Cartesian Growth Corp III received a beneficial ownership report showing that investment firm Fort Baker Capital Management LP, together with Steven Patrick Pigott and Fort Baker Capital, LLC, holds 2,529,121 Class A ordinary shares. This stake represents 9.2% of the Class A shares, based on 27,600,000 shares outstanding as of November 14, 2025.
The reporting persons share voting and dispositive power over all 2,529,121 shares and report no sole voting or dispositive authority. They state the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Cartesian Growth Corp III, and they expressly disclaim group status and beneficial ownership beyond their pecuniary interest.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Cartesian Growth Corp III
(Name of Issuer)
Class A ordinary shares, par value $0.0001 per share
(Title of Class of Securities)
G19307100
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
G19307100
1
Names of Reporting Persons
Fort Baker Capital Management LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,529,121.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,529,121.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,529,121.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.2 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP No.
G19307100
1
Names of Reporting Persons
Steven Patrick Pigott
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,529,121.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,529,121.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,529,121.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.2 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP No.
G19307100
1
Names of Reporting Persons
Fort Baker Capital, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,529,121.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,529,121.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,529,121.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.2 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Cartesian Growth Corp III
(b)
Address of issuer's principal executive offices:
505 FIFTH AVENUE, 15TH FLOOR, NEW YORK, NEW YORK, 10017.
Item 2.
(a)
Name of person filing:
Fort Baker Capital Management LP
Steven Patrick Pigott
Fort Baker Capital, LLC
(b)
Address or principal business office or, if none, residence:
The principal business address of each reporting person is 700 Larkspur Landing Circle, Suite 275, Larkspur, CA 94939.
(c)
Citizenship:
Fort Baker Capital Management LP: Delaware Limited Partnership
Steven Patrick Pigott: Citizen of the United States
Fort Baker Capital, LLC: Delaware Limited Liability Company
(d)
Title of class of securities:
Class A ordinary shares, par value $0.0001 per share
(e)
CUSIP No.:
G19307100
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Reference is hereby made to Items 5-9 of this Schedule, which Items are incorporated by reference herein.
Fort Baker Capital Management LP directly holds 2,529,121 Class A ordinary shares. Steven Patrick Pigott acts as Limited Partner/Chief Investment Officer for Fort Baker Capital Management LP. Fort Baker Capital, LLC acts as General Partner for Fort Baker Capital Management LP.
The Reporting Persons are filing this Schedule 13G jointly, but not as members of a group, and each disclaims membership in a group. Each also disclaims beneficial ownership of the securities reported herein except to the extent of that person's pecuniary interest therein.
The calculation of percentage of beneficial ownership in Item 11 was derived from the Issuer's quarterly report on Form 10-Q filed with the Securities and Exchange Commission on November 14, 2025, in which the Issuer stated that the number of Class A ordinary shares outstanding was 27,600,000 as of November 14, 2025.
(b)
Percent of class:
Fort Baker Capital Management LP: 9.2%
Steven Patrick Pigott: 9.2%
Fort Baker Capital, LLC: 9.2%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Fort Baker Capital Management LP: 0
Steven Patrick Pigott: 0
Fort Baker Capital, LLC: 0
(ii) Shared power to vote or to direct the vote:
Fort Baker Capital Management LP: 2,529,121
Steven Patrick Pigott: 2,529,121
Fort Baker Capital, LLC: 2,529,121
(iii) Sole power to dispose or to direct the disposition of:
Fort Baker Capital Management LP: 0
Steven Patrick Pigott: 0
Fort Baker Capital, LLC: 0
(iv) Shared power to dispose or to direct the disposition of:
Fort Baker Capital Management LP: 2,529,121
Steven Patrick Pigott: 2,529,121
Fort Baker Capital, LLC: 2,529,121
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
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.
SIGNATURE
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.
What stake in Cartesian Growth Corp III (CGCT) does Fort Baker report?
Fort Baker Capital Management LP reports beneficial ownership of 2,529,121 Class A shares of Cartesian Growth Corp III, representing 9.2% of the class. This percentage is based on 27,600,000 Class A shares outstanding as of November 14, 2025.
Who are the reporting persons in the Cartesian Growth Corp III (CGCT) Schedule 13G?
The reporting persons are Fort Baker Capital Management LP, Steven Patrick Pigott, and Fort Baker Capital, LLC. Fort Baker Capital Management LP directly holds the shares, with Pigott as Chief Investment Officer and Fort Baker Capital, LLC as general partner of the limited partnership.
How much voting power does Fort Baker have in Cartesian Growth Corp III (CGCT)?
The reporting persons report shared voting power over 2,529,121 Class A shares and no sole voting power. They also report shared dispositive power over the same 2,529,121 shares, indicating decisions are made collectively regarding these holdings.
On what share count is Fort Baker’s 9.2% ownership of CGCT based?
The 9.2% ownership calculation is based on 27,600,000 Class A ordinary shares of Cartesian Growth Corp III outstanding as of November 14, 2025, as stated in the issuer’s Form 10-Q referenced in the Schedule 13G filing.
Is Fort Baker’s investment in Cartesian Growth Corp III (CGCT) aimed at influencing control?
The reporting persons certify the CGCT shares were acquired and are held in the ordinary course of business. They state the holdings were not acquired and are not held to change or influence control, nor as part of any control-related transaction.
Do the reporting persons claim to be a group in the CGCT Schedule 13G?
They file jointly but disclaim being a group. The Schedule 13G states the reporting persons are filing together, yet each disclaims membership in a group and also disclaims beneficial ownership of the securities except to the extent of that person’s pecuniary interest.
