<?xml version="1.0"?>
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    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

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        <entityName>III Credit Opportunities Fund Ltd.</entityName>
        <issuerAddress>
            <street1>DMS Corporate Services Ltd.</street1>
            <street2>DMS House, 20 Genesis Close</street2>
            <city>Grand Cayman</city>
            <stateOrCountry>E9</stateOrCountry>
            <stateOrCountryDescription>CAYMAN ISLANDS</stateOrCountryDescription>
            <zipCode>KY1-1108</zipCode>
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        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Cayman Islands Exempted Company</entityTypeOtherDesc>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

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            <relatedPersonName>
                <firstName>n/a</firstName>
                <lastName>III Capital Management</lastName>
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                <stateOrCountry>FL</stateOrCountry>
                <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                <zipCode>33431</zipCode>
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                <firstName>Clifford</firstName>
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                <lastName>Viner</lastName>
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            <relationshipClarification></relationshipClarification>
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                <firstName>Lester</firstName>
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                <lastName>Coyle</lastName>
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                <zipCode>33431</zipCode>
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            <relationshipClarification></relationshipClarification>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <middleName>L.</middleName>
                <lastName>Reger</lastName>
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                <street1>III Capital Management</street1>
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            <relatedPersonRelationshipList>
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            <relationshipClarification></relationshipClarification>
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            <relatedPersonRelationshipList>
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            <relationshipClarification></relationshipClarification>
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        <relatedPersonInfo>
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                <lastName>Pellegrino</lastName>
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            <relatedPersonName>
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                <middleName>P.</middleName>
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        <relatedPersonInfo>
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    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001493595-18-000002</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2011-09-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
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            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>AVM, L.P.</recipientName>
                <recipientCRDNumber>16710</recipientCRDNumber>
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                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
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                    <description>NEW YORK</description>
                    <state>OH</state>
                    <description>OHIO</description>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Norfolk Markets, LLC</recipientName>
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                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
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                    <description>WISCONSIN</description>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
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                <foreignSolicitation>false</foreignSolicitation>
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                    <description>WASHINGTON</description>
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                    <description>WYOMING</description>
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        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>454940820</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>true</hasNonAccreditedInvestors>
            <numberNonAccreditedInvestors>5</numberNonAccreditedInvestors>
            <totalNumberAlreadyInvested>48</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>641613</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>III Credit Opportunities Fund Ltd.</issuerName>
                <signatureName>Laura McGrath</signatureName>
                <nameOfSigner>Laura McGrath</nameOfSigner>
                <signatureTitle>Director of the Issuer</signatureTitle>
                <signatureDate>2019-02-28</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
