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Label Element Value
Prospectus [Line Items] rr_ProspectusLineItems  
Document Type dei_DocumentType 497
Document Period End Date dei_DocumentPeriodEndDate Dec. 31, 2021
Entity Registrant Name dei_EntityRegistrantName THE ADVISORS’ INNER CIRCLE FUND III
Entity Central Index Key dei_EntityCentralIndexKey 0001593547
Entity Inv Company Type dei_EntityInvCompanyType N-1A
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Jun. 21, 2022
Document Effective Date dei_DocumentEffectiveDate Jun. 21, 2022
Prospectus Date rr_ProspectusDate Apr. 12, 2022
FS Multi-Strategy Alternatives Fund  
Prospectus [Line Items] rr_ProspectusLineItems  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

 

THE ADVISORS’ INNER CIRCLE FUND III

 

FS Multi-Strategy Alternatives Fund

FS Chiron Real Asset Fund 

FS Managed Futures Fund

(each, a “Fund” and together, the “Funds”)

 

Supplement dated June 21, 2022

to the Funds’

Prospectus (the “Prospectus”) dated April 12, 2022, as supplemented.

 

This supplement provides new and additional information beyond that contained in the Prospectus, and should be read in conjunction with the Prospectus.

 

I. Effective immediately, the Prospectus is hereby amended and supplemented as follows in connection with the FS Multi-Stategy Alternatives Fund’s and the FS Managed Futures Fund’s investments in money market funds:

 

1.In the “FS Multi-Strategy Alternatives Fund – Fund Fees and Expenses” section of the Prospectus, the “Annual Fund Operating Expenses” table and the “Example” are deleted and replaced with the following:
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination April 11, 2024
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect expenses expected to be incurred for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

 

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses (including one year of capped expenses) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
FS Multi-Strategy Alternatives Fund | Class I  
Prospectus [Line Items] rr_ProspectusLineItems  
Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 1.25%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Component1 Other Expenses rr_Component1OtherExpensesOverAssets 0.91% [1],[2]
Component2 Other Expenses rr_Component2OtherExpensesOverAssets 0.22%
Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 1.13%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.07% [1]
Expenses (as a percentage of Assets) rr_ExpensesOverAssets 2.45%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.66%) [3]
Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 1.79% [4]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 182
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 645
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,193
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 2,692
FS Multi-Strategy Alternatives Fund | Class A  
Prospectus [Line Items] rr_ProspectusLineItems  
Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 1.25%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Component1 Other Expenses rr_Component1OtherExpensesOverAssets 0.90% [1],[2]
Component2 Other Expenses rr_Component2OtherExpensesOverAssets 0.22%
Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 1.12%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.07% [1]
Expenses (as a percentage of Assets) rr_ExpensesOverAssets 2.69%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.66%) [3]
Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 2.03% [4]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 769
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,251
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,814
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 3,337
FS Managed Futures Fund  
Prospectus [Line Items] rr_ProspectusLineItems  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock
2.In the “FS Managed Futures Fund – Fund Fees and Expenses” section of the Prospectus, the “Annual Fund Operating Expenses” table and the “Example” are deleted and replaced with the following:
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination April 11, 2024
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect expenses expected to be incurred for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

 

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses (including one year of capped expenses) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
FS Managed Futures Fund | Class I  
Prospectus [Line Items] rr_ProspectusLineItems  
Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 1.15%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 7.27% [5],[6]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.12% [5]
Expenses (as a percentage of Assets) rr_ExpensesOverAssets 8.54%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (7.02%) [7]
Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 1.52%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 155
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,324
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 3,007
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 6,721
FS Managed Futures Fund | Class A  
Prospectus [Line Items] rr_ProspectusLineItems  
Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 1.15%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 7.27% [5],[6]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.12% [5]
Expenses (as a percentage of Assets) rr_ExpensesOverAssets 8.79%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (7.02%) [7]
Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 1.77%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 745
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,890
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 3,506
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 7,041
FS Chiron Real Asset Fund  
Prospectus [Line Items] rr_ProspectusLineItems  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

II. Effective immediately, the Prospectus is hereby amended and supplemented as follows:

 

1. The following disclosure is hereby added to the “FS Chiron Real Asset Fund - Principal Risks” section: 

 

Shareholder Concentration Risk — A large percentage of the Fund’s shares are held by a small number of shareholders, including persons and entities related to the Adviser. A large redemption by one or more of these shareholders could materially increase the Fund’s transaction costs, which would negatively impact the Fund’s performance and could cause adverse tax consequences for the remaining shareholders of the Fund.
[1] Restated to reflect expenses expected to be incurred for the current fiscal year.
[2] The costs of investing in swaps are estimated to be between approximately 0.20% to 0.50% of the Fund’s average daily net assets. Such costs are indirect expenses of the Fund that are variable in nature and are not included in the fee table or expense example.
[3] FS Fund Advisor, LLC (the “Adviser” or “FS”) has entered into a contractual agreement (the “Expense Limitation Agreement”) pursuant to which it has agreed to waive fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding management fees, distribution or servicing fees, interest, taxes, brokerage fees and commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, dividends and interest paid on short positions, acquired fund fees and expenses, fees and expenses incurred in connection with tax reclaim recovery services, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (as determined in the sole discretion of the Adviser) (collectively, “excluded expenses”)) from exceeding 0.25% of the average daily net assets of each of the Fund’s share classes until April 11, 2024 (the “expense cap”).

In addition, the Adviser may receive from the Fund all or a portion of its prior fee reductions or expense reimbursements made under the Expense Limitation Agreement or the expense limitation agreement between the Adviser and the Fund’s predecessor fund, the FS Multi-Strategy Alternatives Fund (the “Predecessor Multi-Strategy Fund” and such agreement, the “Predecessor Fund Expense Limitation Agreement”), a series of FS Series Trust, during the rolling three-year period preceding the date of the recoupment to the extent that the Fund’s total annual operating expenses (not including excluded expenses) at the time of the recoupment are below the lower of (i) the expense cap in effect at the time of the fee waiver and/or expense reimbursement and (ii) the expense cap in effect at the time of the recoupment. The Expense Limitation Agreement will terminate automatically upon the termination of the Fund’s investment advisory agreement and may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund III (the “Trust”), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on April 11, 2024.
[4] Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements, excluding Dividend and Interest Expenses on Securities Sold Short, are 1.57% for Class I shares and 1.82% for Class A shares.
[5] Restated to reflect expenses expected to be incurred for the current fiscal year.
[6] The costs of investing in swaps are estimated to be between approximately 0.20% to 0.50% of the Fund’s average daily net assets. Such costs are indirect expenses of the Fund that are variable in nature and are not included in the fee table or expense example.
[7] FS Fund Advisor, LLC (the “Adviser” or “FS”) has entered into a contractual agreement (the “Expense Limitation Agreement”) pursuant to which it has agreed to waive fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding management fees, distribution or servicing fees, interest, taxes, brokerage fees and commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, dividends and interest paid on short positions, acquired fund fees and expenses, fees and expenses incurred in connection with tax reclaim recovery services, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (as determined in the sole discretion of the Adviser) (collectively, “excluded expenses”)) from exceeding 0.25% of the average daily net assets of each of the Fund’s share classes until April 11, 2024 (the “expense cap”).

In addition, the Adviser may receive from the Fund all or a portion of its prior fee reductions or expense reimbursements made under the Expense Limitation Agreement or the expense limitation agreement between the Adviser and the Fund’s predecessor fund, the FS Managed Futures Fund (the “Predecessor Managed Futures Fund” and such agreement, the “Predecessor Fund Expense Limitation Agreement”), a series of FS Series Trust, during the rolling three-year period preceding the date of the recoupment to the extent that the Fund’s total annual operating expenses (not including excluded expenses) at the time of the recoupment are below the lower of (i) the expense cap in effect at the time of the fee waiver and/or expense reimbursement and (ii) the expense cap in effect at the time of the recoupment. The Expense Limitation Agreement will terminate automatically upon the termination of the Fund’s investment advisory agreement and may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund III (the “Trust”), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on April 11, 2024.