The Foreign Investment Risk Review Modernization Act (FIRRMA), included in the reconciled Conference Report of the FY19 National Defense Authorization Act, substantially expands the jurisdiction of the Committee on Foreign Investment in the United States (CFIUS), but exempts from CFIUS’s review certain foreign investments made through U.S. investment funds. FIRRMA also includes a parallel exemption from the requirement to submit so-called declarations (i.e., short form notices) for certain foreign investments. These investment fund carve-outs, the product of sustained industry engagement, provide a clearer set of rules for determining which minority foreign investments through U.S. funds will not be subject to CFIUS's review.