Overview
                                    
                                    
                                        
                                            Aon  Advantage  Funds  LLC  ("AAF")  is  a  Delaware  limited  liability  company  that  was 
formed on May 14, 2020 and is headquartered in Chicago, Illinois. It is wholly owned by 
Aon Risk Services Companies Inc., an indirect subsidiary of its ultimate parent, Aon plc 
(“Aon”). Aon shares are listed on the New York Stock Exchange (symbol: AON). 
AAF provides investment advice and management to private funds (each, a “Fund” and 
collectively, the “Funds”).  To date, these Funds have only been offered to U.S. and non-
U.S. institutional investors. 
Currently, AAF serves as the investment adviser to Aon IP Advantage Fund LP (“Aon IP 
Advantage Master Fund”), a Delaware limited partnership; Aon IP Advantage On-shore 
Feeder Fund LP, a Delaware limited partnership (“Aon IP Advantage U.S. Feeder”); and 
Aon  IP  Advantage  Off-shore  Feeder  Fund  LP,  a  Cayman  Islands  exempted  limited 
partnership (“Aon IP Advantage Cayman Feeder” and together with Aon IP U.S. Feeder 
and  Aon  IP  Master  Fund,  “Aon  IP  Advantage  Fund”).    Aon  IP  Advantage  Fund  is 
organized in a “master-feeder” structure, where Aon IP Advantage U.S. Feeder and Aon 
IP Advantage Cayman Feeder invest substantially all of their assets in Aon IP Advantage 
Master Fund.  The advisory fees received from Aon IP Advantage Fund are described in 
its Confidential Private Placement Memorandum (“PPM”), limited partnership agreement 
(“LPA”), and other governing documents. AAF also provides non-discretionary investment 
advice  to  a  sidecar  vehicle  (the  “Sidecar  Investment  Vehicle”),  a  sidecar  arrangement 
offered  to  a  strategic  investor  to  co-invest  in  certain  investments  (each  a  “Fund”  or 
“Client”). 
AAF  manages  the  assets  of  each  Fund  in  accordance  with  the  terms  set  forth  in  the 
governing documents applicable to such Fund.  Investors and prospective investors in 
the Funds should refer to the applicable Fund’s governing documents in conjunction with 
this Brochure for complete information on each Fund’s investment objectives, restrictions, 
and risks.  Investors should consider whether a Fund meets their investment objectives 
and risk tolerance prior to investing.  There is no assurance that AAF will achieve any of 
the Funds’ investment objectives. 
AAF  seeks  to  provide  loans  to  growth  companies  through  an  asset-backed  lending 
strategy that seeks to secure the
                                        
                                        
                                             loans with intellectual property (“IP”) and the remainder 
of the company’s assets, as well as a pledge of cash flows, with conservative loan-to-
value ratios and generally durations of three to four years at the time of issuance (the “IP-
Backed Loan Strategy”). The IP-Backed Loan Strategy encompasses a comprehensive 
investment process to originate, underwrite, and monitor IP-backed term loans, primarily 
to growth-oriented borrowers in the U.S. market. 
Aon Advantage Funds LLC  5 
IP-backed investments will primarily be structured as senior-secured term loans to seek 
to protect Clients’ investments and confirm control if any restructuring process, asset sale, 
capital raise or refinancing occurs or is necessary. AAF may originate loans with warrants, 
other forms of equity compensation, or embedded investment leverage, but this is not its 
primary strategy. The objective of this strategy will be to establish a market position of 
providing IP-rich borrowers with non-dilutive debt capital to generate returns to Clients 
that are not correlated with the broader public markets, by (a) capitalizing on supply and 
demand imbalances in private debt markets around IP-rich growth companies, and (b) 
maintaining downside protection with strong asset coverage. 
Loans to companies based outside of the U.S. may also be made if consistent with the 
Client’s investment strategy set forth in the governing documents.  The IP-Backed Loan 
Strategy is discussed, together with a description of its associated material risks, in more 
detail in Item 8 of this Brochure and in the Fund governing documents for the relevant 
Funds  and  in  Client  agreements,  investment  programs,  investment  policy  statements, 
and/or investment guidelines. 
Each term loan that is part of AAF’s IP-Backed Loan Strategy will be structured as part of 
an overall strategy seeking an attractive net internal rate of return (“IRR”) for investors on 
a portfolio basis. 
AAF also reserves the right to invest opportunistically when presented with the following 
type  of  special  situation  opportunities:  debtor-in-possession  financings  and  rescue 
financings; secondary opportunities and other non-customary opportunities. Each special 
situation loan will seek to generate an attractive net IRR for investors. 
As of the date of this Brochure, AAF had approximately $268,000,000 in regulatory assets 
under management.