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 privately placed investment funds (each, a “Fund” and collectively, the “Funds”). These Funds may be 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. In the future, AAF may advise additional Funds, as well as separately managed accounts (“Separate Accounts” and together with the Funds and the Sidecar Investment Vehicle, “Clients”). 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 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.