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

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0002046287</cik>
        <entityName>Ares Special Opportunities Fund Ill LP</entityName>
        <issuerAddress>
            <street1>C/O ARES MANAGEMENT LLC</street1>
            <street2>1800 AVENUE OF THE STARS, SUITE 1400</street2>
            <city>LOS ANGELES</city>
            <stateOrCountry>CA</stateOrCountry>
            <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
            <zipCode>90067</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(310) 201-4100</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2024</value>
        </yearOfInc>
    </primaryIssuer>

    <issuerList>
        <issuer>
            <cik>0002046286</cik>
            <entityName>Ares Special Opportunities Fund III Offshore (D) LP</entityName>
            <issuerAddress>
                <street1>C/O ARES MANAGEMENT LLC</street1>
                <street2>1800 AVENUE OF THE STARS, SUITE 1400</street2>
                <city>LOS ANGELES</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>90067</zipCode>
            </issuerAddress>
            <issuerPhoneNumber>(310) 201-4100</issuerPhoneNumber>
            <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
            <issuerPreviousNameList>
                <value>None</value>
            </issuerPreviousNameList>
            <edgarPreviousNameList>
                <value>None</value>
            </edgarPreviousNameList>
            <entityType>Limited Partnership</entityType>
            <yearOfInc>
                <withinFiveYears>true</withinFiveYears>
                <value>2024</value>
            </yearOfInc>
        </issuer>
        <issuer>
            <cik>0002046285</cik>
            <entityName>Ares Special Opportunities Fund III Offshore (L) SCSp</entityName>
            <issuerAddress>
                <street1>C/O ARES MANAGEMENT LUXEMBOURG</street1>
                <street2>14 AVENUE PASTEUR, FLOOR 2</street2>
                <city>LUXEMBOURG</city>
                <stateOrCountry>N4</stateOrCountry>
                <stateOrCountryDescription>LUXEMBOURG</stateOrCountryDescription>
                <zipCode>L-2310</zipCode>
            </issuerAddress>
            <issuerPhoneNumber>352 28 55 72 209</issuerPhoneNumber>
            <jurisdictionOfInc>LUXEMBOURG</jurisdictionOfInc>
            <issuerPreviousNameList>
                <value>None</value>
            </issuerPreviousNameList>
            <edgarPreviousNameList>
                <value>None</value>
            </edgarPreviousNameList>
            <entityType>Limited Partnership</entityType>
            <yearOfInc>
                <withinFiveYears>true</withinFiveYears>
                <value>2024</value>
            </yearOfInc>
        </issuer>
    </issuerList>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>ASOF Management III LP</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Ares Management LLC</street1>
                <street2>1800 Avenue of the Stars, Suite 1400</street2>
                <city>Los Angeles</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>90067</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Issuer's General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>ASOF Management III GP LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Ares Management LLC</street1>
                <street2>1800 Avenue of the Stars, Suite 1400</street2>
                <city>Los Angeles</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>90067</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner of the Issuer's General Partner</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Not Applicable</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0002046287-24-000001</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2024-12-24</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Ares Management Capital Markets LLC</recipientName>
                <recipientCRDNumber>166219</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1200 17TH STREET</street1>
                    <street2>SUITE 2900</street2>
                    <city>Denver</city>
                    <stateOrCountry>CO</stateOrCountry>
                    <stateOrCountryDescription>COLORADO</stateOrCountryDescription>
                    <zipCode>80202</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>DE</state>
                    <description>DELAWARE</description>
                    <state>HI</state>
                    <description>HAWAII</description>
                    <state>TX</state>
                    <description>TEXAS</description>
                    <state>MA</state>
                    <description>MASSACHUSETTS</description>
                    <state>MD</state>
                    <description>MARYLAND</description>
                    <state>IA</state>
                    <description>IOWA</description>
                    <state>ME</state>
                    <description>MAINE</description>
                    <state>ID</state>
                    <description>IDAHO</description>
                    <state>MI</state>
                    <description>MICHIGAN</description>
                    <state>UT</state>
                    <description>UTAH</description>
                    <state>MN</state>
                    <description>MINNESOTA</description>
                    <state>MO</state>
                    <description>MISSOURI</description>
                    <state>IL</state>
                    <description>ILLINOIS</description>
                    <state>IN</state>
                    <description>INDIANA</description>
                    <state>MS</state>
                    <description>MISSISSIPPI</description>
                    <state>MT</state>
                    <description>MONTANA</description>
                    <state>AK</state>
                    <description>ALASKA</description>
                    <state>AL</state>
                    <description>ALABAMA</description>
                    <state>VA</state>
                    <description>VIRGINIA</description>
                    <state>AR</state>
                    <description>ARKANSAS</description>
                    <state>NC</state>
                    <description>NORTH CAROLINA</description>
                    <state>ND</state>
                    <description>NORTH DAKOTA</description>
                    <state>NE</state>
                    <description>NEBRASKA</description>
                    <state>RI</state>
                    <description>RHODE ISLAND</description>
                    <state>AZ</state>
                    <description>ARIZONA</description>
                    <state>NH</state>
                    <description>NEW HAMPSHIRE</description>
                    <state>NJ</state>
                    <description>NEW JERSEY</description>
                    <state>VT</state>
                    <description>VERMONT</description>
                    <state>NM</state>
                    <description>NEW MEXICO</description>
                    <state>FL</state>
                    <description>FLORIDA</description>
                    <state>NV</state>
                    <description>NEVADA</description>
                    <state>WA</state>
                    <description>WASHINGTON</description>
                    <state>NY</state>
                    <description>NEW YORK</description>
                    <state>SC</state>
                    <description>SOUTH CAROLINA</description>
                    <state>SD</state>
                    <description>SOUTH DAKOTA</description>
                    <state>WI</state>
                    <description>WISCONSIN</description>
                    <state>OH</state>
                    <description>OHIO</description>
                    <state>GA</state>
                    <description>GEORGIA</description>
                    <state>OK</state>
                    <description>OKLAHOMA</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>WV</state>
                    <description>WEST VIRGINIA</description>
                    <state>WY</state>
                    <description>WYOMING</description>
                    <state>OR</state>
                    <description>OREGON</description>
                    <state>KS</state>
                    <description>KANSAS</description>
                    <state>CO</state>
                    <description>COLORADO</description>
                    <state>KY</state>
                    <description>KENTUCKY</description>
                    <state>CT</state>
                    <description>CONNECTICUT</description>
                    <state>PA</state>
                    <description>PENNSYLVANIA</description>
                    <state>LA</state>
                    <description>LOUISIANA</description>
                    <state>TN</state>
                    <description>TENNESSEE</description>
                    <state>DC</state>
                    <description>DISTRICT OF COLUMBIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Goldman Sachs &amp; Co. LLC</recipientName>
                <recipientCRDNumber>361</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>200 West Street</street1>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10282</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Picton S.A.</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>Apoquindo 2929</street1>
                    <street2>22nd Floor</street2>
                    <city>Santiago</city>
                    <stateOrCountry>F3</stateOrCountry>
                    <stateOrCountryDescription>CHILE</stateOrCountryDescription>
                    <zipCode>00000</zipCode>
                </recipientAddress>
                <statesOfSolicitationList></statesOfSolicitationList>
                <foreignSolicitation>true</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>DBS Bank Ltd</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>12 Marina Boulevard, Level 6</street1>
                    <street2>Marina Bay Financial Centre Tower 3</street2>
                    <city>Singapore</city>
                    <stateOrCountry>U0</stateOrCountry>
                    <stateOrCountryDescription>SINGAPORE</stateOrCountryDescription>
                    <zipCode>018982</zipCode>
                </recipientAddress>
                <statesOfSolicitationList></statesOfSolicitationList>
                <foreignSolicitation>true</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>DBS Bank (Hong Kong) Limited</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>11th Floor, The Center</street1>
                    <street2>99 Queen's Road Central</street2>
                    <city>Hong Kong</city>
                    <stateOrCountry>F4</stateOrCountry>
                    <stateOrCountryDescription>CHINA</stateOrCountryDescription>
                    <zipCode>00000</zipCode>
                </recipientAddress>
                <statesOfSolicitationList></statesOfSolicitationList>
                <foreignSolicitation>true</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Rosebery Capital (HK) Limited</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>Unit 13H, Block 3</street1>
                    <street2>Wing Fok Centre</street2>
                    <city>Fanling</city>
                    <stateOrCountry>K3</stateOrCountry>
                    <stateOrCountryDescription>HONG KONG</stateOrCountryDescription>
                    <zipCode>00000</zipCode>
                </recipientAddress>
                <statesOfSolicitationList></statesOfSolicitationList>
                <foreignSolicitation>true</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Kyobo Securities Co., Limited</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>97 Uisadang-daero</street1>
                    <street2>Yeongdeungpo-gu</street2>
                    <city>Seoul</city>
                    <stateOrCountry>M5</stateOrCountry>
                    <stateOrCountryDescription>KOREA, REPUBLIC OF</stateOrCountryDescription>
                    <zipCode>07327</zipCode>
                </recipientAddress>
                <statesOfSolicitationList></statesOfSolicitationList>
                <foreignSolicitation>true</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>8327702300</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>Represents total amounts sold by the Issuer and its parallel funds (and includes the General Partner and its affiliates).</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>132</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse>Amounts to be paid, if any, to recipients in Item 12 will be determined generally based on a percentage of capital raised.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>The General Partner, the Manager, or an affiliate of the Manager will receive a fee for management services.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Ares Special Opportunities Fund Ill LP</issuerName>
                <signatureName>Matthew Jill</signatureName>
                <nameOfSigner>Matthew Jill</nameOfSigner>
                <signatureTitle>Vice President of the GP of the GP</signatureTitle>
                <signatureDate>2026-04-13</signatureDate>
            </signature>
            <signature>
                <issuerName>Ares Special Opportunities Fund III Offshore (D) LP</issuerName>
                <signatureName>Matthew Jill</signatureName>
                <nameOfSigner>Matthew Jill</nameOfSigner>
                <signatureTitle>Vice President of the GP of the GP</signatureTitle>
                <signatureDate>2026-04-13</signatureDate>
            </signature>
            <signature>
                <issuerName>Ares Special Opportunities Fund III Offshore (L) SCSp</issuerName>
                <signatureName>Matthew Jill</signatureName>
                <nameOfSigner>Matthew Jill</nameOfSigner>
                <signatureTitle>Authorized Signatory, GP of the Delaware GP of the Issuer</signatureTitle>
                <signatureDate>2026-04-13</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
