This bill amends Section 2306 of Title 62 of the Oklahoma Statutes, which governs the Board of Investors of the Tobacco Settlement Endowment Trust Fund. The key change introduced by the bill is the requirement for the Board to invest at least four percent (4%) of the trust fund in eligible Oklahoma venture capital companies or venture capital fund of funds. The bill also defines what constitutes an "eligible Oklahoma venture capital company" and "eligible Oklahoma venture capital fund of funds," including criteria related to investor composition, business location, and asset management.

Additionally, the bill outlines the responsibilities of the Board of Investors in managing the trust fund, including the selection of qualified investment managers and custodial banks through competitive proposals. It emphasizes that investments must be made prudently and in accordance with established guidelines, while also allowing for the management of funds not specifically allocated to investment managers by the State Treasurer. The act is set to take effect on November 1, 2025.