Ares Pathfinder Fund III (Offshore) LP

The absence of prior EDGAR filings from this manager combined with the three named GPs and 06b exemption (pre-existing relationships only) indicates Ares is raising a continuation or follow-on fund likely marketed to an existing LP base rather than pursuing broad institutional placement—this structure is typical for managers with strong relationships who can fill a large fund without public solicitation.

Filing an amendment in mid-2026 for a Fund III raise reflects either a delayed administrative update to an earlier commitment or a timing aligned with LP capital calls and deployment cycles in the 2025–2026 window, when allocators typically commit to follow-on funds from proven managers to maintain portfolio continuity.

Before committing, verify whether this amendment involved material changes to GP terms (fee splits among the three named principals, management fee rates, or carry structures), and confirm whether Fund I and II are in active deployment or exit phases—this determines whether LPs will face concurrent capital calls across multiple vintages.