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

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001537604</cik>
        <entityName>ACON Equity Partners III, L.P.</entityName>
        <issuerAddress>
            <street1>1133 CONNECTICUT AVE. NW, SUITE 700</street1>
            <city>WASHINGTON</city>
            <stateOrCountry>DC</stateOrCountry>
            <stateOrCountryDescription>DISTRICT OF COLUMBIA</stateOrCountryDescription>
            <zipCode>20036</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>202-454-1100</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>ACON Equity GenPar, L.L.C.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1133 Connecticut Avenue, NW, Suite 700</street1>
                <city>Washington</city>
                <stateOrCountry>DC</stateOrCountry>
                <stateOrCountryDescription>DISTRICT OF COLUMBIA</stateOrCountryDescription>
                <zipCode>20036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kenneth</firstName>
                <lastName>Brotman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1133 Connecticut Avenue, NW, Suite 700</street1>
                <city>Washington</city>
                <stateOrCountry>DC</stateOrCountry>
                <stateOrCountryDescription>DISTRICT OF COLUMBIA</stateOrCountryDescription>
                <zipCode>20036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of the General Partner of the issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jonathan</firstName>
                <lastName>Ginns</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1133 Connecticut Avenue, NW, Suite 700</street1>
                <city>Washington</city>
                <stateOrCountry>DC</stateOrCountry>
                <stateOrCountryDescription>DISTRICT OF COLUMBIA</stateOrCountryDescription>
                <zipCode>20036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of the General Partner of the issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Bernard</firstName>
                <lastName>Aronson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1133 Connecticut Avenue, NW, Suite 700</street1>
                <city>Washington</city>
                <stateOrCountry>DC</stateOrCountry>
                <stateOrCountryDescription>DISTRICT OF COLUMBIA</stateOrCountryDescription>
                <zipCode>20036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of the General Partner of the issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Daniel</firstName>
                <lastName>Jinich</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1133 Connecticut Avenue, NW, Suite 700</street1>
                <city>Washington</city>
                <stateOrCountry>DC</stateOrCountry>
                <stateOrCountryDescription>DISTRICT OF COLUMBIA</stateOrCountryDescription>
                <zipCode>20036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of the General Partner of the issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Andre</firstName>
                <lastName>Bhatia</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1133 Connecticut Avenue, NW, Suite 700</street1>
                <city>Washington</city>
                <stateOrCountry>DC</stateOrCountry>
                <stateOrCountryDescription>DISTRICT OF COLUMBIA</stateOrCountryDescription>
                <zipCode>20036</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of the General Partner 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>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <yetToOccur>true</yetToOccur>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>true</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Evercore Group L.L.C.</recipientName>
                <recipientCRDNumber>42405</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>55 East 52nd Street</street1>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10055</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>CT</state>
                    <description>CONNECTICUT</description>
                    <state>IL</state>
                    <description>ILLINOIS</description>
                    <state>MA</state>
                    <description>MASSACHUSETTS</description>
                    <state>NJ</state>
                    <description>NEW JERSEY</description>
                    <state>NY</state>
                    <description>NEW YORK</description>
                    <state>PA</state>
                    <description>PENNSYLVANIA</description>
                    <state>TX</state>
                    <description>TEXAS</description>
                </statesOfSolicitationList>
                <foreignSolicitation>true</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>0</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>This form is being filed on behalf of the Issuer and each alternative investment vehicle of the Issuer.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>0</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>470777</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse>Such fee compensation will ultimately be borne by the General Partner and its affiliates and not by the Issuer's investors.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>The General Partner is entitled to a performance allocation.  The Investment Manager is entitled to a management fee. The performance allocation and management fee are fully discussed in the Issuer's confidential offering materials.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>ACON Equity Partners III, L.P.</issuerName>
                <signatureName>/s/ Teresa Y. Bernstein</signatureName>
                <nameOfSigner>Teresa Y. Bernstein</nameOfSigner>
                <signatureTitle>Secretary of the General Partner of the Issuer</signatureTitle>
                <signatureDate>2019-11-07</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
