Index: clang/lib/AST/MicrosoftMangle.cpp
===================================================================
--- clang/lib/AST/MicrosoftMangle.cpp
+++ clang/lib/AST/MicrosoftMangle.cpp
@@ -947,12 +947,12 @@
 
           mangleSourceName(Name);
 
-          // If the context of a closure type is an initializer for a class
-          // member (static or nonstatic), it is encoded in a qualified name.
+          // If the context is a variable or a class member and not a parameter,
+          // it is encoded in a qualified name.
           if (LambdaManglingNumber && LambdaContextDecl) {
             if ((isa<VarDecl>(LambdaContextDecl) ||
                  isa<FieldDecl>(LambdaContextDecl)) &&
-                LambdaContextDecl->getDeclContext()->isRecord()) {
+                !isa<ParmVarDecl>(LambdaContextDecl)) {
               mangleUnqualifiedName(cast<NamedDecl>(LambdaContextDecl));
             }
           }
Index: clang/test/CodeGenCXX/mangle-ms-cxx17.cpp
===================================================================
--- clang/test/CodeGenCXX/mangle-ms-cxx17.cpp
+++ clang/test/CodeGenCXX/mangle-ms-cxx17.cpp
@@ -19,3 +19,11 @@
 
 // CHECK-DAG: "?$S4@@3US@@B"
 const auto [x2, y2] = f();
+
+// CHECK-DAG: "?i1@@3V<lambda_1>@0@B"
+inline const auto i1 = [](auto x) { return 0; };
+// CHECK-DAG: "?i2@@3V<lambda_1>@0@B"
+inline const auto i2 = [](auto x) { return 1; };
+// CHECK-DAG: "??$?RH@<lambda_1>@i1@@QBE?A?<auto>@@H@Z"
+// CHECK-DAG: "??$?RH@<lambda_1>@i2@@QBE?A?<auto>@@H@Z"
+int g() {return i1(1) + i2(1); }