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  <schemaVersion>X0202</schemaVersion>
<headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001950677</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Class A ordinary shares, par value $0.0001 per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>06/30/2026</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0002029769</issuerCik>
        <issuerName>Oaktree Acquisition Corp. III Life Sciences</issuerName>
        <issuerCusips>
          <issuerCusipNumber>G6717R104</issuerCusipNumber>
        </issuerCusips>
        <issuerPrincipalExecutiveOfficeAddress>
          <ns1:street1>333 SOUTH GRAND AVENUE, 28TH FLOOR</ns1:street1>
          <ns1:city>LOS ANGELES</ns1:city>
          <ns1:stateOrCountry>CA</ns1:stateOrCountry>
          <ns1:zipCode>90071</ns1:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Decagon Asset Management LLP</reportingPersonName>
      <citizenshipOrOrganization>X0</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>1091327</soleVotingPower>
        <sharedVotingPower>0</sharedVotingPower>
        <soleDispositivePower>1091327</soleDispositivePower>
        <sharedDispositivePower>0</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1091327</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.52</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>
      <reportingPersonName>Benjamin John Durham</reportingPersonName>
      <citizenshipOrOrganization>X0</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>1091327</soleVotingPower>
        <sharedVotingPower>0</sharedVotingPower>
        <soleDispositivePower>1091327</soleDispositivePower>
        <sharedDispositivePower>0</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1091327</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.52</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Oaktree Acquisition Corp. III Life Sciences</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>333 SOUTH GRAND AVENUE, 28TH FLOOR, LOS ANGELES, CALIFORNIA
90071</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Decagon Asset Management LLP

Benjamin John Durham</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>5 SWALLOW PLACE
LONDON, United Kingdom
W1B 2AF</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Decagon Asset Management LLP - UNITED KINGDOM

Benjamin John Durham - UNITED KINGDOM</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>BD</typeOfPersonFiling>
        <typeOfPersonFiling>IA</typeOfPersonFiling>
        <typeOfPersonFiling>HC</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned> 1,091,327
</amountBeneficiallyOwned>
        <classPercent>5.52</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>Decagon Asset Management LLP - 1,091,327

Benjamin John Durham - 1,091,327</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>Decagon Asset Management LLP - 0

Benjamin John Durham - 0</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>Decagon Asset Management LLP - 1,091,327

Benjamin John Durham - 1,091,327</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>Decagon Asset Management LLP - 0

Benjamin John Durham - 0</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>Decagon Asset Management LLP</reportingPersonName>
      <signatureDetails>
        <signature>Olivia Cooper</signature>
        <title>Olivia Cooper COO</title>
        <date>08/14/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Benjamin John Durham</reportingPersonName>
      <signatureDetails>
        <signature>Ben Durham</signature>
        <title>Ben Durham, CIO</title>
        <date>08/03/2026</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
