AL</zipCode>
                </recipientAddress>
                <statesOfSolicitationList></statesOfSolicitationList>
                <foreignSolicitation>true</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>150000000</totalOfferingAmount>
            <totalAmountSold>4500000</totalAmountSold>
            <totalRemaining>145500000</totalRemaining>
            <clarificationOfResponse>The &quot;Total Offering Amount&quot; includes the aggregate offering price of FLAG International Partners III, L.P., of which the issuer is a &quot;feeder fund.&quot;</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>3</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse>The total amount of Sales Commissions and Finders' Fees paid in connection with the offering will be determined at the final closing of the Fund.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>An affiliate of the General Partner will receive an investment advisory fee payable by the Issuer quarterly in advance. The investment advisory fee will generally be equal to a percentage of commitments as specified in the Issuer's partnership agreement.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>FLAG International Partners (Offshore) III, L.P.</issuerName>
                <signatureName>/s/Louis Sciarretta, Jr.</signatureName>
                <nameOfSigner>Louis Sciarretta, Jr.</nameOfSigner>
                <signatureTitle>Director of the General Partner of the Issuer</signatureTitle>
                <signatureDate>2013-06-18</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
