3rd ventricle enlarges and exerts pressure on the superior colliculus and the rostral interstitial nucleus deep to it.
The 3 causes of parinaud syndrome they've given are tumor (pinealoma), stroke, and hydrocephalus.
Would a colloid cyst of the 3rd ventricle cause parinuad? I would guess not, since the hydrocephalus is generally limited to the lateral ventricles (usually obstructs the foramen of monro).