President Trump recently signed the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) into law, significantly changing the process and scope of review of the Committee on Foreign Investments in the United States (CFIUS) related to certain transactions involving foreign investments in the U.S. A Strafford webinar, featuring Akin Gump partner Christian C. Davis, Jones Day counsel Chase D. Kaniecki and Kirkland & Ellis partner Mario Mancuso, provided an overview of CFIUS and ways the FIRRMA reforms will specifically influence the efforts of private equity (PE) sponsors. This first article in a two-part series provides a brief overview on CFIUS and its review process, as well as ways PE sponsors can mitigate the associated risks throughout the lifecycle of a fund. The second article will analyze the CFIUS reforms introduced by FIRRMA and their potential impact on the PE transaction process. For more on tax issues related to foreign investors, see “Tax Expert Provides Insight Into Recent U.S. Tax Court Decision on Taxation of Foreign Investments in U.S. Partnerships” (Dec. 7, 2017); and “Tax Experts Discuss Provisions Impacting Foreign Investors in Foreign Funds During FRA/HFBOA Seminar (Part Two of Four)” (Jan. 23, 2014).