<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
    <schemaVersion>X0202</schemaVersion>
<headerData>
        <submissionType>SCHEDULE 13G/A</submissionType>
        <previousAccessionNumber>0001539041-25-000076</previousAccessionNumber>
        <filerInfo>
            <filer>
                <filerCredentials>
                    <cik>0001539041</cik>
                    <ccc>XXXXXXXX</ccc>
                </filerCredentials>
            </filer>
            <liveTestFlag>LIVE</liveTestFlag>



        </filerInfo>
    </headerData>
    <formData>
        <coverPageHeader>
            <amendmentNo>2</amendmentNo>
            <securitiesClassTitle>Class A ordinary shares, par value $0.0001 per share</securitiesClassTitle>
            <eventDateRequiresFilingThisStatement>03/31/2026</eventDateRequiresFilingThisStatement>
            <issuerInfo>
                <issuerCik>0002049662</issuerCik>
                <issuerName>CARTESIAN GROWTH CORPORATION III</issuerName>
                <issuerCusips>
                    <issuerCusipNumber>G19307100</issuerCusipNumber>
                </issuerCusips>
                <issuerPrincipalExecutiveOfficeAddress>
                    <com:street1>505 Fifth Avenue, 15th Floor</com:street1>
                    <com:city>New York</com:city>
                    <com:stateOrCountry>NY</com:stateOrCountry>
                    <com:zipCode>10017</com:zipCode>
                </issuerPrincipalExecutiveOfficeAddress>
            </issuerInfo>
            <designateRulesPursuantThisScheduleFiled>
                <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
            </designateRulesPursuantThisScheduleFiled>
        </coverPageHeader>
        <coverPageHeaderReportingPersonDetails>

            <reportingPersonName> Picton Mahoney Asset Management</reportingPersonName>
            <citizenshipOrOrganization>Z4</citizenshipOrOrganization>
            <reportingPersonBeneficiallyOwnedNumberOfShares>
                <soleVotingPower>1300000</soleVotingPower>
                <sharedVotingPower>0</sharedVotingPower>
                <soleDispositivePower>1300000</soleDispositivePower>
                <sharedDispositivePower>0</sharedDispositivePower>
            </reportingPersonBeneficiallyOwnedNumberOfShares>
            <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1300000</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
            <classPercent>4.71</classPercent>
            <typeOfReportingPerson>PN</typeOfReportingPerson>
            <comments>Based on the Form 10-K filed March 23, 2026; as of March 18, 2026, there were 27,600,000 Class A. ordinary shares outstanding.</comments>
        </coverPageHeaderReportingPersonDetails>
        <items>
            <item1>
                <issuerName>CARTESIAN GROWTH CORPORATION III</issuerName>
                <issuerPrincipalExecutiveOfficeAddress>505 Fifth Avenue, 15th Floor, New York, NEW YORK, 10017</issuerPrincipalExecutiveOfficeAddress>
            </item1>
            <item2>
                <filingPersonName>Picton Mahoney Asset Management</filingPersonName>
                <principalBusinessOfficeOrResidenceAddress>33 Yonge Street, #320, Toronto, ON M5E 1G4</principalBusinessOfficeOrResidenceAddress>
                <citizenship>Canada</citizenship>
            </item2>
            <item3>
                <notApplicableFlag>N</notApplicableFlag>
                <typeOfPersonFiling>FI</typeOfPersonFiling>
                <otherTypeOfPersonFiling>Investment Fund Manager</otherTypeOfPersonFiling>
            </item3>
            <item4>
                <amountBeneficiallyOwned>1300000</amountBeneficiallyOwned>
                <classPercent>4.71</classPercent>
                <numberOfSharesPersonHas>
                    <solePowerOrDirectToVote>1300000</solePowerOrDirectToVote>
                    <sharedPowerOrDirectToVote>0</sharedPowerOrDirectToVote>
                    <solePowerOrDirectToDispose>1300000</solePowerOrDirectToDispose>
                    <sharedPowerOrDirectToDispose>0</sharedPowerOrDirectToDispose>
                </numberOfSharesPersonHas>
            </item4>
            <item5>
                <notApplicableFlag>N</notApplicableFlag>
                <classOwnership5PercentOrLess>Y</classOwnership5PercentOrLess>
            </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 foreign regulatory scheme applicable to [insert particular category of institutional investor] is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.</certifications>
            </item10>
        </items>
        <signatureInformation>
            <reportingPersonName> Picton Mahoney Asset Management</reportingPersonName>
            <signatureDetails>
                <signature>Catrina Duong</signature>
                <title>Chief Compliance Officer</title>
                <date>04/27/2026</date>
            </signatureDetails>
        </signatureInformation>
        <signatureComments>After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</signatureComments>
    </formData>
</edgarSubmission>