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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001209191-10-045700.txt : 20100910
<SEC-HEADER>0001209191-10-045700.hdr.sgml : 20100910
<ACCEPTANCE-DATETIME>20100910124835
ACCESSION NUMBER:		0001209191-10-045700
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(7)
FILED AS OF DATE:		20100910
DATE AS OF CHANGE:		20100910
EFFECTIVENESS DATE:		20100910

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Luminous Capital - Paulson Advantage, L.P.
		CENTRAL INDEX KEY:			0001469170
		IRS NUMBER:				270708056
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-134120
		FILM NUMBER:		101065951

	BUSINESS ADDRESS:	
		STREET 1:		2049 CENTURY PARK EAST #320
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		424 204-0871

	MAIL ADDRESS:	
		STREET 1:		2049 CENTURY PARK EAST #320
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001469170</cik>
        <entityName>Luminous Capital - Paulson Advantage, L.P.</entityName>
        <issuerAddress>
            <street1>2049 Century Park East</street1>
            <street2>Suite 320</street2>
            <city>Los Angeles</city>
            <stateOrCountry>CA</stateOrCountry>
            <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
            <zipCode>90067</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(888) 201-3726</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2009</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Luminous Capital GP LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2049 Century Park East</street1>
                <street2>Suite 320</street2>
                <city>Los Angeles</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>90067</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Luminous Capital GP LLC is the general partner to the issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Luminous Capital Holdings, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2049 Century Park East</street1>
                <street2>Suite 320</street2>
                <city>Los Angeles</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>90067</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Luminous Capital Holdings, LLC is the managing member of Luminous Capital GP LLC, the general partner to the issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <middleName>Chih</middleName>
                <lastName>Hou</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2049 Century Park East</street1>
                <street2>Suite 320</street2>
                <city>Los Angeles</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>90067</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Mr. Hou is a managing member of Luminous Capital Holdings, LLC, the managing member of Luminous Capital GP LLC, the general partner to the issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kim</firstName>
                <middleName>Pfeifer</middleName>
                <lastName>Ip</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2049 Century Park East</street1>
                <street2>Suite 320</street2>
                <city>Los Angeles</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>90067</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Ms. Ip is a managing member of Luminous Capital Holdings, LLC, the managing member of Luminous Capital GP LLC, the general partner to the issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Mark</firstName>
                <middleName>Elliott</middleName>
                <lastName>Sear</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2049 Century Park East</street1>
                <street2>Suite 320</street2>
                <city>Los Angeles</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>90067</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Mr. Sear is a managing member of Luminous Capital Holdings, LLC, the managing member of Luminous Capital GP LLC, the general partner to the issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <middleName>John</middleName>
                <lastName>Skinner</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2049 Century Park East</street1>
                <street2>Suite 320</street2>
                <city>Los Angeles</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>90067</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Mr. Skinner is a managing member of Luminous Capital Holdings, LLC, the managing member of Luminous Capital GP LLC, the general partner to the issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Alan</firstName>
                <lastName>Zafran</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2049 Century Park East</street1>
                <street2>Suite 320</street2>
                <city>Los Angeles</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>90067</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Mr. Zafran is a managing member of Luminous Capital Holdings, LLC, the managing member of Luminous Capital GP LLC, the general partner to the issuer.</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C.7</item>
            <item>3C</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001209191-09-042915</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-09-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>44935800</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>93</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>An affiliate of the general partner will receive approximately 1% of the assets under management for investment mangement services.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Luminous Capital - Paulson Advantage, L.P.</issuerName>
                <signatureName>/s/ Matthew Sonnen</signatureName>
                <nameOfSigner>Matthew Sonnen, Authorized Signatory of the General Partner to the Issuer</nameOfSigner>
                <signatureTitle>General Partner</signatureTitle>
                <signatureDate>2010-09-10</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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