The hyphae form a loose web of fluffy bright pink threads on lawns and short grasslands. 

Laetisaria fuciformis causes 'Red Thread' disease on lawns.  There are two species of Limonomyces: L roseipellis and L culmigenus. The differences between the two species are microscopic.  

Photograph the fungus in grassland habitat

grasslands, lawns

Pink Patch disease is usually short-lived; lawns recover quickly and the effect is mainly cosmetic.  For more see here