diff --git a/llvm/include/llvm/Analysis/CGSCCPassManager.h b/llvm/include/llvm/Analysis/CGSCCPassManager.h
--- a/llvm/include/llvm/Analysis/CGSCCPassManager.h
+++ b/llvm/include/llvm/Analysis/CGSCCPassManager.h
@@ -487,6 +487,18 @@
   std::unique_ptr<PassConceptT> Pass;
 };
 
+/// A 'signaling' analysis to indicate whether a function has been changed. It
+/// is meant to control the runs of the function pass(es) managed by the
+/// FunctionAnalysisManagerCGSCCProxy.
+class FunctionStatusAnalysis
+    : public AnalysisInfoMixin<FunctionStatusAnalysis> {
+public:
+  static AnalysisKey Key;
+  struct Result {};
+
+  Result run(Function &F, FunctionAnalysisManager &FAM) { return Result(); }
+};
+
 /// A function to deduce a function pass type and wrap it in the
 /// templated adaptor.
 template <typename FunctionPassT>
diff --git a/llvm/lib/Analysis/CGSCCPassManager.cpp b/llvm/lib/Analysis/CGSCCPassManager.cpp
--- a/llvm/lib/Analysis/CGSCCPassManager.cpp
+++ b/llvm/lib/Analysis/CGSCCPassManager.cpp
@@ -44,6 +44,8 @@
     cl::desc("Abort when the max iterations for devirtualization CGSCC repeat "
              "pass is reached"));
 
+AnalysisKey FunctionStatusAnalysis::Key;
+
 // Explicit instantiations for the core proxy templates.
 template class AllAnalysesOn<LazyCallGraph::SCC>;
 template class AnalysisManager<LazyCallGraph::SCC, LazyCallGraph &>;
@@ -547,6 +549,13 @@
       continue;
 
     Function &F = N->getFunction();
+    // The expectation here is that FunctionStatusAnalysis was required at the
+    // end of the function passes pipeline managed by this adaptor. Then, if any
+    // CGSCC passes were re-run because CGSCCs changed (or devirtualization),
+    // and none changed F, then FunctionStatusAnalysis would still be cached
+    // here and we don't need to rerun the passes managed by this adaptor.
+    if (FAM.getCachedResult<FunctionStatusAnalysis>(F))
+      continue;
 
     PassInstrumentation PI = FAM.getResult<PassInstrumentationAnalysis>(F);
     if (!PI.runBeforePass<Function>(*Pass, F))
diff --git a/llvm/lib/Passes/PassBuilder.cpp b/llvm/lib/Passes/PassBuilder.cpp
--- a/llvm/lib/Passes/PassBuilder.cpp
+++ b/llvm/lib/Passes/PassBuilder.cpp
@@ -279,6 +279,11 @@
     "enable-npm-O3-nontrivial-unswitch", cl::init(true), cl::Hidden,
     cl::ZeroOrMore, cl::desc("Enable non-trivial loop unswitching for -O3"));
 
+static cl::opt<bool> DoNotRerunFunctionPasses(
+    "cgscc-npm-no-fp-rerun", cl::init(false),
+    cl::desc("Do not rerun function passes wrapped by the scc pass adapter, if "
+             "they were run already and the function hasn't changed."));
+
 PipelineTuningOptions::PipelineTuningOptions() {
   LoopInterleaving = true;
   LoopVectorization = true;
@@ -1022,8 +1027,10 @@
 
   // Lastly, add the core function simplification pipeline nested inside the
   // CGSCC walk.
-  MainCGPipeline.addPass(createCGSCCToFunctionPassAdaptor(
-      buildFunctionSimplificationPipeline(Level, Phase)));
+  auto FSP = buildFunctionSimplificationPipeline(Level, Phase);
+  if (DoNotRerunFunctionPasses)
+    FSP.addPass(RequireAnalysisPass<FunctionStatusAnalysis, Function>());
+  MainCGPipeline.addPass(createCGSCCToFunctionPassAdaptor(std::move(FSP)));
 
   return MIWP;
 }
@@ -1182,6 +1189,9 @@
     MPM.addPass(SyntheticCountsPropagation());
 
   MPM.addPass(buildInlinerPipeline(Level, Phase));
+  if (DoNotRerunFunctionPasses)
+    MPM.addPass(createModuleToFunctionPassAdaptor(
+        InvalidateAnalysisPass<FunctionStatusAnalysis>()));
 
   if (EnableMemProfiler && Phase != ThinOrFullLTOPhase::ThinLTOPreLink) {
     MPM.addPass(createModuleToFunctionPassAdaptor(MemProfilerPass()));
diff --git a/llvm/lib/Passes/PassRegistry.def b/llvm/lib/Passes/PassRegistry.def
--- a/llvm/lib/Passes/PassRegistry.def
+++ b/llvm/lib/Passes/PassRegistry.def
@@ -174,6 +174,7 @@
 FUNCTION_ANALYSIS("verify", VerifierAnalysis())
 FUNCTION_ANALYSIS("pass-instrumentation", PassInstrumentationAnalysis(PIC))
 FUNCTION_ANALYSIS("divergence", DivergenceAnalysis())
+FUNCTION_ANALYSIS("func-status", FunctionStatusAnalysis())
 
 #ifndef FUNCTION_ALIAS_ANALYSIS
 #define FUNCTION_ALIAS_ANALYSIS(NAME, CREATE_PASS)                             \
diff --git a/llvm/test/Other/new-pass-manager-cgscc-fct-proxy.ll b/llvm/test/Other/new-pass-manager-cgscc-fct-proxy.ll
new file mode 100644
--- /dev/null
+++ b/llvm/test/Other/new-pass-manager-cgscc-fct-proxy.ll
@@ -0,0 +1,44 @@
+; RUN: opt %s -disable-verify -disable-output -passes='default<O2>' -debug-pass-manager -cgscc-npm-no-fp-rerun=1 \
+; RUN:  2>&1 | FileCheck %s -check-prefixes=CHECK,NOREPS
+; RUN: opt %s -disable-verify -disable-output -passes='default<O2>' -debug-pass-manager -cgscc-npm-no-fp-rerun=0 \
+; RUN:  2>&1 | FileCheck %s -check-prefixes=CHECK,REPS
+
+; Pre-attribute the functions to avoid the PostOrderFunctionAttrsPass cause
+; changes (and keep the test simple)
+attributes #0 = { nofree noreturn nosync nounwind readnone }
+
+define void @f1(void()* %p) {
+  call void %p()
+  ret void
+}
+
+define void @f2() #0 {
+  call void @f1(void()* @f2)
+  call void @f3()
+  ret void
+}
+
+define void @f3() #0 {
+  call void @f2()
+  ret void
+}
+
+; CHECK:          Starting CGSCC pass manager run
+; CHECK-NEXT:     Running pass: InlinerPass on (f1)
+; NOREPS:         Running analysis: FunctionStatusAnalysis on f1
+; CHECK:          Finished CGSCC pass manager run.
+
+; CHECK:          Starting CGSCC pass manager run
+; CHECK-NEXT:     Running pass: InlinerPass on (f2, f3)
+; NOREPS:         Running analysis: FunctionStatusAnalysis on f2
+; CHECK:          Finished CGSCC pass manager run.
+
+; CHECK:          Starting CGSCC pass manager run
+; CHECK-NEXT:     Running pass: InlinerPass on (f2)
+; REPS:           Running pass: SROA on f2
+; NOREPS-NOT:     Running pass: SROA on f2
+; CHECK:          Finished CGSCC pass manager run.
+
+; CHECK:          Starting CGSCC pass manager run.
+; CHECK-NEXT:     Running pass: InlinerPass on (f3)
+; CHECK:          Running pass: SROA on f3
diff --git a/llvm/unittests/Analysis/CGSCCPassManagerTest.cpp b/llvm/unittests/Analysis/CGSCCPassManagerTest.cpp
--- a/llvm/unittests/Analysis/CGSCCPassManagerTest.cpp
+++ b/llvm/unittests/Analysis/CGSCCPassManagerTest.cpp
@@ -252,6 +252,7 @@
             "  call void @h1()\n"
             "  ret void\n"
             "}\n")) {
+    FAM.registerPass([&] { return FunctionStatusAnalysis(); });
     FAM.registerPass([&] { return TargetLibraryAnalysis(); });
     MAM.registerPass([&] { return LazyCallGraphAnalysis(); });
     MAM.registerPass([&] { return FunctionAnalysisManagerModuleProxy(FAM); });