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 eligible Oklahoma 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 updates the responsibilities of the Board of Investors, allowing them to retain qualified investment managers and venture capital entities to manage the trust fund's investments. It emphasizes that the investment strategy should align with prudent investment practices and the overall investment guidelines set by the Board. The bill also clarifies that the selection of investment managers and other professionals will be exempt from the Oklahoma Central Purchasing Act, streamlining the process for managing the trust fund. The act is set to take effect on November 1, 2025.