Cliff Cone

CLIFF CONE focuses his practice on the regulation, structuring, and ongoing operation of registered investment funds, business development companies, private funds, commodity and crypto exchange-traded funds (ETFs), and investment management businesses. He advises asset managers, fund boards, and financial institutions on complex issues arising under the Investment Company Act of 1940 and the Investment Advisers Act of 1940.

“Clifford is extremely well-informed, dedicated to clients and a knowledgeable expert. He is personable and offers broad knowledge that is vital to clients.”

“Clifford is a fantastic attorney with deep expertise. He is truly client-focused.”
Chambers USA 2025 

Cliff has extensive experience counseling sponsors and directors of closed-end funds, interval funds, exchange-traded funds, business development companies, and registered fund-of-funds structures. His practice also includes advising sponsors of hedge funds, private equity funds, commodity pools, and crypto-focused investment vehicles, as well as providing guidance on adviser registration, disclosure, governance, and regulatory compliance matters, including interactions with the U.S. Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), and national securities exchanges.

Cliff regularly represents issuers and underwriters in connection with fund initial public offerings and exchange listings, and he has advised on some of the largest registered fund initial public offerings (IPOs) and crypto ETFs in the market. Cliff has also been at the forefront of advising asset managers on innovative product development, including digital asset and commodity-based investment products.

He is an active participant in industry and professional organizations and serves on the Committee on Investment Regulation of the New York City Bar.

Cliff is recognized for his work in Registered Funds by Chambers USA (Nationwide, 2022–2025) and Chambers Global (USA, 2023–2025). Legal 500 United States recommended Cliff for Investment Fund Formation and Management – Private Equity Funds (Including Venture Capital) and Finance – Fintech, Legal (2024).