-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 WqZfimfcO5NzCUVL4v2YLEhonfdfuKGRibiYvJI3P0LUtdIgdn8ldRRc9iTz5ItY
 XI+m/LUUVxFbFXBiiD/yqA==

<SEC-DOCUMENT>0001476319-09-000002.txt : 20091109
<SEC-HEADER>0001476319-09-000002.hdr.sgml : 20091109
<ACCEPTANCE-DATETIME>20091106181857
ACCESSION NUMBER:		0001476319-09-000002
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 505
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(1)
FILED AS OF DATE:		20091109
DATE AS OF CHANGE:		20091106
EFFECTIVENESS DATE:		20091109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			L & S VIRTUS DIRECT III, LP
		CENTRAL INDEX KEY:			0001476319
		IRS NUMBER:				271112024
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-135934
		FILM NUMBER:		091166082

	BUSINESS ADDRESS:	
		STREET 1:		18000 GROESCHKE RD STE F5
		CITY:			HOUSTON
		STATE:			X1
		ZIP:			77084
		BUSINESS PHONE:		7139274296

	MAIL ADDRESS:	
		STREET 1:		18000 GROESCHKE RD STE F5
		CITY:			HOUSTON
		STATE:			X1
		ZIP:			77084
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001476319</cik>
        <entityName>L &amp; S VIRTUS DIRECT III, LP</entityName>
        <issuerAddress>
            <street1>18000 GROESCHKE RD STE F5</street1>
            <city>HOUSTON</city>
            <stateOrCountry>X1</stateOrCountry>
            <zipCode>77084</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>7139274296</issuerPhoneNumber>
        <jurisdictionOfInc>TEXAS</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2009</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>LLC</firstName>
                <lastName>L &amp; S VIRTUS MANAGEMENT, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>18000 GROESCHKE RD STE F5</street1>
                <city>HOUSTON</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>77084</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>GENERAL PARTNER</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>TREVOR</firstName>
                <lastName>LING</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>18000 GROESCHKE RD STE F5</street1>
                <city>HOUSTON</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>77084</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>MANAGER OF L &amp; S VIRTUS MANAGEMENT, LLC, THE GENERAL PARTNER OF ISSUER</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Private Equity Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <revenueRange>$1,000,001 - $5,000,000</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>05</item>
            <item>06</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-10-28</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>5000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>4290000</totalOfferingAmount>
            <totalAmountSold>3565000</totalAmountSold>
            <totalRemaining>725000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>37</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>300000</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>MANAGEMENT FEE PAID TO GENERAL PARTNER OF ISSUER FOR GENERAL EXPENSES</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>L &amp; S VIRTUS DIRECT III, LP</issuerName>
                <signatureName>TREVOR LING</signatureName>
                <nameOfSigner>TREVOR LING</nameOfSigner>
                <signatureTitle>MANAGER OF GP</signatureTitle>
                <signatureDate>2009-11-06</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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