When acquiring U.S. businesses in certain industries, private equity (PE) sponsors have long had to factor in the costs, timing and risks associated with reviews by the Committee on Foreign Investments in the United States (CFIUS) to gauge the national security risks associated therewith. The scope of CFIUS reviews and processes related thereto were significantly changed, with major ramifications for PE sponsors, when President Trump signed the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) into law. The impact of these FIRRMA reforms to CFIUS on PE sponsors was addressed in a recent Strafford webinar featuring Akin Gump partner Christian C. Davis, Jones Day counsel Chase D. Kaniecki and Kirkland & Ellis partner Mario Mancuso. This second article in a two-part series describes the various changes introduced by FIRRMA, including new transaction types subject to CFIUS review, mandatory filing requirements and modifications to the review timeline. The first article provided an overview of the CFIUS process and recommended ways PE sponsors could mitigate the attendant risks throughout the lifecycles of their funds. See our two-part series discussing the ins and outs of global fundraising for fund managers: “The E.U. and the Middle East” (Jun. 7, 2018); and “The Asia-Pacific Region” (Jun. 28, 2018).